BF Garden Tax Credit Fund IV L.P. - FORM 10-Q

Attached files

file	filename
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b40915cert302mnt.htm
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b40915cert302jpm.htm
EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b40915cert906jpm.htm
EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b40915cert906mnt.htm

UNITED STATES 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 September 30, 2015
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 0-26200

BOSTON CAPITAL TAX CREDIT FUND IV L.P.
(Exact name of registrant as specified in its charter)

Delaware	04-3208648
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts 02108
(Address of principal executive offices) (Zip Code)

(617) 624-8900

(Registrant's telephone number, including area code)

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 ý

No 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ý

No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting company ý

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes 

No ý

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2015

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
			Pages
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets			3-30
		Condensed Statements of Operations Three and Six Months			31-86
		Condensed Statements of Changes in Partners' Capital (Deficit)			87-96
		Condensed Statements of Cash Flows			97-124
		Notes to Condensed Financial Statements			125-160

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			161-217

	Item 3. Quantitative and Qualitative Disclosures About Market Risk			218

	Item 4. Controls and Procedures			218

PART II OTHER INFORMATION

	Item 1. Legal Proceedings			219

	Item 1A. Risk Factors			219

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			219

	Item 3. Defaults Upon Senior Securities			219

	Item 4. Mine Safety Disclosures			219

	Item 5. Other Information			219

	Item 6. Exhibits			219

	Signatures			220

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)


			September 30, 2015				March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$		1,632,344		$		1,798,718

OTHER ASSETS
Cash and cash equivalents			30,759,897				23,720,352
Notes receivable			22,790				22,790
Other assets			207,300				412,350

	$		32,622,331		$		25,954,210




LIABILITIES

Accounts payable and accrued expenses		$		251,536		$		182,339
Accounts payable affiliates (Note C)			48,921,319				52,101,042
Capital contributions payable			586,772				587,465

			49,759,627				52,870,846


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 83,569,146 outstanding as of September 30, 2015 and March 31, 2015.			(9,799,705)				(19,481,250)
General Partner			(7,337,591)				(7,435,386)

			(17,137,296)				(26,916,636)

	$		32,622,331		$		25,954,210

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 20


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		190,275		310,195
Notes receivable		-		-
Other assets		-		-

	$	190,275	$	310,195




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,425,583		1,504,687
Capital contributions payable		-		-

		1,425,583		1,504,687


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,857,700 outstanding as of September 30, 2015 and March 31, 2015.		(914,703)		(874,295)
General Partner		(320,605)		(320,197)

		(1,235,308)		(1,194,492)

	$	190,275	$	310,195

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 21


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		435,664		127,394
Notes receivable		-		-
Other assets		-		3,000

	$	435,664	$	130,394




LIABILITIES

Accounts payable and accrued expenses	$	-	$	5,000
Accounts payable affiliates (Note C)		1,458,106		1,440,389
Capital contributions payable		-		-

		1,458,106		1,445,389


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,888,200 outstanding as of September 30, 2015 and March 31, 2015.		(850,267)		(1,139,894)
General Partner		(172,175)		(175,101)

		(1,022,442)		(1,314,995)

	$	435,664	$	130,394

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 22


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		331,995		117,048
Notes receivable		-		-
Other assets		-		-

	$	331,995	$	117,048




LIABILITIES

Accounts payable and accrued expenses	$	1,263	$	-
Accounts payable affiliates (Note C)		2,834,523		2,809,752
Capital contributions payable		8,659		9,352

		2,844,445		2,819,104


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,560,800 outstanding as of September 30, 2015 and March 31, 2015.		(2,268,242)		(2,455,952)
General Partner		(244,208)		(246,104)

		(2,512,450)		(2,702,056)

	$	331,995	$	117,048

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 23


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		412,209		205,359
Notes receivable		-		-
Other assets		-		-

	$	412,209	$	205,359




LIABILITIES

Accounts payable and accrued expenses	$	1,167	$	-
Accounts payable affiliates (Note C)		2,240,918		2,206,713
Capital contributions payable		-		-

		2,242,085		2,206,713


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,333,227 outstanding as of September 30, 2015 and March 31, 2015.		(1,526,731)		(1,696,494)
General Partner		(303,145)		(304,860)

		(1,829,876)		(2,001,354)

	$	412,209	$	205,359

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 24


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,055,358		1,005,871
Notes receivable		-		-
Other assets		-		80,040

	$	1,055,358	$	1,085,911




LIABILITIES

Accounts payable and accrued expenses	$	-	$	6,335
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		-		6,335


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,169,878 issued and 2,162,378 outstanding as of September 30, 2015 and March 31, 2015.		1,230,101		1,254,077
General Partner		(174,743)		(174,501)

		1,055,358		1,079,576

	$	1,055,358	$	1,085,911

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 25


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		3,793,771		3,811,919
Notes receivable		-		-
Other assets		1,250		1,250

	$	3,795,021	$	3,813,169




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		-		-


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and 3,024,509 outstanding as of September 30, 2015 and March 31, 2015.		4,014,514		4,032,481
General Partner		(219,493)		(219,312)

		3,795,021		3,813,169

	$	3,795,021	$	3,813,169

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 26


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		3,042,882		3,013,320
Notes receivable		-		-
Other assets		-		69,000

	$	3,042,882	$	3,082,320




LIABILITIES

Accounts payable and accrued expenses	$	4,960	$	20,467
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		4,960		20,467


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and 3,990,700 outstanding as of September 30, 2015 and March 31, 2015.		3,347,795		3,371,487
General Partner		(309,873)		(309,634)

		3,037,922		3,061,853

	$	3,042,882	$	3,082,320

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 27


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		963,548		1,051,663
Notes receivable		-		-
Other assets		-		-

	$	963,548	$	1,051,663




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		-		-


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,459,700 outstanding as of September 30, 2015 and March 31, 2015.		1,160,360		1,247,594
General Partner		(196,812)		(195,931)

		963,548		1,051,663

	$	963,548	$	1,051,663

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 28


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		6,907,472		5,774,634
Notes receivable		-		-
Other assets		1,250		1,250

	$	6,908,722	$	5,775,884




LIABILITIES

Accounts payable and accrued expenses	$	-	$	3,000
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		-		3,000


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and 3,998,738 outstanding as of September 30, 2015 and March 31, 2015.		7,183,383		6,058,903
General Partner		(274,661)		(286,019)

		6,908,722		5,772,884

	$	6,908,722	$	5,775,884

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 29


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		447,279		501,274
Notes receivable		-		-
Other assets		-		-

	$	447,279	$	501,274




LIABILITIES

Accounts payable and accrued expenses	$	-	$	1,500
Accounts payable affiliates (Note C)		3,582,911		3,814,638
Capital contributions payable		8,235		8,235

		3,591,146		3,824,373


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,989,500 outstanding as of September 30, 2015 and March 31, 2015.		(2,773,781)		(2,951,221)
General Partner		(370,086)		(371,878)

		(3,143,867)		(3,323,099)

	$	447,279	$	501,274

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 30


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		548,746		322,775
Notes receivable		-		-
Other assets		500		51,500

	$	549,246	$	374,275




LIABILITIES

Accounts payable and accrued expenses	$	6,484	$	-
Accounts payable affiliates (Note C)		1,808,453		1,833,832
Capital contributions payable		105,139		105,139

		1,920,076		1,938,971


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,643,000 outstanding as of September 30, 2015 and March 31, 2015.		(1,130,066)		(1,321,993)
General Partner		(240,764)		(242,703)

		(1,370,830)		(1,564,696)

	$	549,246	$	374,275

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 31


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,508,411		3,106,480
Notes receivable		-		-
Other assets		25,000		25,000

	$	1,533,411	$	3,131,480




LIABILITIES

Accounts payable and accrued expenses	$	6,075	$	-
Accounts payable affiliates (Note C)		154,105		2,902,513
Capital contributions payable		66,294		66,294

		226,474		2,968,807


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,409,757 outstanding as of September 30, 2015 and March 31, 2015.		1,673,126		540,305
General Partner		(366,189)		(377,632)

		1,306,937		162,673

	$	1,533,411	$	3,131,480

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 32


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		218,026		354,807
Notes receivable		-		-
Other assets		-		-

	$	218,026	$	354,807




LIABILITIES

Accounts payable and accrued expenses	$	-	$	993
Accounts payable affiliates (Note C)		3,275,381		3,280,553
Capital contributions payable		1,229		1,229

		3,276,610		3,282,775


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,748,198 outstanding as of September 30, 2015 and March 31, 2015.		(2,621,635)		(2,492,325)
General Partner		(436,949)		(435,643)

		(3,058,584)		(2,927,968)

	$	218,026	$	354,807

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 33


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,260,609		281,704
Notes receivable		-		-
Other assets		-		-

	$	1,260,609	$	281,704




LIABILITIES

Accounts payable and accrued expenses	$	3,403	$	4,053
Accounts payable affiliates (Note C)		1,992,440		2,060,048
Capital contributions payable		69,154		69,154

		2,064,997		2,133,255


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,635,533 outstanding as of September 30, 2015 and March 31, 2015.		(570,565)		(1,607,256)
General Partner		(233,823)		(244,295)

		(804,388)		(1,851,551)

	$	1,260,609	$	281,704

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 34


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		309,924		838,027
Notes receivable		-		-
Other assets		-		-

	$	309,924	$	838,027




LIABILITIES

Accounts payable and accrued expenses	$	-	$	5,802
Accounts payable affiliates (Note C)		3,584,784		4,077,757
Capital contributions payable		-		-

		3,584,784		4,083,559


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,523,219 outstanding as of September 30, 2015 and March 31, 2015.		(2,941,722)		(2,912,687)
General Partner		(333,138)		(332,845)

		(3,274,860)		(3,245,532)

	$	309,924	$	838,027

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 35


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,196,633		231,626
Notes receivable		-		-
Other assets		-		-

	$	1,196,633	$	231,626




LIABILITIES

Accounts payable and accrued expenses	$	-	$	1,500
Accounts payable affiliates (Note C)		2,475,487		2,405,390
Capital contributions payable		-		-

		2,475,487		2,406,890


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,295,763 outstanding as of September 30, 2015 and March 31, 2015.		(984,040)		(1,871,486)
General Partner		(294,814)		(303,778)

		(1,278,854)		(2,175,264)

	$	1,196,633	$	231,626

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 36


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		390,031		430,583
Notes receivable		-		-
Other assets		-		-

	$	390,031	$	430,583




LIABILITIES

Accounts payable and accrued expenses	$	131,000	$	131,000
Accounts payable affiliates (Note C)		1,232,017		1,190,777
Capital contributions payable		-		-

		1,363,017		1,321,777


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,102,504 outstanding as of September 30, 2015 and March 31, 2015.		(784,593)		(703,619)
General Partner		(188,393)		(187,575)

		(972,986)		(891,194)

	$	390,031	$	430,583

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 37


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		336,707		345,467
Notes receivable		-		-
Other assets		-		-

	$	336,707	$	345,467




LIABILITIES

Accounts payable and accrued expenses	$	-	$	1,024
Accounts payable affiliates (Note C)		2,422,747		2,344,087
Capital contributions payable		138,438		138,438

		2,561,185		2,483,549


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,512,500 outstanding as of September 30, 2015 and March 31, 2015.		(1,986,669)		(1,901,137)
General Partner		(237,809)		(236,945)

		(2,224,478)		(2,138,082)

	$	336,707	$	345,467

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 38


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		239,100		280,864
Notes receivable		-		-
Other assets		-		-

	$	239,100	$	280,864




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,938,432		1,881,232
Capital contributions payable		-		-

		1,938,432		1,881,232


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and 2,543,100 outstanding as of September 30, 2015 and March 31, 2015.		(1,464,054)		(1,366,080)
General Partner		(235,278)		(234,288)

		(1,699,332)		(1,600,368)

	$	239,100	$	280,864

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 39


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		121,892		166,118
Notes receivable		-		-
Other assets		-		-

	$	121,892	$	166,118




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,714,955		1,681,984
Capital contributions payable		-		-

		1,714,955		1,681,984


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,291,151 outstanding as of September 30, 2015 and March 31, 2015.		(1,380,690)		(1,304,265)
General Partner		(212,373)		(211,601)

		(1,593,063)		(1,515,866)

	$	121,892	$	166,118

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 40


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		78,332		97,731
Notes receivable		-		-
Other assets		-		-

	$	78,332	$	97,731




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,143,029		3,039,139
Capital contributions payable		102		102

		3,143,131		3,039,241


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,628,756 outstanding as of September 30, 2015 and March 31, 2015.		(2,809,207)		(2,687,151)
General Partner		(255,592)		(254,359)

		(3,064,799)		(2,941,510)

	$	78,332	$	97,731

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 41


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		294,582		158,957
Notes receivable		-		-
Other assets		1,218		1,218

	$	295,800	$	160,175




LIABILITIES

Accounts payable and accrued expenses	$	8,782	$	-
Accounts payable affiliates (Note C)		3,049,367		3,292,504
Capital contributions payable		100		100

		3,058,249		3,292,604


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and 2,891,626 outstanding as of September 30, 2015 and March 31, 2015.		(2,485,656)		(2,851,936)
General Partner		(276,793)		(280,493)

		(2,762,449)		(3,132,429)

	$	295,800	$	160,175

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 42


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		3,404,845		420,023
Notes receivable		22,790		22,790
Other assets		51,003		90,963

	$	3,478,638	$	533,776




LIABILITIES

Accounts payable and accrued expenses	$	49,351	$	1,665
Accounts payable affiliates (Note C)		2,055,300		2,319,763
Capital contributions payable		73,433		73,433

		2,178,084		2,394,861


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and 2,744,262 outstanding as of September 30, 2015 and March 31, 2015.		1,528,487		(1,601,536)
General Partner		(227,933)		(259,549)

		1,300,554		(1,861,085)

	$	3,478,638	$	533,776

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 43


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		2,880,978		354,147
Notes receivable		-		-
Other assets		82,514		85,341

	$	2,963,492	$	439,488




LIABILITIES

Accounts payable and accrued expenses	$	39,051	$	-
Accounts payable affiliates (Note C)		2,945,730		2,855,008
Capital contributions payable		99,265		99,265

		3,084,046		2,954,273


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and 3,637,987 outstanding as of September 30, 2015 and March 31, 2015.		202,173		(2,168,116)
General Partner		(322,727)		(346,669)

		(120,554)		(2,514,785)

	$	2,963,492	$	439,488

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 44


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		4,954		9,744
Notes receivable		-		-
Other assets		40,777		-

	$	45,731	$	9,744




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,154,610		1,973,504
Capital contributions payable		-		-

		2,154,610		1,973,504


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,701,973 outstanding as of September 30, 2015 and March 31, 2015.		(1,850,342)		(1,706,674)
General Partner		(258,537)		(257,086)

		(2,108,879)		(1,963,760)

	$	45,731	$	9,744

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 45


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	799,096	$	838,105

OTHER ASSETS
Cash and cash equivalents		150,202		147,398
Notes receivable		-		-
Other assets		-		-

	$	949,298	$	985,503




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,906,318		1,760,413
Capital contributions payable		16,724		16,724

		1,923,042		1,777,137


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and 4,014,367 outstanding as of September 30, 2015 and March 31, 2015.		(610,345)		(430,056)
General Partner		(363,399)		(361,578)

		(973,744)		(791,634)

	$	949,298	$	985,503

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 46


		September 30, 2015		March 31, 2015


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	833,248	$	960,613

OTHER ASSETS
Cash and cash equivalents		235,472		255,224
Notes receivable		-		-
Other assets		3,788		3,788

	$	1,072,508	$	1,219,625




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,526,123		1,426,359
Capital contributions payable		-		-

		1,526,123		1,426,359


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,979,998 outstanding as of September 30, 2015 and March 31, 2015.		(186,336)		58,076
General Partner		(267,279)		(264,810)

		(453,615)		(206,734)

	$	1,072,508	$	1,219,625

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

		2015		2014

Income
Interest income	$	14,604	$	12,775
Other income		111,269		69,864

		125,873		82,639



Share of income (loss) from Operating Partnerships (Note D)		8,221,418		354,673


Expenses
Professional fees		414,251		452,971
Fund management fee, net (Note C)		843,244		1,121,442
Amortization		-		16,698
General and administrative expenses		123,228		104,008

		1,380,723		1,695,119


NET INCOME (LOSS)	$	6,966,568	$	(1,257,807)




Net income (loss) allocated to assignees	$	6,896,905	$	(1,245,229)




Net income (loss) allocated to general partner	$	69,663	$	(12,578)




Net income (loss) per BAC	$	.08	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 20

		2015		2014

Income
Interest income	$	132	$	115
Other income		-		-

		132		115



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		13,962		14,719
Fund management fee, net (Note C)		8,104		19,245
Amortization		-		-
General and administrative expenses		5,431		4,094

		27,497		38,058


NET INCOME (LOSS)	$	(27,365)	$	(37,943)




Net income (loss) allocated to assignees	$	(27,091)	$	(37,564)




Net income (loss) allocated to general partner	$	(274)	$	(379)




Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 21

		2015		2014

Income
Interest income	$	144	$	82
Other income		-		859

		144		941



Share of income (loss) from Operating Partnerships (Note D)		3,177		-


Expenses
Professional fees		9,092		10,144
Fund management fee, net (Note C)		1,341		12,274
Amortization		-		-
General and administrative expenses		3,847		2,899

		14,280		25,317


NET INCOME (LOSS)	$	(10,959)	$	(24,376)




Net income (loss) allocated to assignees	$	(10,849)	$	(24,132)




Net income (loss) allocated to general partner	$	(110)	$	(244)




Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 22

		2015		2014

Income
Interest income	$	40	$	28
Other income		433		-

		473		28



Share of income (loss) from Operating Partnerships (Note D)		232,989		-


Expenses
Professional fees		12,422		13,291
Fund management fee, net (Note C)		11,181		15,615
Amortization		-		-
General and administrative expenses		4,513		3,454

		28,116		32,360


NET INCOME (LOSS)	$	205,346	$	(32,332)




Net income (loss) allocated to assignees	$	203,293	$	(32,009)




Net income (loss) allocated to general partner	$	2,053	$	(323)




Net income (loss) per BAC	$	.08	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 23

		2015		2014

Income
Interest income	$	68	$	39
Other income		1,299		-

		1,367		39



Share of income (loss) from Operating Partnerships (Note D)		215,459		-


Expenses
Professional fees		14,062		12,869
Fund management fee, net (Note C)		16,523		20,776
Amortization		-		-
General and administrative expenses		5,223		3,978

		35,808		37,623


NET INCOME (LOSS)	$	181,018	$	(37,584)




Net income (loss) allocated to assignees	$	179,208	$	(37,208)




Net income (loss) allocated to general partner	$	1,810	$	(376)




Net income (loss) per BAC	$	.05	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 24

		2015		2014

Income
Interest income	$	659	$	610
Other income		500		190

		1,159		800



Share of income (loss) from Operating Partnerships (Note D)		16,675		-


Expenses
Professional fees		12,009		19,509
Fund management fee, net (Note C)		11,754		15,849
Amortization		-		-
General and administrative expenses		4,418		3,746

		28,181		39,104


NET INCOME (LOSS)	$	(10,347)	$	(38,304)




Net income (loss) allocated to assignees	$	(10,244)	$	(37,921)




Net income (loss) allocated to general partner	$	(103)	$	(383)




Net income (loss) per BAC	$	(.00)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 25

		2015		2014

Income
Interest income	$	2,846	$	2,815
Other income		10,162		10,178

		13,008		12,993



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		11,600		11,445
Fund management fee, net (Note C)		4,992		524
Amortization		-		-
General and administrative expenses		5,036		4,134

		21,628		16,103


NET INCOME (LOSS)	$	(8,620)	$	(3,110)




Net income (loss) allocated to assignees	$	(8,534)	$	(3,079)




Net income (loss) allocated to general partner	$	(86)	$	(31)




Net income (loss) per BAC	$	(.00)	$	(.00)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 26

		2015		2014

Income
Interest income	$	1,394	$	1,393
Other income		2,363		1,362

		3,757		2,755



Share of income (loss) from Operating Partnerships (Note D)		59,000		86,000


Expenses
Professional fees		22,973		26,176
Fund management fee, net (Note C)		20,929		30,431
Amortization		-		-
General and administrative expenses		5,904		5,134

		49,806		61,741


NET INCOME (LOSS)	$	12,951	$	27,014




Net income (loss) allocated to assignees	$	12,821	$	26,744




Net income (loss) allocated to general partner	$	130	$	270




Net income (loss) per BAC	$	.00	$	.01

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 27

		2015		2014

Income
Interest income	$	729	$	888
Other income		-		-

		729		888



Share of income (loss) from Operating Partnerships (Note D)		-		1,338


Expenses
Professional fees		13,834		35,725
Fund management fee, net (Note C)		36,358		42,198
Amortization		-		-
General and administrative expenses		4,467		3,857

		54,659		81,780


NET INCOME (LOSS)	$	(53,930)	$	(79,554)




Net income (loss) allocated to assignees	$	(53,391)	$	(78,758)




Net income (loss) allocated to general partner	$	(539)	$	(796)




Net income (loss) per BAC	$	(.02)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 28

		2015		2014

Income
Interest income	$	4,891	$	4,543
Other income		4,853		7,862

		9,744		12,405



Share of income (loss) from Operating Partnerships (Note D)		-		541,468


Expenses
Professional fees		21,139		18,098
Fund management fee, net (Note C)		19,889		35,602
Amortization		-		-
General and administrative expenses		5,466		4,311

		46,494		58,011


NET INCOME (LOSS)	$	(36,750)	$	495,862




Net income (loss) allocated to assignees	$	(36,382)	$	490,903




Net income (loss) allocated to general partner	$	(368)	$	4,959




Net income (loss) per BAC	$	(.01)	$	.12

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 29

		2015		2014

Income
Interest income	$	234	$	144
Other income		50,000		932

		50,234		1,076



Share of income (loss) from Operating Partnerships (Note D)		45,500		-


Expenses
Professional fees		19,804		21,400
Fund management fee, net (Note C)		11,422		66,202
Amortization		-		-
General and administrative expenses		5,368		4,535

		36,594		92,137


NET INCOME (LOSS)	$	59,140	$	(91,061)




Net income (loss) allocated to assignees	$	58,549	$	(90,150)




Net income (loss) allocated to general partner	$	591	$	(911)




Net income (loss) per BAC	$	.01	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 30

		2015		2014

Income
Interest income	$	199	$	161
Other income		1,522		1,522

		1,721		1,683



Share of income (loss) from Operating Partnerships (Note D)		255,461		-


Expenses
Professional fees		17,603		14,612
Fund management fee, net (Note C)		15,686		36,537
Amortization		-		-
General and administrative expenses		4,147		3,683

		37,436		54,832


NET INCOME (LOSS)	$	219,746	$	(53,149)




Net income (loss) allocated to assignees	$	217,549	$	(52,618)




Net income (loss) allocated to general partner	$	2,197	$	(531)




Net income (loss) per BAC	$	.08	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 31

		2015		2014

Income
Interest income	$	601	$	483
Other income		590		926

		1,191		1,409



Share of income (loss) from Operating Partnerships (Note D)		1,256,102		-


Expenses
Professional fees		19,832		20,901
Fund management fee, net (Note C)		39,353		61,927
Amortization		-		-
General and administrative expenses		5,457		4,586

		64,642		87,414


NET INCOME (LOSS)	$	1,192,651	$	(86,005)




Net income (loss) allocated to assignees	$	1,180,724	$	(85,145)




Net income (loss) allocated to general partner	$	11,927	$	(860)




Net income (loss) per BAC	$	.27	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 32

		2015		2014

Income
Interest income	$	105	$	106
Other income		5,550		-

		5,655		106



Share of income (loss) from Operating Partnerships (Note D)		-		12,000


Expenses
Professional fees		16,175		15,355
Fund management fee, net (Note C)		50,122		66,228
Amortization		-		-
General and administrative expenses		5,420		4,509

		71,717		86,092


NET INCOME (LOSS)	$	(66,062)	$	(73,986)




Net income (loss) allocated to assignees	$	(65,401)	$	(73,246)




Net income (loss) allocated to general partner	$	(661)	$	(740)




Net income (loss) per BAC	$	(.01)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,

(Unaudited)

Series 33

		2015		2014

Income
Interest income	$	361	$	122
Other income		5,550		-

		5,911		122



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		12,217		10,919
Fund management fee, net (Note C)		9,898		24,682
Amortization		-		-
General and administrative expenses		3,963		3,341

		26,078		38,942


NET INCOME (LOSS)	$	(20,167)	$	(38,820)




Net income (loss) allocated to assignees	$	(19,965)	$	(38,432)




Net income (loss) allocated to general partner	$	(202)	$	(388)




Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 34

		2015		2014

Income
Interest income	$	197	$	113
Other income		1,539		1,539

		1,736		1,652



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		15,022		12,823
Fund management fee, net (Note C)		25,961		58,187
Amortization		-		-
General and administrative expenses		4,635		3,913

		45,618		74,923


NET INCOME (LOSS)	$	(43,882)	$	(73,271)




Net income (loss) allocated to assignees	$	(43,443)	$	(72,538)




Net income (loss) allocated to general partner	$	(439)	$	(733)




Net income (loss) per BAC	$	(.01)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 35

		2015		2014

Income
Interest income	$	310	$	89
Other income		4,859		-

		5,169		89



Share of income (loss) from Operating Partnerships (Note D)		68,250		-


Expenses
Professional fees		12,889		11,676
Fund management fee, net (Note C)		25,197		50,520
Amortization		-		-
General and administrative expenses		4,589		3,811

		42,675		66,007


NET INCOME (LOSS)	$	30,744	$	(65,918)




Net income (loss) allocated to assignees	$	30,437	$	(65,259)




Net income (loss) allocated to general partner	$	307	$	(659)




Net income (loss) per BAC	$	.01	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 36

		2015		2014

Income
Interest income	$	243	$	285
Other income		-		-

		243		285



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		11,408		11,280
Fund management fee, net (Note C)		33,120		33,120
Amortization		-		-
General and administrative expenses		3,694		3,162

		48,222		47,562


NET INCOME (LOSS)	$	(47,979)	$	(47,277)




Net income (loss) allocated to assignees	$	(47,499)	$	(46,804)




Net income (loss) allocated to general partner	$	(480)	$	(473)




Net income (loss) per BAC	$	(.02)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 37

		2015		2014

Income
Interest income	$	182	$	159
Other income		-		-

		182		159



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		11,106		10,396
Fund management fee, net (Note C)		39,330		51,216
Amortization		-		-
General and administrative expenses		3,828		3,216

		54,264		64,828


NET INCOME (LOSS)	$	(54,082)	$	(64,669)




Net income (loss) allocated to assignees	$	(53,541)	$	(64,022)




Net income (loss) allocated to general partner	$	(541)	$	(647)




Net income (loss) per BAC	$	(.02)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 38

		2015		2014

Income
Interest income	$	63	$	66
Other income		1,195		27,394

		1,258		27,460



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		11,967		11,783
Fund management fee, net (Note C)		44,166		32,785
Amortization		-		-
General and administrative expenses		3,936		3,357

		60,069		47,925


NET INCOME (LOSS)	$	(58,811)	$	(20,465)




Net income (loss) allocated to assignees	$	(58,223)	$	(20,260)




Net income (loss) allocated to general partner	$	(588)	$	(205)




Net income (loss) per BAC	$	(.02)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 39

		2015		2014

Income
Interest income	$	93	$	74
Other income		-		3,500

		93		3,574



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		11,925		11,208
Fund management fee, net (Note C)		31,485		30,000
Amortization		-		-
General and administrative expenses		3,656		3,150

		47,066		44,358


NET INCOME (LOSS)	$	(46,973)	$	(40,784)




Net income (loss) allocated to assignees	$	(46,503)	$	(40,376)




Net income (loss) allocated to general partner	$	(470)	$	(408)




Net income (loss) per BAC	$	(.02)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 40

		2015		2014

Income
Interest income	$	30	$	16
Other income		-		2,927

		30		2,943



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		14,600		14,448
Fund management fee, net (Note C)		49,329		48,604
Amortization		-		-
General and administrative expenses		3,627		3,492

		67,556		66,544


NET INCOME (LOSS)	$	(67,526)	$	(63,601)




Net income (loss) allocated to assignees	$	(66,851)	$	(62,965)




Net income (loss) allocated to general partner	$	(675)	$	(636)




Net income (loss) per BAC	$	(.03)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 41

		2015		2014

Income
Interest income	$	159	$	112
Other income		-		2,392

		159		2,504



Share of income (loss) from Operating Partnerships (Note D)		457,440		-


Expenses
Professional fees		16,053		17,130
Fund management fee, net (Note C)		54,489		56,388
Amortization		-		-
General and administrative expenses		4,489		3,820

		75,031		77,338


NET INCOME (LOSS)	$	382,568	$	(74,834)




Net income (loss) allocated to assignees	$	378,742	$	(74,086)




Net income (loss) allocated to general partner	$	3,826	$	(748)




Net income (loss) per BAC	$	.13	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 42

		2015		2014

Income
Interest income	$	374	$	87
Other income		-		274

		374		361



Share of income (loss) from Operating Partnerships (Note D)		3,214,695		-


Expenses
Professional fees		18,278		19,693
Fund management fee, net (Note C)		48,684		56,278
Amortization		-		-
General and administrative expenses		4,298		3,748

		71,260		79,719


NET INCOME (LOSS)	$	3,143,809	$	(79,358)




Net income (loss) allocated to assignees	$	3,112,371	$	(78,564)




Net income (loss) allocated to general partner	$	31,438	$	(794)




Net income (loss) per BAC	$	1.13	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 43

		2015		2014

Income
Interest income	$	350	$	107
Other income		385		371

		735		478



Share of income (loss) from Operating Partnerships (Note D)		2,492,094		(2,938)


Expenses
Professional fees		19,107		21,487
Fund management fee, net (Note C)		61,071		71,745
Amortization		-		16,698
General and administrative expenses		4,907		4,221

		85,085		114,151


NET INCOME (LOSS)	$	2,407,744	$	(116,611)




Net income (loss) allocated to assignees	$	2,383,667	$	(115,445)




Net income (loss) allocated to general partner	$	24,077	$	(1,166)




Net income (loss) per BAC	$	.66	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 44

		2015		2014

Income
Interest income	$	4	$	4
Other income		2,769		584

		2,773		588



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		11,304		14,513
Fund management fee, net (Note C)		62,657		54,327
Amortization		-		-
General and administrative expenses		3,831		3,392

		77,792		72,232


NET INCOME (LOSS)	$	(75,019)	$	(71,644)




Net income (loss) allocated to assignees	$	(74,269)	$	(70,928)




Net income (loss) allocated to general partner	$	(750)	$	(716)




Net income (loss) per BAC	$	(.03)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 45

		2015		2014

Income
Interest income	$	49	$	22
Other income		4,353		7,052

		4,402		7,074



Share of income (loss) from Operating Partnerships (Note D)		(25,484)		(93,359)


Expenses
Professional fees		25,397		31,522
Fund management fee, net (Note C)		60,553		70,800
Amortization		-		-
General and administrative expenses		4,790		4,637

		90,740		106,959


NET INCOME (LOSS)	$	(111,822)	$	(193,244)




Net income (loss) allocated to assignees	$	(110,704)	$	(191,312)




Net income (loss) allocated to general partner	$	(1,118)	$	(1,932)




Net income (loss) per BAC	$	(.03)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 46

		2015		2014

Income
Interest income	$	147	$	112
Other income		13,347		-

		13,494		112



Share of income (loss) from Operating Partnerships (Note D)		(69,940)		(189,836)


Expenses
Professional fees		18,471		19,849
Fund management fee, net (Note C)		49,650		59,382
Amortization		-		-
General and administrative expenses		4,288		3,828

		72,409		83,059


NET INCOME (LOSS)	$	(128,855)	$	(272,783)




Net income (loss) allocated to assignees	$	(127,566)	$	(270,055)




Net income (loss) allocated to general partner	$	(1,289)	$	(2,728)




Net income (loss) per BAC	$	(.04)	$	(.09)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

		2015		2014

Income
Interest income	$	28,305	$	21,084
Other income		323,723		482,132

		352,028		503,216



Share of income (loss) from Operating Partnerships (Note D)		11,871,653		6,724,224


Expenses
Professional fees		533,951		578,425
Fund management fee, net (Note C)		1,708,377		2,058,799
Amortization		-		33,396
General and administrative expenses		202,013		187,609

		2,444,341		2,858,229


NET INCOME (LOSS)	$	9,779,340	$	4,369,211




Net income (loss) allocated to assignees	$	9,681,545	$	4,325,520




Net income (loss) allocated to general partner	$	97,795	$	43,691




Net income (loss) per BAC	$	.12	$	.05

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 20

		2015		2014

Income
Interest income	$	266	$	267
Other income		-		-

		266		267



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		17,442		18,539
Fund management fee, net (Note C)		14,959		37,992
Amortization		-		-
General and administrative expenses		8,681		7,733

		41,082		64,264


NET INCOME (LOSS)	$	(40,816)	$	(63,997)




Net income (loss) allocated to assignees	$	(40,408)	$	(63,357)




Net income (loss) allocated to general partner	$	(408)	$	(640)




Net income (loss) per BAC	$	(.01)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 21

		2015		2014

Income
Interest income	$	226	$	164
Other income		-		859

		226		1,023



Share of income (loss) from Operating Partnerships (Note D)		326,273		-


Expenses
Professional fees		11,912		13,174
Fund management fee, net (Note C)		15,666		(8,401)
Amortization		-		-
General and administrative expenses		6,368		5,581

		33,946		10,354


NET INCOME (LOSS)	$	292,553	$	(9,331)




Net income (loss) allocated to assignees	$	289,627	$	(9,238)




Net income (loss) allocated to general partner	$	2,926	$	(93)




Net income (loss) per BAC	$	.15	$	(.00)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 22

		2015		2014

Income
Interest income	$	78	$	71
Other income		433		284

		511		355



Share of income (loss) from Operating Partnerships (Note D)		232,989		-


Expenses
Professional fees		16,067		17,111
Fund management fee, net (Note C)		20,460		23,919
Amortization		-		-
General and administrative expenses		7,367		6,527

		43,894		47,557


NET INCOME (LOSS)	$	189,606	$	(47,202)




Net income (loss) allocated to assignees	$	187,710	$	(46,730)




Net income (loss) allocated to general partner	$	1,896	$	(472)




Net income (loss) per BAC	$	.07	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 23

		2015		2014

Income
Interest income	$	136	$	81
Other income		1,299		7,590

		1,435		7,671



Share of income (loss) from Operating Partnerships (Note D)		215,459		-


Expenses
Professional fees		18,037		16,689
Fund management fee, net (Note C)		18,976		42,956
Amortization		-		-
General and administrative expenses		8,403		7,378

		45,416		67,023


NET INCOME (LOSS)	$	171,478	$	(59,352)




Net income (loss) allocated to assignees	$	169,763	$	(58,758)




Net income (loss) allocated to general partner	$	1,715	$	(594)




Net income (loss) per BAC	$	.05	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 24

		2015		2014

Income
Interest income	$	1,348	$	1,250
Other income		2,180		1,870

		3,528		3,120



Share of income (loss) from Operating Partnerships (Note D)		16,675		-


Expenses
Professional fees		15,489		23,639
Fund management fee, net (Note C)		21,652		29,342
Amortization		-		-
General and administrative expenses		7,280		7,067

		44,421		60,048


NET INCOME (LOSS)	$	(24,218)	$	(56,928)




Net income (loss) allocated to assignees	$	(23,976)	$	(56,359)




Net income (loss) allocated to general partner	$	(242)	$	(569)




Net income (loss) per BAC	$	(.01)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 25

		2015		2014

Income
Interest income	$	5,698	$	4,871
Other income		10,162		10,178

		15,860		15,049



Share of income (loss) from Operating Partnerships (Note D)		-		1,221,595


Expenses
Professional fees		14,915		14,790
Fund management fee, net (Note C)		10,926		8,983
Amortization		-		-
General and administrative expenses		8,167		7,852

		34,008		31,625


NET INCOME (LOSS)	$	(18,148)	$	1,205,019




Net income (loss) allocated to assignees	$	(17,967)	$	1,192,969




Net income (loss) allocated to general partner	$	(181)	$	12,050




Net income (loss) per BAC	$	(.01)	$	.39

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 26

		2015		2014

Income
Interest income	$	2,808	$	2,357
Other income		2,363		3,182

		5,171		5,539



Share of income (loss) from Operating Partnerships (Note D)		59,000		482,166


Expenses
Professional fees		29,093		33,461
Fund management fee, net (Note C)		49,544		5,050
Amortization		-		-
General and administrative expenses		9,465		9,319

		88,102		47,830


NET INCOME (LOSS)	$	(23,931)	$	439,875




Net income (loss) allocated to assignees	$	(23,692)	$	435,476




Net income (loss) allocated to general partner	$	(239)	$	4,399




Net income (loss) per BAC	$	(.01)	$	.11

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 27

		2015		2014

Income
Interest income	$	1,608	$	1,782
Other income		-		-

		1,608		1,782



Share of income (loss) from Operating Partnerships (Note D)		-		233,520


Expenses
Professional fees		17,644		41,039
Fund management fee, net (Note C)		64,716		74,433
Amortization		-		-
General and administrative expenses		7,363		7,133

		89,723		122,605


NET INCOME (LOSS)	$	(88,115)	$	112,697




Net income (loss) allocated to assignees	$	(87,234)	$	111,570




Net income (loss) allocated to general partner	$	(881)	$	1,127




Net income (loss) per BAC	$	(.04)	$	.05

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 28

		2015		2014

Income
Interest income	$	9,218	$	5,700
Other income		11,253		264,217

		20,471		269,917



Share of income (loss) from Operating Partnerships (Note D)		1,197,000		5,282,724


Expenses
Professional fees		26,434		23,488
Fund management fee, net (Note C)		46,344		38,367
Amortization		-		-
General and administrative expenses		8,855		7,742

		81,633		69,597


NET INCOME (LOSS)	$	1,135,838	$	5,483,044




Net income (loss) allocated to assignees	$	1,124,480	$	5,428,214




Net income (loss) allocated to general partner	$	11,358	$	54,830




Net income (loss) per BAC	$	.28	$	1.36

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 29

		2015		2014

Income
Interest income	$	479	$	332
Other income		50,000		932

		50,479		1,264



Share of income (loss) from Operating Partnerships (Note D)		199,000		-


Expenses
Professional fees		24,769		26,790
Fund management fee, net (Note C)		36,807		133,109
Amortization		-		-
General and administrative expenses		8,671		8,124

		70,247		168,023


NET INCOME (LOSS)	$	179,232	$	(166,759)




Net income (loss) allocated to assignees	$	177,440	$	(165,091)




Net income (loss) allocated to general partner	$	1,792	$	(1,668)




Net income (loss) per BAC	$	.04	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 30

		2015		2014

Income
Interest income	$	398	$	330
Other income		1,522		1,522

		1,920		1,852



Share of income (loss) from Operating Partnerships (Note D)		261,461		-


Expenses
Professional fees		22,403		19,217
Fund management fee, net (Note C)		40,201		72,924
Amortization		-		-
General and administrative expenses		6,911		6,479

		69,515		98,620


NET INCOME (LOSS)	$	193,866	$	(96,768)




Net income (loss) allocated to assignees	$	191,927	$	(95,800)




Net income (loss) allocated to general partner	$	1,939	$	(968)




Net income (loss) per BAC	$	.07	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 31

		2015		2014

Income
Interest income	$	1,375	$	836
Other income		590		926

		1,965		1,762



Share of income (loss) from Operating Partnerships (Note D)		1,256,102		-


Expenses
Professional fees		25,952		26,921
Fund management fee, net (Note C)		78,855		121,181
Amortization		-		-
General and administrative expenses		8,996		8,050

		113,803		156,152


NET INCOME (LOSS)	$	1,144,264	$	(154,390)




Net income (loss) allocated to assignees	$	1,132,821	$	(152,846)




Net income (loss) allocated to general partner	$	11,443	$	(1,544)




Net income (loss) per BAC	$	.26	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 32

		2015		2014

Income
Interest income	$	211	$	235
Other income		5,550		2,278

		5,761		2,513



Share of income (loss) from Operating Partnerships (Note D)		-		12,000


Expenses
Professional fees		20,645		19,800
Fund management fee, net (Note C)		106,744		125,956
Amortization		-		-
General and administrative expenses		8,988		8,123

		136,377		153,879


NET INCOME (LOSS)	$	(130,616)	$	(139,366)




Net income (loss) allocated to assignees	$	(129,310)	$	(137,972)




Net income (loss) allocated to general partner	$	(1,306)	$	(1,394)




Net income (loss) per BAC	$	(.03)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,

(Unaudited)

Series 33

		2015		2014

Income
Interest income	$	562	$	261
Other income		5,550		2,777

		6,112		3,038



Share of income (loss) from Operating Partnerships (Note D)		1,097,000		-


Expenses
Professional fees		15,697		14,264
Fund management fee, net (Note C)		33,631		49,034
Amortization		-		-
General and administrative expenses		6,621		6,042

		55,949		69,340


NET INCOME (LOSS)	$	1,047,163	$	(66,302)




Net income (loss) allocated to assignees	$	1,036,691	$	(65,639)




Net income (loss) allocated to general partner	$	10,472	$	(663)




Net income (loss) per BAC	$	.39	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 34

		2015		2014

Income
Interest income	$	430	$	183
Other income		18,302		6,270

		18,732		6,453



Share of income (loss) from Operating Partnerships (Note D)		37,000		-


Expenses
Professional fees		19,327		17,571
Fund management fee, net (Note C)		58,054		120,074
Amortization		-		-
General and administrative expenses		7,679		6,985

		85,060		144,630


NET INCOME (LOSS)	$	(29,328)	$	(138,177)




Net income (loss) allocated to assignees	$	(29,035)	$	(136,795)




Net income (loss) allocated to general partner	$	(293)	$	(1,382)




Net income (loss) per BAC	$	(.01)	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 35

		2015		2014

Income
Interest income	$	549	$	203
Other income		11,037		6,305

		11,586		6,508



Share of income (loss) from Operating Partnerships (Note D)		972,250		-


Expenses
Professional fees		16,699		15,781
Fund management fee, net (Note C)		63,179		97,040
Amortization		-		-
General and administrative expenses		7,548		6,862

		87,426		119,683


NET INCOME (LOSS)	$	896,410	$	(113,175)




Net income (loss) allocated to assignees	$	887,446	$	(112,043)




Net income (loss) allocated to general partner	$	8,964	$	(1,132)




Net income (loss) per BAC	$	.27	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 36

		2015		2014

Income
Interest income	$	510	$	593
Other income		2,683		4,754

		3,193		5,347



Share of income (loss) from Operating Partnerships (Note D)		-		25,054


Expenses
Professional fees		15,218		14,940
Fund management fee, net (Note C)		63,498		61,830
Amortization		-		-
General and administrative expenses		6,269		5,727

		84,985		82,497


NET INCOME (LOSS)	$	(81,792)	$	(52,096)




Net income (loss) allocated to assignees	$	(80,974)	$	(51,575)




Net income (loss) allocated to general partner	$	(818)	$	(521)




Net income (loss) per BAC	$	(.04)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 37

		2015		2014

Income
Interest income	$	355	$	323
Other income		9,240		14,770

		9,595		15,093



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		14,421		13,581
Fund management fee, net (Note C)		75,146		91,914
Amortization		-		-
General and administrative expenses		6,424		5,829

		95,991		111,324


NET INCOME (LOSS)	$	(86,396)	$	(96,231)




Net income (loss) allocated to assignees	$	(85,532)	$	(95,269)




Net income (loss) allocated to general partner	$	(864)	$	(962)




Net income (loss) per BAC	$	(.03)	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 38

		2015		2014

Income
Interest income	$	145	$	142
Other income		4,355		27,394

		4,500		27,536



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		15,777		15,443
Fund management fee, net (Note C)		81,066		73,885
Amortization		-		-
General and administrative expenses		6,621		6,015

		103,464		95,343


NET INCOME (LOSS)	$	(98,964)	$	(67,807)




Net income (loss) allocated to assignees	$	(97,974)	$	(67,129)




Net income (loss) allocated to general partner	$	(990)	$	(678)




Net income (loss) per BAC	$	(.04)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 39

		2015		2014

Income
Interest income	$	180	$	154
Other income		3,160		3,500

		3,340		3,654



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		15,570		14,708
Fund management fee, net (Note C)		58,770		64,200
Amortization		-		-
General and administrative expenses		6,197		5,693

		80,537		84,601


NET INCOME (LOSS)	$	(77,197)	$	(80,947)




Net income (loss) allocated to assignees	$	(76,425)	$	(80,138)




Net income (loss) allocated to general partner	$	(772)	$	(809)




Net income (loss) per BAC	$	(.03)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 40

		2015		2014

Income
Interest income	$	55	$	39
Other income		-		2,927

		55		2,966



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		19,400		19,053
Fund management fee, net (Note C)		97,833		97,108
Amortization		-		-
General and administrative expenses		6,111		6,097

		123,344		122,258


NET INCOME (LOSS)	$	(123,289)	$	(119,292)




Net income (loss) allocated to assignees	$	(122,056)	$	(118,099)




Net income (loss) allocated to general partner	$	(1,233)	$	(1,193)




Net income (loss) per BAC	$	(.05)	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 41

		2015		2014

Income
Interest income	$	288	$	229
Other income		36,109		11,620

		36,397		11,849



Share of income (loss) from Operating Partnerships (Note D)		457,440		-


Expenses
Professional fees		21,348		23,701
Fund management fee, net (Note C)		95,209		109,890
Amortization		-		-
General and administrative expenses		7,300		6,692

		123,857		140,283


NET INCOME (LOSS)	$	369,980	$	(128,434)




Net income (loss) allocated to assignees	$	366,280	$	(127,150)




Net income (loss) allocated to general partner	$	3,700	$	(1,284)




Net income (loss) per BAC	$	.13	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 42

		2015		2014

Income
Interest income	$	518	$	176
Other income		66,129		50,274

		66,647		50,450



Share of income (loss) from Operating Partnerships (Note D)		3,214,695		-


Expenses
Professional fees		23,903		26,419
Fund management fee, net (Note C)		88,912		94,387
Amortization		-		-
General and administrative expenses		6,888		6,452

		119,703		127,258


NET INCOME (LOSS)	$	3,161,639	$	(76,808)




Net income (loss) allocated to assignees	$	3,130,023	$	(76,040)




Net income (loss) allocated to general partner	$	31,616	$	(768)




Net income (loss) per BAC	$	1.14	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 43

		2015		2014

Income
Interest income	$	479	$	213
Other income		39,732		49,645

		40,211		49,858



Share of income (loss) from Operating Partnerships (Note D)		2,492,094		(8,363)


Expenses
Professional fees		25,062		27,192
Fund management fee, net (Note C)		105,193		126,104
Amortization		-		33,396
General and administrative expenses		7,819		7,275

		138,074		193,967


NET INCOME (LOSS)	$	2,394,231	$	(152,472)




Net income (loss) allocated to assignees	$	2,370,289	$	(150,947)




Net income (loss) allocated to general partner	$	23,942	$	(1,525)




Net income (loss) per BAC	$	.65	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 44

		2015		2014

Income
Interest income	$	6	$	9
Other income		2,769		584

		2,775		593



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		15,279		18,488
Fund management fee, net (Note C)		126,314		113,058
Amortization		-		-
General and administrative expenses		6,301		6,180

		147,894		137,726


NET INCOME (LOSS)	$	(145,119)	$	(137,133)




Net income (loss) allocated to assignees	$	(143,668)	$	(135,762)




Net income (loss) allocated to general partner	$	(1,451)	$	(1,371)




Net income (loss) per BAC	$	(.05)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 45

		2015		2014

Income
Interest income	$	91	$	50
Other income		25,958		7,474

		26,049		7,524



Share of income (loss) from Operating Partnerships (Note D)		(39,009)		(215,922)


Expenses
Professional fees		32,342		38,332
Fund management fee, net (Note C)		129,066		135,740
Amortization		-		-
General and administrative expenses		7,742		7,909

		169,150		181,981


NET INCOME (LOSS)	$	(182,110)	$	(390,379)




Net income (loss) allocated to assignees	$	(180,289)	$	(386,475)




Net income (loss) allocated to general partner	$	(1,821)	$	(3,904)




Net income (loss) per BAC	$	(.04)	$	(.10)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 46

		2015		2014

Income
Interest income	$	288	$	233
Other income		13,347		-

		13,635		233



Share of income (loss) from Operating Partnerships (Note D)		(123,776)		(308,550)


Expenses
Professional fees		23,106		24,294
Fund management fee, net (Note C)		106,656		118,724
Amortization		-		-
General and administrative expenses		6,978		6,743

		136,740		149,761


NET INCOME (LOSS)	$	(246,881)	$	(458,078)




Net income (loss) allocated to assignees	$	(244,412)	$	(453,497)




Net income (loss) allocated to general partner	$	(2,469)	$	(4,581)




Net income (loss) per BAC	$	(.08)	$	(.15)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015
(Unaudited)


		Assignees		General Partner		Total


Partners' capital (deficit) April 1, 2015	$	(19,481,250)	$	(7,435,386)	$	(26,916,636)

Net income (loss)		9,681,545		97,795		9,779,340


Partners' capital (deficit), September 30, 2015	$	(9,799,705)	$	(7,337,591)	$	(17,137,296)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015
(Unaudited)

		Assignees		General Partner		Total

Series 20
Partners' capital (deficit) April 1, 2015	$	(874,295)	$	(320,197)	$	(1,194,492)

Net income (loss)		(40,408)		(408)		(40,816)


Partners' capital (deficit), September 30, 2015	$	(914,703)	$	(320,605)	$	(1,235,308)

		Assignees		General Partner		Total

Series 21
Partners' capital (deficit) April 1, 2015	$	(1,139,894)	$	(175,101)	$	(1,314,995)

Net income (loss)		289,627		2,926		292,553


Partners' capital (deficit), September 30, 2015	$	(850,267)	$	(172,175)	$	(1,022,442)

		Assignees		General Partner		Total

Series 22
Partners' capital (deficit) April 1, 2015	$	(2,455,952)	$	(246,104)	$	(2,702,056)

Net income (loss)		187,710		1,896		189,606


Partners' capital (deficit), September 30, 2015	$	(2,268,242)	$	(244,208)	$	(2,512,450)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015
(Unaudited)

		Assignees		General Partner		Total

Series 23
Partners' capital (deficit) April 1, 2015	$	(1,696,494)	$	(304,860)	$	(2,001,354)

Net income (loss)		169,763		1,715		171,478


Partners' capital (deficit), September 30, 2015	$	(1,526,731)	$	(303,145)	$	(1,829,876)

		Assignees		General Partner		Total

Series 24
Partners' capital (deficit) April 1, 2015	$	1,254,077	$	(174,501)	$	1,079,576

Net income (loss)		(23,976)		(242)		(24,218)


Partners' capital (deficit), September 30, 2015	$	1,230,101	$	(174,743)	$	1,055,358

		Assignees		General Partner		Total

Series 25
Partners' capital (deficit) April 1, 2015	$	4,032,481	$	(219,312)	$	3,813,169

Net income (loss)		(17,967)		(181)		(18,148)


Partners' capital (deficit), September 30, 2015	$	4,014,514	$	(219,493)	$	3,795,021

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015
(Unaudited)

		Assignees		General Partner		Total

Series 26
Partners' capital (deficit) April 1, 2015	$	3,371,487	$	(309,634)	$	3,061,853

Net income (loss)		(23,692)		(239)		(23,931)


Partners' capital (deficit), September 30, 2015	$	3,347,795	$	(309,873)	$	3,037,922

		Assignees		General Partner		Total

Series 27
Partners' capital (deficit) April 1, 2015	$	1,247,594	$	(195,931)	$	1,051,663

Net income (loss)		(87,234)		(881)		(88,115)


Partners' capital (deficit), September 30, 2015	$	1,160,360	$	(196,812)	$	963,548

		Assignees		General Partner		Total

Series 28
Partners' capital (deficit) April 1, 2015	$	6,058,903	$	(286,019)	$	5,772,884

Net income (loss)		1,124,480		11,358		1,135,838


Partners' capital (deficit), September 30, 2015	$	7,183,383	$	(274,661)	$	6,908,722

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015
(Unaudited)

		Assignees		General Partner		Total

Series 29
Partners' capital (deficit) April 1, 2015	$	(2,951,221)	$	(371,878)	$	(3,323,099)

Net income (loss)		177,440		1,792		179,232


Partners' capital (deficit), September 30, 2015	$	(2,773,781)	$	(370,086)	$	(3,143,867)

		Assignees		General Partner		Total

Series 30
Partners' capital (deficit) April 1, 2015	$	(1,321,993)	$	(242,703)	$	(1,564,696)

Net income (loss)		191,927		1,939		193,866


Partners' capital (deficit), September 30, 2015	$	(1,130,066)	$	(240,764)	$	(1,370,830)

		Assignees		General Partner		Total

Series 31
Partners' capital (deficit) April 1, 2015	$	540,305	$	(377,632)	$	162,673

Net income (loss)		1,132,821		11,443		1,144,264


Partners' capital (deficit), September 30, 2015	$	1,673,126	$	(366,189)	$	1,306,937

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015
(Unaudited)

		Assignees		General Partner		Total

Series 32
Partners' capital (deficit) April 1, 2015	$	(2,492,325)	$	(435,643)	$	(2,927,968)

Net income (loss)		(129,310)		(1,306)		(130,616)


Partners' capital (deficit), September 30, 2015	$	(2,621,635)	$	(436,949)	$	(3,058,584)

		Assignees		General Partner		Total

Series 33
Partners' capital (deficit) April 1, 2015	$	(1,607,256)	$	(244,295)	$	(1,851,551)

Net income (loss)		1,036,691		10,472		1,047,163


Partners' capital (deficit), September 30, 2015	$	(570,565)	$	(233,823)	$	(804,388)

		Assignees		General Partner		Total

Series 34
Partners' capital (deficit) April 1, 2015	$	(2,912,687)	$	(332,845)	$	(3,245,532)

Net income (loss)		(29,035)		(293)		(29,328)


Partners' capital (deficit), September 30, 2015	$	(2,941,722)	$	(333,138)	$	(3,274,860)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015
(Unaudited)

		Assignees		General Partner		Total

Series 35
Partners' capital (deficit) April 1, 2015	$	(1,871,486)	$	(303,778)	$	(2,175,264)

Net income (loss)		887,446		8,964		896,410


Partners' capital (deficit), September 30, 2015	$	(984,040)	$	(294,814)	$	(1,278,854)

		Assignees		General Partner		Total

Series 36
Partners' capital (deficit) April 1, 2015	$	(703,619)	$	(187,575)	$	(891,194)

Net income (loss)		(80,974)		(818)		(81,792)


Partners' capital (deficit), September 30, 2015	$	(784,593)	$	(188,393)	$	(972,986)

		Assignees		General Partner		Total

Series 37
Partners' capital (deficit) April 1, 2015	$	(1,901,137)	$	(236,945)	$	(2,138,082)

Net income (loss)		(85,532)		(864)		(86,396)


Partners' capital (deficit), September 30, 2015	$	(1,986,669)	$	(237,809)	$	(2,224,478)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015
(Unaudited)

		Assignees		General Partner		Total

Series 38
Partners' capital (deficit) April 1, 2015	$	(1,366,080)	$	(234,288)	$	(1,600,368)

Net income (loss)		(97,974)		(990)		(98,964)


Partners' capital (deficit), September 30, 2015	$	(1,464,054)	$	(235,278)	$	(1,699,332)

		Assignees		General Partner		Total

Series 39
Partners' capital (deficit) April 1, 2015	$	(1,304,265)	$	(211,601)	$	(1,515,866)

Net income (loss)		(76,425)		(772)		(77,197)


Partners' capital (deficit), September 30, 2015	$	(1,380,690)	$	(212,373)	$	(1,593,063)

		Assignees		General Partner		Total

Series 40
Partners' capital (deficit) April 1, 2015	$	(2,687,151)	$	(254,359)	$	(2,941,510)

Net income (loss)		(122,056)		(1,233)		(123,289)


Partners' capital (deficit), September 30, 2015	$	(2,809,207)	$	(255,592)	$	(3,064,799)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015
(Unaudited)

		Assignees		General Partner		Total

Series 41
Partners' capital (deficit) April 1, 2015	$	(2,851,936)	$	(280,493)	$	(3,132,429)

Net income (loss)		366,280		3,700		369,980


Partners' capital (deficit), September 30, 2015	$	(2,485,656)	$	(276,793)	$	(2,762,449)

		Assignees		General Partner		Total

Series 42
Partners' capital (deficit) April 1, 2015	$	(1,601,536)	$	(259,549)	$	(1,861,085)

Net income (loss)		3,130,023		31,616		3,161,639


Partners' capital (deficit), September 30, 2015	$	1,528,487	$	(227,933)	$	1,300,554

		Assignees		General Partner		Total

Series 43
Partners' capital (deficit) April 1, 2015	$	(2,168,116)	$	(346,669)	$	(2,514,785)

Net income (loss)		2,370,289		23,942		2,394,231


Partners' capital (deficit), September 30, 2015	$	202,173	$	(322,727)	$	(120,554)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015
(Unaudited)

		Assignees		General Partner		Total

Series 44
Partners' capital (deficit) April 1, 2015	$	(1,706,674)	$	(257,086)	$	(1,963,760)

Net income (loss)		(143,668)		(1,451)		(145,119)


Partners' capital (deficit), September 30, 2015	$	(1,850,342)	$	(258,537)	$	(2,108,879)

		Assignees		General Partner		Total

Series 45
Partners' capital (deficit) April 1, 2015	$	(430,056)	$	(361,578)	$	(791,634)

Net income (loss)		(180,289)		(1,821)		(182,110)


Partners' capital (deficit), September 30, 2015	$	(610,345)	$	(363,399)	$	(973,744)

		Assignees		General Partner		Total

Series 46
Partners' capital (deficit) April 1, 2015	$	58,076	$	(264,810)	$	(206,734)

Net income (loss)		(244,412)		(2,469)		(246,881)


Partners' capital (deficit), September 30, 2015	$	(186,336)	$	(267,279)	$	(453,615)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	9,779,340	$	4,369,211
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		33,396
Distributions from Operating Partnerships		3,589		4,207
Share of (income) loss from Operating Partnerships		(11,871,653)		(6,724,224)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		69,197		53,928
Decrease (Increase) in other assets		(34,950)		(84,832)
(Decrease) Increase in accounts payable affiliates		(3,179,723)		594,612


Net cash (used in) provided by operating activities		(5,234,200)		(1,753,702)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		12,273,745		7,218,405


Net cash (used in) provided by investing activities		12,273,745		7,218,405



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		7,039,545		5,464,703


Cash and cash equivalents, beginning		23,720,352		12,797,054


Cash and cash equivalents, ending	$	30,759,897	$	18,261,757

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	6,500

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 20

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(40,816)	$	(63,997)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(79,104)		(11,108)


Net cash (used in) provided by operating activities		(119,920)		(75,105)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(119,920)		(75,105)


Cash and cash equivalents, beginning		310,195		204,785


Cash and cash equivalents, ending	$	190,275	$	129,680

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 21

		2015		2014


Cash flows from operating activities:
Net income (loss)	$	292,553	$	(9,331)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(326,273)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(5,000)		-
Decrease (Increase) in other assets		3,000		-
(Decrease) Increase in accounts payable affiliates		17,717		28,650


Net cash (used in) provided by operating activities		(18,003)		19,319


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		326,273		-


Net cash (used in) provided by investing activities		326,273		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		308,270		19,319


Cash and cash equivalents, beginning		127,394		116,749


Cash and cash equivalents, ending	$	435,664	$	136,068

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 22

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	189,606	$	(47,202)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(232,989)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		1,263		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		24,771		31,230


Net cash (used in) provided by operating activities		(17,349)		(15,972)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		232,296		-


Net cash (used in) provided by investing activities		232,296		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		214,947		(15,972)


Cash and cash equivalents, beginning		117,048		98,564


Cash and cash equivalents, ending	$	331,995	$	82,592

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 23

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	171,478	$	(59,352)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(215,459)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		1,167		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		34,205		44,706


Net cash (used in) provided by operating activities		(8,609)		(14,646)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		215,459		-


Net cash (used in) provided by investing activities		215,459		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		206,850		(14,646)


Cash and cash equivalents, beginning		205,359		118,542


Cash and cash equivalents, ending	$	412,209	$	103,896

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 24

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(24,218)	$	(56,928)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(16,675)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(6,335)		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(47,228)		(56,928)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		96,715		-


Net cash (used in) provided by investing activities		96,715		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		49,487		(56,928)


Cash and cash equivalents, beginning		1,005,871		890,715


Cash and cash equivalents, ending	$	1,055,358	$	833,787

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 25

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(18,148)	$	1,205,019
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		(1,221,595)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		4,029
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(18,148)		(12,547)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		1,221,595


Net cash (used in) provided by investing activities		-		1,221,595



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(18,148)		1,209,048


Cash and cash equivalents, beginning		3,811,919		2,550,061


Cash and cash equivalents, ending	$	3,793,771	$	3,759,109

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 26

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(23,931)	$	439,875
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(59,000)		(482,166)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(15,507)		18,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(98,438)		(24,291)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		128,000		482,000


Net cash (used in) provided by investing activities		128,000		482,000



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		29,562		457,709


Cash and cash equivalents, beginning		3,013,320		2,510,330


Cash and cash equivalents, ending	$	3,042,882	$	2,968,039

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 27

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(88,115)	$	112,697
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		(233,520)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		20,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		(44,238)


Net cash (used in) provided by operating activities		(88,115)		(145,061)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		230,000


Net cash (used in) provided by investing activities		-		230,000



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(88,115)		84,939


Cash and cash equivalents, beginning		1,051,663		1,049,687


Cash and cash equivalents, ending	$	963,548	$	1,134,626

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	6,500

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 28

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	1,135,838	$	5,483,044
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(1,197,000)		(5,282,724)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(3,000)		8,899
Decrease (Increase) in other assets		-		1,567
(Decrease) Increase in accounts payable affiliates		-		(706,182)


Net cash (used in) provided by operating activities		(64,162)		(495,396)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		1,197,000		5,247,756


Net cash (used in) provided by investing activities		1,197,000		5,247,756



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,132,838		4,752,360


Cash and cash equivalents, beginning		5,774,634		515,862


Cash and cash equivalents, ending	$	6,907,472	$	5,268,222

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 29

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	179,232	$	(166,759)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(199,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(1,500)		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(231,727)		133,813


Net cash (used in) provided by operating activities		(252,995)		(32,946)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		199,000		-


Net cash (used in) provided by investing activities		199,000		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(53,995)		(32,946)


Cash and cash equivalents, beginning		501,274		224,155


Cash and cash equivalents, ending	$	447,279	$	191,209

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 30

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	193,866	$	(96,768)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(261,461)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		6,484		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(25,379)		77,574


Net cash (used in) provided by operating activities		(86,490)		(19,194)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		312,461		-


Net cash (used in) provided by investing activities		312,461		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		225,971		(19,194)


Cash and cash equivalents, beginning		322,775		253,948


Cash and cash equivalents, ending	$	548,746	$	234,754

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 31

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	1,144,264	$	(154,390)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(1,256,102)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		6,075		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(2,748,408)		(452,048)


Net cash (used in) provided by operating activities		(2,854,171)		(606,438)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		1,256,102		-


Net cash (used in) provided by investing activities		1,256,102		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,598,069)		(606,438)


Cash and cash equivalents, beginning		3,106,480		852,580


Cash and cash equivalents, ending	$	1,508,411	$	246,142

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 32

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(130,616)	$	(139,366)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		(12,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(993)		3,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(5,172)		82,456


Net cash (used in) provided by operating activities		(136,781)		(65,910)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		12,000


Net cash (used in) provided by investing activities		-		12,000


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(136,781)		(53,910)


Cash and cash equivalents, beginning		354,807		310,949


Cash and cash equivalents, ending	$	218,026	$	257,039

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 33

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	1,047,163	$	(66,302)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(1,097,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(650)		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(67,608)		61,704


Net cash (used in) provided by operating activities		(118,095)		(4,598)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		1,097,000		-


Net cash (used in) provided by investing activities		1,097,000		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		978,905		(4,598)


Cash and cash equivalents, beginning		281,704		194,920


Cash and cash equivalents, ending	$	1,260,609	$	190,322

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 34

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(29,328)	$	(138,177)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(37,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(5,802)		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(492,973)		73,774


Net cash (used in) provided by operating activities		(565,103)		(64,403)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		37,000		-


Net cash (used in) provided by investing activities		37,000		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(528,103)		(64,403)


Cash and cash equivalents, beginning		838,027		299,036


Cash and cash equivalents, ending	$	309,924	$	234,633

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 35

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	896,410	$	(113,175)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(972,250)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(1,500)		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		70,097		51,040


Net cash (used in) provided by operating activities		(7,243)		(62,135)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		972,250		-


Net cash (used in) provided by investing activities		972,250		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		965,007		(62,135)


Cash and cash equivalents, beginning		231,626		278,190


Cash and cash equivalents, ending	$	1,196,633	$	216,055

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 36

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(81,792)	$	(52,096)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		(25,054)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		41,240		16,186


Net cash (used in) provided by operating activities		(40,552)		(60,964)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		25,054


Net cash (used in) provided by investing activities		-		25,054



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(40,552)		(35,910)


Cash and cash equivalents, beginning		430,583		448,179


Cash and cash equivalents, ending	$	390,031	$	412,269

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 37

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(86,396)	$	(96,231)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(1,024)		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		78,660		102,432


Net cash (used in) provided by operating activities		(8,760)		6,201


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(8,760)		6,201


Cash and cash equivalents, beginning		345,467		305,167


Cash and cash equivalents, ending	$	336,707	$	311,368

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 38

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(98,964)	$	(67,807)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		57,200		82,200


Net cash (used in) provided by operating activities		(41,764)		14,393


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(41,764)		14,393


Cash and cash equivalents, beginning		280,864		236,887


Cash and cash equivalents, ending	$	239,100	$	251,280

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 39

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(77,197)	$	(80,947)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		32,971		68,400


Net cash (used in) provided by operating activities		(44,226)		(12,547)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(44,226)		(12,547)


Cash and cash equivalents, beginning		166,118		144,094


Cash and cash equivalents, ending	$	121,892	$	131,547

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 40

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(123,289)	$	(119,292)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		103,890		104,397


Net cash (used in) provided by operating activities		(19,399)		(14,895)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-

		-		-
Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(19,399)		(14,895)


Cash and cash equivalents, beginning		97,731		96,711


Cash and cash equivalents, ending	$	78,332	$	81,816

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 41

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	369,980	$	(128,434)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(457,440)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		8,782		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(243,137)		118,782


Net cash (used in) provided by operating activities		(321,815)		(9,652)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		457,440		-


Net cash (used in) provided by investing activities		457,440		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		135,625		(9,652)


Cash and cash equivalents, beginning		158,957		167,428


Cash and cash equivalents, ending	$	294,582	$	157,776

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 42

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	3,161,639	$	(76,808)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(3,214,695)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		47,686		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(264,463)		124,350


Net cash (used in) provided by operating activities		(269,833)		47,542


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		3,254,655		-


Net cash (used in) provided by investing activities		3,254,655		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,984,822		47,542


Cash and cash equivalents, beginning		420,023		266,762


Cash and cash equivalents, ending	$	3,404,845	$	314,304

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 43

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	2,394,231	$	(152,472)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		33,396
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(2,492,094)		8,363
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		39,051		-
Decrease (Increase) in other assets		2,827		(19,648)
(Decrease) Increase in accounts payable affiliates		90,722		153,390


Net cash (used in) provided by operating activities		34,737		23,029


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		2,492,094		-


Net cash (used in) provided by investing activities		2,492,094		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,526,831		23,029


Cash and cash equivalents, beginning		354,147		303,384


Cash and cash equivalents, ending	$	2,880,978	$	326,413

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 44

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(145,119)	$	(137,133)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		(40,777)		(66,751)
(Decrease) Increase in accounts payable affiliates		181,106		181,507


Net cash (used in) provided by operating activities		(4,790)		(22,377)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(4,790)		(22,377)


Cash and cash equivalents, beginning		9,744		38,362


Cash and cash equivalents, ending	$	4,954	$	15,985

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 45

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(182,110)	$	(390,379)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		39,009		215,922
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		145,905		146,833


Net cash (used in) provided by operating activities		2,804		(27,624)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,804		(27,624)


Cash and cash equivalents, beginning		147,398		126,153


Cash and cash equivalents, ending	$	150,202	$	98,529

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 46

		2015		2014


Cash flows from operating activities:

Net income (loss)	$	(246,881)	$	(458,078)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		3,589		4,207
Share of (income) loss from Operating Partnerships		123,776		308,550
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		99,764		124,764


Net cash (used in) provided by operating activities		(19,752)		(20,557)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(19,752)		(20,557)


Cash and cash equivalents, beginning		255,224		194,854


Cash and cash equivalents, ending	$	235,472	$	174,297

Supplemental schedule of noncash investing and financing activities:


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2015
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring and, as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates IV L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner of the Fund is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC IV Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. On April 18, 1996, an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998, an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective.

Below is a summary of the BACs sold and total equity raised, by series, as of the date of this filing:

Series	Closing Date	BACs Sold	Equity Raised
Series 20	June 24, 1994	3,866,700	$38,667,000
Series 21	December 31, 1994	1,892,700	$18,927,000
Series 22	December 28, 1994	2,564,400	$25,644,000
Series 23	June 23, 1995	3,336,727	$33,366,000
Series 24	September 22, 1995	2,169,878	$21,697,000
Series 25	December 29, 1995	3,026,109	$30,248,000
Series 26	June 25, 1996	3,995,900	$39,959,000
Series 27	September 17, 1996	2,460,700	$24,607,000
Series 28	January 29, 1997	4,000,738	$39,999,000

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE A - ORGANIZATION (continued)

Series	Closing Date	BACs Sold	Equity Raised
Series 29	June 10, 1997	3,991,800	$39,918,000
Series 30	September 10, 1997	2,651,000	$26,490,750
Series 31	January 18, 1998	4,417,857	$44,057,750
Series 32	June 23, 1998	4,754,198	$47,431,000
Series 33	September 21, 1998	2,636,533	$26,362,000
Series 34	February 11, 1999	3,529,319	$35,273,000
Series 35	June 28, 1999	3,300,463	$33,004,630
Series 36	September 28, 1999	2,106,838	$21,068,375
Series 37	January 28, 2000	2,512,500	$25,125,000
Series 38	July 31, 2000	2,543,100	$25,431,000
Series 39	January 31, 2001	2,292,151	$22,921,000
Series 40	July 31, 2001	2,630,256	$26,269,256
Series 41	January 31, 2002	2,891,626	$28,916,260
Series 42	July 31, 2002	2,744,262	$27,442,620
Series 43	December 31, 2002	3,637,987	$36,379,870
Series 44	April 30, 2003	2,701,973	$27,019,730
Series 45	September 16, 2003	4,014,367	$40,143,670
Series 46	December 19, 2003	2,980,998	$29,809,980

The Fund concluded its public offering of BACs in the Fund on December 19, 2003.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of September 30, 2015 and for the three and six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2015.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2015 and 2014, an impairment loss of $133,584 and $1,139,623, respectively, was recorded. As of March 31, 2015, acquisition costs were fully amortized or impaired.

Accumulated amortization of acquisition costs for Series 43 as of September 30, 2015 and 2014, are as follows:

	2015	2014
Series 43	$ -	$166,980
	$ -	$166,980

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner of the Fund, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management Limited Partnership as follows:

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended September 30, 2015 and 2014, are as follows:

	2015	2014
Series 20	$ 8,238	$ 19,446
Series 21	3,392	14,325
Series 22	11,781	15,615
Series 23	16,523	22,026
Series 24	12,588	16,683
Series 25	5,934	6,984
Series 26	25,929	39,713
Series 27	38,358	42,828
Series 28	22,389	45,352
Series 29	21,381	66,906
Series 30	22,736	38,787
Series 31	44,853	76,254
Series 32	56,622	66,228
Series 33	16,398	30,852
Series 34	29,661	61,887
Series 35	32,115	50,520
Series 36	33,120	33,120
Series 37	39,330	51,216
Series 38	41,100	41,100
Series 39	31,485	34,200
Series 40	50,004	50,004
Series 41	57,229	59,391
Series 42	49,100	62,175
Series 43	64,027	76,695
Series 44	63,657	63,657
Series 45	70,800	70,800
Series 46	62,382	62,382
	$ 931,132	$1,219,146

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the six months ended September 30, 2015 and 2014 are as follows:

	2015	2014
Series 20	$ 95,580	$ 50,000
Series 24	25,176	33,366
Series 25	11,868	15,443
Series 26	54,544	85,151
Series 27	76,716	131,301
Series 28	53,844	807,427
Series 29	278,493	-
Series 30	72,630	-
Series 31	2,840,263	604,556
Series 32	118,416	50,000
Series 33	53,079	-
Series 34	552,727	50,000
Series 35	-	50,000
Series 36	25,000	50,054
Series 38	25,000	-
Series 39	29,999	-
Series 42	153,508	-
Series 43	50,000	-
Series 46	25,000	-
	$4,541,843	$1,927,298

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2015 and 2014, the Fund has limited partnership interests in 277 and 348 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2015 and 2014 are as follows:

	2015	2014
Series 20	4	8
Series 21	2	4
Series 22	4	8
Series 23	7	10
Series 24	6	7
Series 25	4	5
Series 26	14	20
Series 27	7	8
Series 28	10	15
Series 29	8	17
Series 30	9	16
Series 31	18	22
Series 32	11	13
Series 33	5	8
Series 34	8	12
Series 35	7	10
Series 36	9	9

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

Series 37	6	7
Series 38	10	10
Series 39	9	9
Series 40	16	16
Series 41	18	19
Series 42	15	21
Series 43	19	23
Series 44	8	8
Series 45	28	28
Series 46	15	15
	277	348

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at September 30, 2015 and 2014, are as follows:

	2015	2014
Series 22	$ 8,659	$ 9,352
Series 26	-	1,127
Series 27	-	-
Series 28	-	6,000
Series 29	8,235	8,235
Series 30	105,139	127,396
Series 31	66,294	66,294
Series 32	1,229	3,486
Series 33	69,154	69,154
Series 37	138,438	138,438
Series 40	102	102
Series 41	100	100
Series 42	73,433	73,433
Series 43	99,265	99,265
Series 45	16,724	16,724
	$586,772	$619,106

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the six months ended September 30, 2015 the Fund disposed of twenty-nine Operating Partnerships. A summary of the dispositions by Series for September 30, 2015 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition

Series 21	2	-	$	326,273	$	326,273
Series 22	2	-		232,296		232,989
Series 23	2	-		215,459		215,459
Series 24	-	-		96,715		16,675
Series 26	3	-		128,000		59,000
Series 28	1	-		1,197,000		1,197,000
Series 29	1	1		199,000		199,000
Series 30	2	-		312,461		261,461
Series 31	1	-		1,256,102		1,256,102
Series 33	1	-		1,097,000		1,097,000
Series 34	1	-		37,000		37,000
Series 35	1	1		972,250		972,250
Series 41	1	-		457,440		457,440
Series 42	5	-		3,254,655		3,214,695
Series 43	4	-		2,492,094		2,492,094
Total	27	2	$	12,273,745	$	12,034,438

* Fund proceeds from disposition include $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively, recorded as a receivable as of March 31, 2015. Fund proceeds from disposition does not include $693 which was due to a writeoff of capital contribution payable Series 22.

During the six months ended September 30, 2014 the Fund disposed of thirteen Operating Partnerships. The Fund also received additional proceeds from one operating limited partnership that was disposed of in the prior year in the amount of $25,054. A summary of the dispositions by Series for September 30, 2014 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition

Series 23	-	1	$	-	$	-
Series 25	1	-		1,221,595		1,221,595
Series 26	2	2		482,000		482,166
Series 27	2	-		230,000		233,520
Series 28	4	-		5,247,756		5,282,724
Series 32	1	-		12,000		12,000
Series 36	-	-		25,054		25,054
Total	10	3	$	7,218,405	$	7,257,059

* Fund proceeds from disposition does not include the following amounts which were due to writeoffs of capital contribution payables of $166, $3,520 and $34,968, for Series 26, Series 27, and Series 28, respectively.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund's investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2015.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

		2015	2014

Revenues
	Rental	$ 45,203,563	$ 58,752,200
	Interest and other	1,285,405	1,559,748
		46,488,968	60,311,948

Expenses
	Interest	7,888,032	10,397,667
	Depreciation and amortization	12,463,273	16,816,124
	Operating expenses	30,752,781	39,904,933
		51,104,086	67,118,724

NET LOSS		$ (4,615,118)	$ (6,806,776)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (4,568,964)	$ (6,738,709)

Net loss allocated to other Partners		$ (46,154)	$ (68,067)

* Amounts include $(4,406,179) and $(6,205,874) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 20

		2015	2014
Revenues
	Rental	$ 418,810	$ 914,710
	Interest and other	19,006	29,883
		437,816	944,593

Expenses
	Interest	47,011	181,868
	Depreciation and amortization	101,632	264,205
	Operating expenses	310,583	742,868
		459,226	1,188,941

NET LOSS		$ (21,410)	$ (244,348)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (21,196)	$ (241,905)

Net loss allocated to other Partners		$ (214)	$ (2,443)

* Amounts include $(21,196) and $(241,905) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 21

		2015	2014
Revenues
	Rental	$ 315,338	$ 929,294
	Interest and other	2,100	11,987
		317,438	941,281

Expenses
	Interest	44,646	254,867
	Depreciation and amortization	51,789	162,114
	Operating expenses	244,856	570,648
		341,291	987,629

NET LOSS		$ (23,853)	$ (46,348)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (23,614)	$ (45,885)

Net loss allocated to other Partners		$ (239)	$ (463)

* Amounts include $(23,614) and $(45,885) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 22

		2015	2014
Revenues
	Rental	$ 475,615	$ 781,201
	Interest and other	11,730	14,698
		487,345	795,899

Expenses
	Interest	66,701	127,365
	Depreciation and amortization	113,609	174,840
	Operating expenses	349,376	560,182
		529,686	862,387

NET LOSS		$ (42,341)	$ (66,488)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (41,918)	$ (65,823)

Net loss allocated to other Partners		$ (423)	$ (665)

* Amounts include $(41,918) and $(65,823) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 23

		2015	2014
Revenues
	Rental	$ 1,377,593	$ 1,595,029
	Interest and other	42,646	53,114
		1,420,239	1,648,143

Expenses
	Interest	157,010	236,200
	Depreciation and amortization	324,218	337,767
	Operating expenses	1,095,569	1,191,095
		1,576,797	1,765,062

NET LOSS		$ (156,558)	$ (116,919)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (154,991)	$ (115,749)

Net loss allocated to other Partners		$ (1,567)	$ (1,170)

* Amounts include $(154,991) and $(115,749) for 2015 and 2014, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 24

		2015	2014
Revenues
	Rental	$ 502,834	$ 570,376
	Interest and other	10,154	9,528
		512,988	579,904

Expenses
	Interest	47,306	70,070
	Depreciation and amortization	137,080	164,206
	Operating expenses	418,156	436,960
		602,542	671,236

NET LOSS		$ (89,554)	$ (91,332)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (88,658)	$ (90,419)

Net loss allocated to other Partners		$ (896)	$ (913)

* Amounts include $(88,658) and $(90,419) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 25

		2015	2014
Revenues
	Rental	$ 434,822	$ 469,899
	Interest and other	10,457	10,081
		445,279	479,980

Expenses
	Interest	68,232	76,938
	Depreciation and amortization	77,664	115,502
	Operating expenses	316,742	328,358
		462,638	520,798

NET LOSS		$ (17,359)	$ (40,818)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (17,185)	$ (40,410)

Net loss allocated to other Partners		$ (174)	$ (408)

* Amounts include $(17,185) and $(40,410) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 26

		2015	2014
Revenues
	Rental	$ 1,307,218	$ 1,718,149
	Interest and other	25,613	40,555
		1,332,831	1,758,704

Expenses
	Interest	197,728	236,155
	Depreciation and amortization	352,022	510,822
	Operating expenses	1,039,030	1,339,035
		1,588,780	2,086,012

NET LOSS		$ (255,949)	$ (327,308)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (253,390)	$ (324,035)

Net loss allocated to other Partners		$ (2,559)	$ (3,273)

* Amounts include $(253,390) and $(324,035) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 27

		2015	2014
Revenues
	Rental	$ 2,131,992	$ 2,171,611
	Interest and other	23,304	40,710
		2,155,296	2,212,321

Expenses
	Interest	427,512	463,601
	Depreciation and amortization	446,408	477,495
	Operating expenses	1,293,531	1,366,802
		2,167,451	2,307,898

NET LOSS		$ (12,155)	$ (95,577)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (12,033)	$ (94,621)

Net loss allocated to other Partners		$ (122)	$ (956)

* Amounts include $(12,033) and $(94,621) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 28

		2015	2014
Revenues
	Rental	$ 1,068,294	$ 2,148,878
	Interest and other	22,268	47,058
		1,090,562	2,195,936

Expenses
	Interest	85,171	262,345
	Depreciation and amortization	354,444	675,167
	Operating expenses	847,019	1,508,029
		1,286,634	2,445,541

NET LOSS		$ (196,072)	$ (249,605)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (194,111)	$ (247,109)

Net loss allocated to other Partners		$ (1,961)	$ (2,496)

* Amounts include $(194,111) and $(247,109) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 29

		2015	2014
Revenues
	Rental	$ 1,003,232	$ 3,028,110
	Interest and other	64,239	85,697
		1,067,471	3,113,807

Expenses
	Interest	189,364	507,296
	Depreciation and amortization	274,358	1,041,329
	Operating expenses	797,043	2,088,837
		1,260,765	3,637,462

NET LOSS		$ (193,294)	$ (523,655)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (191,361)	$ (518,418)

Net loss allocated to other Partners		$ (1,933)	$ (5,237)

* Amounts include $(191,361) and $(518,418) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 30

		2015	2014
Revenues
	Rental	$ 1,234,713	$ 2,353,170
	Interest and other	24,356	38,623
		1,259,069	2,391,793

Expenses
	Interest	137,653	294,615
	Depreciation and amortization	262,136	514,679
	Operating expenses	974,484	1,905,714
		1,374,273	2,715,008

NET LOSS		$ (115,204)	$ (323,215)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (114,052)	$ (319,983)

Net loss allocated to other Partners		$ (1,152)	$ (3,232)

* Amounts include $(114,052) and $(319,983) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 31

		2015	2014
Revenues
	Rental	$ 2,465,084	$ 4,839,778
	Interest and other	89,374	162,996
		2,554,458	5,002,774

Expenses
	Interest	283,455	619,446
	Depreciation and amortization	594,205	1,439,908
	Operating expenses	1,901,611	3,410,087
		2,779,271	5,469,441

NET LOSS		$ (224,813)	$ (466,667)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (222,565)	$ (462,000)

Net loss allocated to other Partners		$ (2,248)	$ (4,667)

* Amounts include $(222,565) and $(462,000) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 32

		2015	2014
Revenues
	Rental	$ 2,032,846	$ 2,732,738
	Interest and other	63,023	87,404
		2,095,869	2,820,142

Expenses
	Interest	368,226	508,328
	Depreciation and amortization	727,641	1,028,652
	Operating expenses	1,391,384	1,849,277
		2,487,251	3,386,257

NET LOSS		$ (391,382)	$ (566,115)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (387,468)	$ (560,454)

Net loss allocated to other Partners		$ (3,914)	$ (5,661)

* Amounts include $(387,468) and $(560,454) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 33

		2015	2014
Revenues
	Rental	$ 681,965	$ 1,397,127
	Interest and other	17,096	49,573
		699,061	1,446,700

Expenses
	Interest	109,503	284,465
	Depreciation and amortization	210,065	458,107
	Operating expenses	452,542	904,149
		772,110	1,646,721

NET LOSS		$ (73,049)	$ (200,021)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (72,319)	$ (198,021)

Net loss allocated to other Partners		$ (730)	$ (2,000)

* Amounts include $(72,319) and $(198,021) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 34

		2015	2014
Revenues
	Rental	$ 1,397,775	$ 2,773,001
	Interest and other	37,799	74,762
		1,435,574	2,847,763

Expenses
	Interest	229,624	384,420
	Depreciation and amortization	360,388	930,323
	Operating expenses	944,799	1,859,035
		1,534,811	3,173,778

NET LOSS		$ (99,237)	$ (326,015)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (98,245)	$ (322,755)

Net loss allocated to other Partners		$ (992)	$ (3,260)

* Amounts include $(98,245) and $(322,755) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 35

		2015	2014
Revenues
	Rental	$ 1,578,198	$ 2,272,296
	Interest and other	51,707	84,087
		1,629,905	2,356,383

Expenses
	Interest	316,275	393,620
	Depreciation and amortization	468,066	715,206
	Operating expenses	935,527	1,405,360
		1,719,868	2,514,186

NET LOSS		$ (89,963)	$ (157,803)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (89,063)	$ (156,225)

Net loss allocated to other Partners		$ (900)	$ (1,578)

* Amounts include $(89,063) and $(156,225) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 36

		2015	2014
Revenues
	Rental	$ 1,507,446	$ 1,396,537
	Interest and other	25,672	30,442
		1,533,118	1,426,979

Expenses
	Interest	283,848	258,059
	Depreciation and amortization	485,787	415,107
	Operating expenses	1,023,950	954,812
		1,793,585	1,627,978

NET LOSS		$ (260,467)	$ (200,999)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (257,862)	$ (198,989)

Net loss allocated to other Partners		$ (2,605)	$ (2,010)

* Amounts include $(257,862) and $(198,989) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 37

		2015	2014
Revenues
	Rental	$ 1,982,200	$ 2,224,541
	Interest and other	37,642	52,728
		2,019,842	2,277,269

Expenses
	Interest	369,232	319,153
	Depreciation and amortization	567,481	765,457
	Operating expenses	1,444,391	1,692,586
		2,381,104	2,777,196

NET LOSS		$ (361,262)	$ (499,927)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (357,649)	$ (494,928)

Net loss allocated to other Partners		$ (3,613)	$ (4,999)

* Amounts include $(357,649) and $(494,928) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 38

		2015	2014
Revenues
	Rental	$ 1,869,747	$ 1,899,670
	Interest and other	56,081	43,161
		1,925,828	1,942,831

Expenses
	Interest	345,016	357,365
	Depreciation and amortization	526,055	500,522
	Operating expenses	1,314,846	1,251,174
		2,185,917	2,109,061

NET LOSS		$ (260,089)	$ (166,230)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (257,488)	$ (164,568)

Net loss allocated to other Partners		$ (2,601)	$ (1,662)

* Amounts include $(257,488) and $(164,568) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 39

		2015	2014
Revenues
	Rental	$ 1,358,384	$ 1,394,283
	Interest and other	60,845	50,964
		1,419,229	1,445,247

Expenses
	Interest	246,902	250,509
	Depreciation and amortization	386,912	395,553
	Operating expenses	1,037,607	1,009,938
		1,671,421	1,656,000

NET LOSS		$ (252,192)	$ (210,753)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (249,670)	$ (208,645)

Net loss allocated to other Partners		$ (2,522)	$ (2,108)

* Amounts include $(249,670) and $(208,645) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 40

		2015	2014
Revenues
	Rental	$ 2,168,775	$ 2,056,995
	Interest and other	67,170	56,391
		2,235,945	2,113,386

Expenses
	Interest	446,834	405,134
	Depreciation and amortization	697,543	609,238
	Operating expenses	1,374,402	1,403,259
		2,518,779	2,417,631

NET LOSS		$ (282,834)	$ (304,245)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (280,006)	$ (301,203)

Net loss allocated to other Partners		$ (2,828)	$ (3,042)

* Amounts include $(280,006) and $(301,203) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 41

		2015	2014
Revenues
	Rental	$ 2,801,800	$ 2,853,752
	Interest and other	91,172	77,982
		2,892,972	2,931,734

Expenses
	Interest	542,600	603,816
	Depreciation and amortization	721,750	741,438
	Operating expenses	1,739,882	1,798,460
		3,004,232	3,143,714

NET LOSS		$ (111,260)	$ (211,980)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (110,147)	$ (209,860)

Net loss allocated to other Partners		$ (1,113)	$ (2,120)

* Amounts include $(110,147) and $(209,860) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 42

		2015	2014
Revenues
	Rental	$ 2,419,424	$ 3,170,198
	Interest and other	120,967	119,907
		2,540,391	3,290,105

Expenses
	Interest	502,601	603,697
	Depreciation and amortization	709,510	809,899
	Operating expenses	1,615,686	1,980,640
		2,827,797	3,394,236

NET LOSS		$ (287,406)	$ (104,131)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (284,532)	$ (103,090)

Net loss allocated to other Partners		$ (2,874)	$ (1,041)

* Amounts include $(284,532) and $(103,090) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 43

		2015	2014
Revenues
	Rental	$ 3,238,064	$ 3,848,253
	Interest and other	119,246	111,543
		3,357,310	3,959,796

Expenses
	Interest	498,924	676,059
	Depreciation and amortization	994,350	1,108,887
	Operating expenses	1,915,389	2,420,231
		3,408,663	4,205,177

NET LOSS		$ (51,353)	$ (245,381)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (50,839)	$ (242,927)

Net loss allocated to other Partners		$ (514)	$ (2,454)

* Amounts include $(50,839) and $(234,564) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 44

		2015	2014
Revenues
	Rental	$ 2,963,278	$ 2,946,601
	Interest and other	78,935	76,719
		3,042,213	3,023,320

Expenses
	Interest	767,046	812,995
	Depreciation and amortization	770,821	762,487
	Operating expenses	1,709,863	1,679,198
		3,247,730	3,254,680

NET LOSS		$ (205,517)	$ (231,360)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (203,462)	$ (229,046)

Net loss allocated to other Partners		$ (2,055)	$ (2,314)

* Amounts include $(203,462) and $(229,046) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 45

		2015	2014
Revenues
	Rental	$ 3,612,886	$ 3,488,932
	Interest and other	68,998	62,913
		3,681,884	3,551,845

Expenses
	Interest	506,207	561,294
	Depreciation and amortization	1,002,855	1,004,836
	Operating expenses	2,473,948	2,418,055
		3,983,010	3,984,185

NET LOSS		$ (301,126)	$ (432,340)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (298,115)	$ (428,017)

Net loss allocated to other Partners		$ (3,011)	$ (4,323)

* Amounts include $(259,106) and $(212,095) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 46

		2015	2014
Revenues
	Rental	$ 2,855,230	$ 2,777,071
	Interest and other	43,805	36,242
		2,899,035	2,813,313

Expenses
	Interest	603,405	647,987
	Depreciation and amortization	744,484	692,378
	Operating expenses	1,790,565	1,830,144
		3,138,454	3,170,509

NET LOSS		$ (239,419)	$ (357,196)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (237,025)	$ (353,624)

Net loss allocated to other Partners		$ (2,394)	$ (3,572)

* Amounts include $(113,249) and $(45,074) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015

(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for calendar year ended December 31, 2015 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2011 remain open.

NOTE G - SUBSEQUENT EVENTS

Subsequent to September 30, 2015, the Fund has entered into an agreement to sell the interest in one operating limited partnership. The estimated sale price and other terms for the disposition of the operating limited partnership has been determined. The estimated proceeds to be received for the operating limited partnership is $832,886. The estimated gain on the sale of the operating limited partnership is $825,886 and is expected to be recognized in the third quarter of fiscal year ending March 31, 2016.

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

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2015. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds was the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions unpaid for the six months ended September 30, 2015 or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnership that are returned to fund reserves. These sources of liquidity, along with the Fund's working capital reserve, are available to meet the obligations of the Partnership. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended September 30, 2015 were $931,132 and total fund management fees accrued as of September 30, 2015 were $48,023,098. During the six months ended September 30, 2015, $4,541,843 of the accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships that will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends that would create insufficient liquidity to meet future third party obligations of the Fund.

Liquidity (continued)

As of September 30, 2015, an affiliate of the general partner of the Fund advanced a total of $898,221 to the Fund to pay some operating expenses of the Fund, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable affiliates. During the six months ended September 30, 2015, $61,979 was advanced to the Fund from an affiliate of the general partner, and $54,660, $359,757 and $221,615 for Series 33, Series 41 and Series 42, respectively, was paid by the Fund to an affiliate of the general partner. The advances made in the six months ended, as well as the total advances made as of September 30, 2015, are as follows:

	Current
	Period	Total

Series 34	$ -	$ 133,578
Series 39	-	220,455
Series 40	3,882	374,286
Series 44	53,792	142,412
Series 45	4,305	27,490
	$61,979	$898,221

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.

Capital Resources

The Fund offered BACs in the Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,256, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,908,998 BACs from investors admitted as BAC Holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of September 30, 2015.

Series 20

The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $27,693,970. Series 20 has since sold its interest in 20 of the Operating Partnerships and 4 remain.

Prior to the quarter ended September 30, 2015, Series 20 had released all payments of its capital contributions to the Operating Partnerships.

Series 21

The Fund commenced offering BACs in Series 21 on July 5, 1994. Offers and sales of BACs in Series 21 were completed on September 30, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728. Series 21 has since sold its interest in 12 of the Operating Partnerships and 2 remain.

Prior to the quarter ended September 30, 2015, Series 21 had released all payments of its capital contributions to the Operating Partnerships.

Series 22

The Fund commenced offering BACs in Series 22 on October 12, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748. Series 22 has since sold its interest in 25 of the Operating Partnerships and 4 remain.

During the quarter ended September 30, 2015, Series 22 did not record any releases of capital contributions. Series 22 has outstanding contributions payable to 1 Operating Partnership in the amount of $8,659 as of September 30, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 23

The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on June 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278. Series 23 has since sold its interest in 15 of the Operating Partnerships and 7 remain.

Prior to the quarter ended September 30, 2015, Series 23 had released all payments of its capital contributions to the Operating Partnerships.

Series 24

The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,796,309. Series 24 has since sold its interest in 18 of the Operating Partnerships and 6 remain.

Prior to the quarter ended September 30, 2015, Series 24 had released all payments of its capital contributions to the Operating Partnerships.

Series 25

The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539. Series 25 has since sold its interest in 18 of the Operating Partnerships and 4 remain.

Prior to the quarter ended September 30, 2015, Series 25 had released all payments of its capital contributions to the Operating Partnerships.

Series 26

The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 14, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215. Series 26 has since sold its interest in 31 of the Operating Partnerships and 14 remain.

Prior to the quarter ended September 30, 2015, Series 26 had released all payments of its capital contributions to the Operating Partnerships.

Series 27

The Fund commenced offering BACs in Series 27 on June 17, 1996. Offers and sales of BACs in Series 27 were completed on September 27, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,881,574. Series 27 has since sold its interest in 9 of the Operating Partnerships and 7 remain.

Prior to the quarter ended September 30, 2015, Series 27 had released all payments of its capital contributions to the Operating Partnerships.

Series 28

The Fund commenced offering BACs in Series 28 on September 30,1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983. Series 28 has since sold its interest in 16 of the Operating Partnerships and 10 remain.

Prior to the quarter ended September 30, 2015, Series 28 had released all payments of its capital contributions to the Operating Partnerships.

Series 29

The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 20, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877. Series 29 has since sold its interest in 14 of the Operating Partnerships and 8 remain.

During the quarter ended September 30, 2015, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable to 2 Operating Partnerships in the amount of $8,235 as of September 30, 2015. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 30

The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,497,869. Series 30 has since disposed of its interest in 11 of the Operating Partnerships and 9 remain.

During the quarter ended September 30, 2015, Series 30 did not record any releases of capital contributions. Series 30 has outstanding contributions payable to 3 Operating Partnerships in the amount of $105,139 as of September 30, 2015. The remaining contributions will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 31

The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. Series 31 has since disposed of its interest in 9 of the Operating Partnerships and 18 remain.

During the quarter ended September 30, 2015, Series 31 did not record any releases of capital contributions. Series 31 has outstanding contributions payable to 3 Operating Partnerships in the amount of $66,294 as of September 30, 2015. Of the amount outstanding, $25,000 has been funded into an escrow account on behalf of one Operating Partnership. The escrowed funds will be converted to capital and the remaining contributions of $41,294 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 32

The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 17 Operating Partnerships in the amount of $34,129,677. Series 32 has since sold its interest in 6 of the Operating Partnerships and 11 remain. The series has also purchased membership interests in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. In December 2010, the investment general partner sold its membership interests and a gain on the sale of the membership interests has been recorded in the amount of $499,998 as of December 31, 2010. Under the terms of these Assignments of Membership Interests dated December 1, 1998, the series is entitled to various profits, losses, tax credits, cash flow, proceeds from capital transactions and capital accounts as defined in the individual Operating Partnership Agreements. The series utilized $1,092,847 of funds available to invest in Operating Partnerships for this investment.

During the quarter ended September 30, 2015, Series 32 did not record any releases of capital contributions. Series 32 has outstanding contributions payable to 1 Operating Partnership in the amount of $1,229 as of September 30, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 33

The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,594,100. Series 33 has since sold its interest in 5 of the Operating Partnerships and 5 remain.

During the quarter ended September 30, 2015, Series 33 did not record any releases of capital contributions. Series 33 has outstanding contributions payable to 2 Operating Partnerships in the amount of $69,154 as of September 30, 2015. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 34

The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,738,978. Series 34 has since sold its interest in 6 of the Operating Partnerships and 8 remain.

Prior to the quarter ended September 30, 2015, Series 34 had released all payments of its capital contributions to the Operating Partnerships.

Series 35

The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,002,391. Series 35 has since sold its interest in 4 of the Operating Partnerships and 7 remain.

Prior to the quarter ended September 30, 2015, Series 35 had released all payments of its capital contributions to the Operating Partnerships.

Series 36

The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,277,041. Series 36 has since sold its interest in 2 of the Operating Partnerships and 9 remain.

Prior to the quarter ended September 30, 2015, Series 36 had released all payments of its capital contributions to the Operating Partnerships.

Series 37

The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,735,142. Series 37 has since sold its interest in 1 of the Operating Partnerships and 6 remain.

During the quarter ended September 30, 2015, Series 37 did not record any releases of capital contributions. Series 37 has outstanding contributions payable to 1 Operating Partnership in the amount of $138,438 as of September 30, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 38

The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,612,287. In addition, the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended September 30, 2015, Series 38 had released all payments of its capital contributions to the Operating Partnerships.

Series 39

The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492. In addition, the Fund committed and used $192,987 of Series 39 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended September 30, 2015, Series 39 had released all payments of its capital contributions to the Operating Partnerships.

Series 40

The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,030,772. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire a membership interest in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended September 30, 2015, Series 40 did not record any releases of capital contributions. Series 40 has outstanding contributions payable to 1 Operating Partnership in the amount of $102 as of September 30, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 41

The Fund commenced offering BACs in Series 41 on August 1, 2001. Offers and sales of BACs in Series 41 were completed on January 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $21,278,631. In addition, the Fund committed and used $195,249 of Series 41 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. Series 41 has since sold its interest in 5 of the Operating Partnerships and 18 remain.

During the quarter ended September 30, 2015, Series 41 did not record any releases of capital contributions. Series 41 has outstanding contributions payable to 1 Operating Partnership in the amount of $100 as of September 30, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120. Series 42 has since sold its interest in 8 of the Operating Partnerships and 15 remain.

During the quarter ended September 30, 2015, Series 42 did not record any releases of capital contributions. Series 42 has outstanding contributions payable to 2 Operating Partnerships in the amount of $73,433 as of September 30, 2015. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $9,757 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 43

The Fund commenced offering BACs in Series 43 on August 1, 2002. Offers and sales of BCAs in Series 43 were completed in June 30, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $26,326,543. The Fund also committed and used $805,160 of Series 43 net offering proceeds to acquire membership interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. In addition, the Fund committed and used $268,451 of Series 43 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes. Series 43 has since sold its interest in 4 of the Operating Partnerships and 19 remain.

During the quarter ended September 30, 2015, Series 43 did not record any releases of capital contributions. Series 43 has outstanding contributions payable to 2 Operating Partnerships in the amount of $99,265 as of September 30, 2015. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $35,589 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 44

The Fund commenced offering BACs in Series 44 on January 14, 2003. Offers and sales of BACs in Series 44 were completed in April 30, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $20,248,519. In addition, the Fund committed and used $164,164 of Series 44 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes. Series 44 has since sold its interest in 2 of the Operating Partnerships and 8 remain.

Prior to the quarter ended September 30, 2015, Series 44 had released all payments of its capital contributions to the Operating Partnerships.

Series 45

The Fund commenced offering BACs in Series 45 on July 1, 2003. Offers and sales of BACs in Series 45 were completed on September 16, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 31 Operating Partnerships in the amount of $30,232,512. In addition, the Fund committed and used $302,862 of Series 45 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes. Series 45 has since sold its interest in 3 of the Operating Partnerships and 28 remain.

During the quarter ended September 30, 2015, Series 45 did not record any releases of capital contributions. Series 45 has outstanding contributions payable to 1 Operating Partnership in the amount of $16,724 as of September 30, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 46

The Fund commenced offering BACs in Series 46 on September 23, 2003. Offers and sales of BACs in Series 46 were completed on December 19, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $22,495,082. In addition, the Fund committed and used $228,691 of Series 46 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended September 30, 2015, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of September 30, 2015 and 2014, the Fund held limited partnership interests in 277 and 348 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the three and six months ended September 30, 2015, are as follows:

	3 Months Gross Fund Management Fee	3 Months Asset Management and Reporting Fee	3 Months Fund Management Fee Net of Asset Management and Reporting Fee

Series 20	$ 8,238	$ 134	$ 8,104
Series 21	3,392	2,051	1,341
Series 22	11,781	600	11,181
Series 23	16,523	-	16,523
Series 24	12,588	834	11,754
Series 25	5,934	942	4,992
Series 26	25,929	5,000	20,929
Series 27	38,358	2,000	36,358
Series 28	22,389	2,500	19,889
Series 29	21,381	9,959	11,422
Series 30	22,736	7,050	15,686
Series 31	44,853	5,500	39,353
Series 32	56,622	6,500	50,122
Series 33	16,398	6,500	9,898
Series 34	29,661	3,700	25,961
Series 35	32,115	6,918	25,197
Series 36	33,120	-	33,120
Series 37	39,330	-	39,330
Series 38	41,100	(3,066)	44,166
Series 39	31,485	-	31,485
Series 40	50,004	675	49,329
Series 41	57,229	2,740	54,489
Series 42	49,100	416	48,684
Series 43	64,027	2,956	61,071
Series 44	63,657	1,000	62,657
Series 45	70,800	10,247	60,553
Series 46	62,382	12,732	49,650
	$931,132	$87,888	$843,244

	6 Months Gross Fund Management Fee	6 Months Asset Management and Reporting Fee	6 Months Fund Management Fee Net of Asset Management and Reporting Fee

Series 20	$ 16,476	$ 1,517	$ 14,959
Series 21	17,717	2,051	15,666
Series 22	24,771	4,311	20,460
Series 23	34,205	15,229	18,976
Series 24	25,176	3,524	21,652
Series 25	11,868	942	10,926
Series 26	54,544	5,000	49,544
Series 27	76,716	12,000	64,716
Series 28	53,844	7,500	46,344
Series 29	46,766	9,959	36,807
Series 30	47,251	7,050	40,201
Series 31	91,855	13,000	78,855
Series 32	113,244	6,500	106,744
Series 33	40,131	6,500	33,631
Series 34	59,754	1,700	58,054
Series 35	70,097	6,918	63,179
Series 36	66,240	2,742	63,498
Series 37	78,660	3,514	75,146
Series 38	82,200	1,134	81,066
Series 39	62,970	4,200	58,770
Series 40	100,008	2,175	97,833
Series 41	116,620	21,411	95,209
Series 42	110,660	21,748	88,912
Series 43	140,722	35,529	105,193
Series 44	127,314	1,000	126,314
Series 45	141,600	12,534	129,066
Series 46	124,764	18,108	106,656
	$1,936,173	$227,796	$1,708,377

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 20

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 20 reflects a net loss from Operating Partnerships of $(21,410) and $(244,348), respectively, which includes depreciation and amortization of $101,632 and $264,205, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2014, the investment general partner transferred its interest in Northfield Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,609,616 and cash proceeds to the investment partnership of $121,186. Of the total proceeds received, $119,686 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which included third party legal costs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Shady Lane Seniors Apartments, A Louisiana Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $858,917 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Harrisonburg Seniors Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $627,177 and cash proceeds to the investment partnership of $23,424. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,924 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,924 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Coushatta Seniors II Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $659,429 and cash proceeds to the investment partnership of $23,424. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,924 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,924 as of December 31, 2014.

Series 21

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 21 reflects a net loss from Operating Partnerships of $(23,853) and $(46,348), respectively, which includes depreciation and amortization of $51,789 and $162,114, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2015, the investment general partner transferred its interest in Centrum - Fairfax Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,185,225 and cash proceeds to the investment partnership of $331,096. Of the total proceeds received, $8,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $323,096 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $323,096 as of June 30, 2015.

In August 2015, the investment general partner transferred its interest in Fort Halifax Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $913,861 and cash proceeds to the investment partnership of $3,177. The total proceeds of approximately $3,177 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,177 as of September 30, 2015.

Series 22

For the six month periods ended September 30, 2015 and 2014, Series 22 reflects a net loss from Operating Partnerships of $(42,341) and $(66,488), respectively, which includes depreciation and amortization of $113,609 and $174,840, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2014, the investment general partner transferred its interest in Marksville Square Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $883,578 and cash proceeds to the investment partnership of $27,280. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $24,780 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $24,780 as of December 31, 2014.

In August 2014, the operating general partner of Kimbark 1200 Associates Limited Partnership entered into an agreement to sell the property to a third-party buyer and the transaction closed on December 12, 2014. The sales price of the property was $3,400,000, which included the outstanding mortgage balance of approximately $1,773,796 and cash proceeds to the investment partnerships of $162,866 and $488,596 for Series 22 and Series 23, respectively. Of the total proceeds received by the investment partnerships, $19,500 and $58,500 for Series 22 and Series 23, respectively, represents reporting fees due to an affiliate of the investment partnerships. Of the remaining proceeds, $1,250 and $3,750 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $142,116 and $426,346 for Series 22 and Series 23, respectively, will be returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $142,116 and $426,346, as of December 31, 2014.

In August 2015, the investment general partner transferred their respective interests in Birch Ridge Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,661,182 and cash proceeds to the investment partnerships of $231,966 and $214,257 for Series 22 and Series 23, respectively. Of the total proceeds received, $1,263 and $1,167 for Series 22 and Series 23, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $230,703 and $213,090 for Series 22 and Series 23, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $230,703 and $213,090 for Series 22 and Series 23, respectively, as of September 30, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $693 for Series 22 was recorded as gain on the sale of the Operating Partnership as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in Swedesboro Housing to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,331,558 and cash proceeds to the investment partnership of $1,593. The total proceeds of approximately $1,593 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,593 as of September 30, 2015.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Elks Tower Limited Partnership

Series 23

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 23 reflects a net loss from Operating Partnerships of $(156,558) and $(116,919), respectively, which includes depreciation and amortization of $324,218 and $337,767, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Halls Ferry Apartments LP (Riverview Apartments) is a 42-unit complex located in St. Louis, MO. Despite average physical occupancy of 90% in the third quarter of 2014, the property operated below breakeven due to low economic occupancy caused by a soft rental market and insufficient rental rates. Historically, the operating general partner had continued to fund operating deficits despite the expiration of the operating deficit guarantees and had advanced $146,810 to date. However, in the second quarter of 2014, the operating general partner indicated that he would not continue to support the operations due to financial constraints. As the result, the Operating Partnership was not able to pay its real estate taxes due to cash flow shortfalls. In August 2014, the investment general partner has been notified that the collector of the City of St. Louis has filed a lawsuit against the property and that lender had issued a notice of default due to delinquent real estate taxes. The lender promptly initiated a foreclosure action and the foreclosure sale occurred on August 29, 2014. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Halls Ferry Apartments LP. A foreclosure sale occurring in 2014 would not result in any recapture or penalties because the property is beyond the compliance period. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the foreclosure of the Operating Partnership has been recorded as of September 30, 2014.

In July 2015 the investment general partner transferred its interest in Hurleyville Housing to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,020,330 and cash proceeds to the investment partnership of $2,369. The total proceeds of approximately $2,369 were returned to cash reserves held by Series 23. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,369 as of September 30, 2015.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Colonna Redevelopment Company

Village Woods Estates, L.P.

Series 24

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 24 reflects a net loss from Operating Partnerships of $(89,554) and $(91,332), respectively, which includes depreciation and amortization of $137,080 and $164,206, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2014, the operating general partner of Commerce Parkway Limited Dividend Housing Associates approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 30, 2015. The sales price of the property was $2,000,000, which included the outstanding mortgage balance of approximately $1,313,275 and cash proceeds to the investment partnerships of $208,661 and $104,174 for Series 24 and Series 42, respectively. Of the total proceeds received by the investment partnerships, $78,039 and $38,961 for Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale. Of the remaining proceeds, $3,335 and $1,665 for Series 24 and Series 42, respectively was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $127,287 and $63,548 for Series 24 and Series 42, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $127,287 and $63,548 for Series 24 and Series 42, respectively, as of March 31, 2015. On April 8, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership's cash in the amount of $80,040 and $39,960 for Series 24 and Series 42, respectively, which was recorded as a receivable as of March 31, 2015 and returned to the cash reserves. On August 18, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership's final reconciliation of cash in the amount of $16,675 and $8,325 for Series 24 and Series 42, respectively, which were returned to the cash reserves.

New Hilltop Apartments, A Limited Partnership

Series 25

For the six month periods ended September 30, 2015 and 2014, Series 25 reflects a net loss from Operating Partnerships of $(17,359) and $(40,818), respectively, which includes depreciation and amortization of $77,664 and $115,502, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In October 2014, the investment general partner transferred its interest in Dublin Housing Associates, Phase II to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $633,541 and cash proceeds to the investment partnership of $78,529. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $73,529 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $73,529 as of December 31, 2014.

In April 2014, the investment general partner transferred its interest in Hurricane Hills, LC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $790,385 and cash proceeds to the investment partnership of $1,225,624. Of the total proceeds received, $4,029 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,221,595 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,221,595 as of June 30, 2014.

Series 26

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 26 reflects a net loss from Operating Partnerships of $(255,949) and $(327,308), respectively, which includes depreciation and amortization of $352,022 and $510,822, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2014 the investment general partner transferred its interest in M.B. Apartments Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $742,608 and cash proceeds to the investment partnership of $32,500. Of the total proceeds received, $27,292 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $208 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $208 as of December 31, 2014.

In January 2015, the investment general partner transferred their respective interests in Jackson Bond, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,500,000 and cash proceeds to the investment partnerships of $34,325 and $67,229 for Series 26 and Series 32, respectively. Of the total proceeds received, $507 and $993 for Series 26 and Series 32, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $33,818 and $66,236 for Series 26 and Series 32, respectively, were returned to cash reserves held by Series 26 and Series 32, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $33,818 and $66,236 for Series 26 and Series 32, respectively as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $1,127 and $2,257 for Series 26 and Series 32, respectively, was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

In February 2014, the operating general partner of East Park Apartments II, LP approved an agreement to sell the property to a third party buyer to and the transaction closed in June 2014. The sales price for the property is $850,000, which includes the outstanding mortgage balance of approximately $395,000 and cash proceeds to the investment partnership of $275,000. Of the proceeds received by the investment partnership, $34,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $235,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $235,500 as of June 30, 2014. In November 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $36,272, which were returned to the cash reserves held by Series 26.

In February 2014, the operating general partner of Grandview Apartments, LP approved an agreement to sell the property to a third party buyer and the transaction closed in June 2014. The sales price for the property is $1,700,000, which includes the outstanding mortgage balance of approximately $880,000 and cash proceeds to the investment partnership of $200,000. Of the proceeds received by the investment partnership, $34,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $160,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $160,500 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $166 was recorded as gain on the sale of the Operating Partnership as of June 30, 2014. In November 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $24,534, which were returned to the cash reserves held by Series 26.

In August 2014, the investment general partner transferred its interest in Grayson Manor Village to an entity affiliated to the operating general partner for its assumption of the outstanding mortgage balance of approximately $911,170 and cash proceeds to the investment partnership of $80,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $75,000 as of September 30, 2014.

In August 2014, the investment general partner transferred its interest in Powell Valley Village to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $537,427 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $1,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $11,000 as of September 30, 2014.

In March 2015, the investment general partner transferred its interest in V.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,076,922 and cash proceeds to the investment partnership of $72,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $69,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $69,000 as of March 31, 2015. As the proceeds from the transfer were not received until April 2015 a receivable for the gain on the transfer was recorded as of March 31, 2015.

In May 2015, the investment general partner transferred its interest in Butler Estates, A LDHA to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $221,740 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 26. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of June 30, 2015.

In July 2015, the investment general partner transferred its interest in G.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,064,433 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $29,500 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in W.P.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,074,108 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $29,500 as of September 30, 2015.

Beckwood Manor One Limited Partnership

Southwind Apartments, A L.D.H.A.

T.R. Bobb Apartments Partnership, A L.D.H.A.

Warrensburg Heights, L.P.

Series 27

For the six month periods ended September 30, 2015 and 2014, Series 27 reflects a net loss from Operating Partnerships of $(12,155) and $(95,577), respectively, which includes depreciation and amortization of $446,408 and $477,495, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2014 the investment general partner transferred its interest in Kiehl Partners, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,493,472 and cash proceeds to the investment partnerships of $5,124 and $142,187 for Series 27 and Series 29, respectively. Of the total proceeds received, $696 and $19,304 for Series 27 and Series 29, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $52 and $1,448 for Series 27 and Series 29, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $4,376 and $121,435 for Series 27 and Series 29, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,376 and $121,435 for Series 27 and Series 29, respectively, as of December 31, 2014.

In August 2014, the investment general partner transferred its interest in C.R. Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,847,909 and cash proceeds to the investment partnership of $15,000. The proceeds received of $15,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded. However, equity outstanding for the Operating Partnership in the amount of $1,338 was recorded as gain on the sale of the Operating Partnership as of September 30, 2014.

In June 2014, the investment general partner transferred its interest in AHAB Project I, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $389,876 and cash proceeds to the investment partnership of $235,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $230,000 were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $230,000 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $2,182 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2014.

Angelou Court

Series 28

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 28 reflects a net loss from Operating Partnerships of $(196,072) and $(249,605), respectively, which includes depreciation and amortization of $354,444 and $675,167, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In January 2015, the investment general partner transferred its interest in 1374 Boston Road Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $176,311 and cash proceeds to the investment partnership of $500,000. Of the total proceeds received, $22,400 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $472,600 were returned to cash reserves held by Series 28 The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $472,600 as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $6,000 was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

In May 2013, the investment general partner transferred 49% of its interest in Sumner House LP to an entity affiliated with the operating general partner for cash proceeds to the investment partnership of $122,500. Of the total proceeds received, $65,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $50,000 were returned to cash reserves held by Series 28. The remaining 51% investment limited partner interest in the Operating Partnership was transferred on June 30, 2014 for cash proceeds of $133,450, which were returned to the cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $50,000 as of June 30, 2013, and $133,450 as of June 30, 2014.

In April 2014, the investment general partner transferred its interest in Pin Oak Elderly Associates LP to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $8,275,570 and cash proceeds to the investment partnership of $4,582,400. Of the total proceeds received, $17,628 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,966 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $4,560,806 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,560,806 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $25,000 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2014.

In April 2014, the investment general partner transferred its interest in Sand Lane Manor Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $650,168 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $22,000 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of June 30, 2014.

In August 2014, the investment general partner transferred its interest in Neighborhood Restorations VII to an entity affiliated with the operating general partner resulting in cash proceeds to the investment partnership of $535,000. There was no existing mortgage debt encumbering the property. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $531,500 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $531,500 as of September 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $9,968 was recorded as gain on the sale of the Operating Partnership as of September 30, 2014.

In December 2014 the investment general partner transferred its interest in Blanchard Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $842,985 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

In December 2014 the investment general partner transferred its interest in Bienville III Apartments, A Louisiana Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $896,580 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

In December 2014, the investment general partner transferred its interests in Athens Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,061,229 and cash proceeds to the investment partnerships of $42,585 and $32,125 for Series 28 and Series 32, respectively. Of the total proceeds received, $5,700 and $4,300 for Series 28 and Series 32, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $855 and $645 for Series 28 and Series 32, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $36,030 and $27,180 for Series 28 and Series 32, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $36,030 and $27,180 for Series 28 and Series 32, respectively, as of December 31, 2014.

In June 2015, the investment general partner transferred its interest in Fort Bend NHC, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,589,698 and cash proceeds to the investment partnership of $1,200,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,197,000 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,197,000 as of June 30, 2015.

Jackson Place Apartments, L.P.

Maplewood Apartments Partnership, A LA Partnership

Series 29

As of September 30, 2015 and 2014, the average Qualified Occupancy for the Series was 100% and 99.0%, respectively. The series had a total of 8 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 29 reflects a net loss from Operating Partnerships of $(193,294) and $(523,655), respectively, which includes depreciation and amortization of $274,358 and $1,041,329, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Lombard Partners, LP (Lombard Heights Apts.) was a 24-unit family property located in Springfield, Missouri. It was sold at a foreclosure sale on July 31, 2008. As a result of the foreclosure, the operating partnership lost remaining credits of $47,840 and experienced recapture and interest penalties of $199,516. This represented a loss of tax credits, and recapture and interest penalties of $12 and $49, respectively, per 1,000 BACs. Since the foreclosure sale, the investment general partner has pursued legal action against the operating general partner and guarantors in an effort to recover a portion of the lost tax credits, recapture costs and interest penalties. Counsel for the investment general partner initially needed to resolve jurisdictional issues which ultimately allowed pursuit of the guarantors in Massachusetts. After much legal maneuvering in 2009 thru early 2011, a Massachusetts court approved a damages judgment of $389,043, plus legal costs and interest of $29,726.

As a follow up to the judgment rendered by the Massachusetts court, counsel for the investment general partner filed a motion "in aid of judgment" in mid-April 2011 requesting that the court authorize him to depose the defendants regarding their current financial situation and their ability to pay the aforementioned judgment. In late December 2011, the attorney for the operating general partner and the guarantors filed a motion to quash the aforementioned deposition. This motion was subsequently withdrawn by the attorney for the guarantors on January 12, 2012. On February 28, 2012, new counsel for the operating general partner filed a motion in Missouri to quash the deposition and to stay enforcement of the Massachusetts judgment. On March 1, 2012, the Missouri Court approved the aforementioned motion. This sent the case back to the Massachusetts court to correct the original judgment. On May 21, 2012, the Massachusetts court denied the operating general partner's motion for relief from judgment and amended the judgment previously entered. At the end of the second quarter of 2012, counsel for the investment general partner was notified by counsel for the operating general partner that it intends to file an appeal of the May 21, 2012 ruling. On June 20, 2012, the Missouri court lifted its stay and authorized commencement of post-judgment discovery.

Counsel for the investment general partner took a deposition from the operating general partner on August 8, 2012 in an effort to ascertain whether the operating general partner has the financial capacity to pay the judgment and penalties that have been awarded to date. Based on information revealed during the deposition, it appeared that the operating general partner had been depleting its assets via transfers of assets to various family members. Counsel for the investment general partner filed a petition in Missouri Circuit Court on October 30, 2012 arguing that the aforementioned asset transfers were fraudulent, notifying the transferees that the assets they received from the guarantors were transferred to them fraudulently, and requesting that the subject transfers be voided. In late December 2012, the guarantors filed a motion with the court denying that the conveyance of assets was fraudulent. Counsel for the investment general partner responded in early January 2013 by requesting documentation on the asset transfers and explanations from the guarantors as to why the transfers were not fraudulent in nature under the Missouri Uniform Fraudulent Transfer Act. The defendant filed an appeal of the judgment in Massachusetts Court on January 22, 2013. On March 7, 2013, counsel for the investment general partner filed its appeal brief with the Massachusetts Court. The Appellate Court Hearing was held on September 17, 2013. On February 27, 2014, the Appellate Court ruled in favor of the plaintiff (i.e. the investment limited partner) and re-affirmed the March 30, 2011 judgment. With this favorable ruling from the Massachusetts appellate judge counsel for the plaintiff filed a motion in Missouri Court in October 2014 to record the aforementioned judgment and lift the stay. On January 6, 2015, the defendant's counsel confirmed that it was not contesting the judgment and motion to lift the stay. Consequently, the judgement and order to lift the stay were finally approved by the Missouri Court in late February 2015. As a result, the defendant began to provide piecemeal information on its current financial situation to the investment general partner in March and April 2015. This led investment general partner to conclude that the guarantor had the financial wherewithal to pay some portion of the judgement amount. In mid-July 2015, the Missouri court issued an ordered for non-binding mediation to both the plaintiff and the defendant. The mediation conference took place on September 10, 2015 and a settlement was agreed to at $275,000. Payment is to be made by the defendant on or before January 30, 2016 to conclude this matter.

In December 2014, the investment general partner transferred its interest in Bryson Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $304,849 and cash proceeds to the investment partnership of $41,978. Of the total proceeds received, $1,719 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,759 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $37,759 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Northfield Apartments III Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,250,000 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $13,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Jackson Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,755,000 and cash proceeds to the investment partnership of $3,000. Of the total proceeds received, $1,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Rhome Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $399,667 and cash proceeds to the investment partnership of $113,221. Of the total proceeds received, $1,175 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $109,546 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $109,546 as of December 31, 2014.

In December 2014 the investment general partner transferred its interest in Jacksboro Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $478,389 and cash proceeds to the investment partnership of $3,125. Of the total proceeds received, $625 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Glenbrook Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $394,599 and cash proceeds to the investment partnership of $13,453. Of the total proceeds received, $1,200 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,753 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $9,753 as of December 31, 2014.

In February 2015, the operating general partner of Forest Hill Apartments, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 29, 2015. The sales price of the property was $5,200,000, which included the outstanding mortgage balance of approximately $4,223,181 and cash proceeds to the investment partnership of $158,500. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds of approximately $153,500 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $153,500 as of June 30, 2015.

In July 2015, the investment general partner transferred its interest in Dogwood Rural Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,258,767 and cash proceeds to the investment partnership of $48,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $45,500 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $45,500 as of September 30, 2015.

Edgewood Apartments Partnership, A Louisiana Partnership

Westfield Apartments Partnership, A Louisiana Partnership

Series 30

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 30 reflects a net loss from Operating Partnerships of $(115,204) and $(323,215), respectively, which includes depreciation and amortization of $262,136 and $514,679, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2014 the investment general partner transferred its interest in Nocona Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $592,788 and cash proceeds to the investment partnership of $35,230. Of the total proceeds received, $11,100 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,630 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $21,630 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Madison Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,454,045 and cash proceeds to the investment partnership of $48,000. Of the total proceeds received, $46,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Graham Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,228,988 and cash proceeds to the investment partnership of $3,975. Of the total proceeds received, $1,475 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Bowie Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,020 and cash proceeds to the investment partnership of $3,425. Of the total proceeds received, $925 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In March 2015, the investment general partner transferred its interest in F.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $840,102 and cash proceeds to the investment partnership of $54,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $51,000 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $51,000 as of March 31, 2015. As the proceeds from the transfer were not received until April 2015 a receivable for the gain on the transfer was recorded as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $22,257 was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

In April 2015, the investment general partner transferred their respective interests in Hillside Terrace Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,513,389 and cash proceeds to the investment partnerships of $6,600 and $48,400 for Series 30 and Series 35, respectively. Of the total proceeds received, $600 and $4,400 for Series 30 and Series 35, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,000 and $44,000 for Series 30 and Series 35, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $6,000 and $44,000 for Series 30 and Series 35, respectively, as of June 30, 2015.

In August 2015, the investment general partner transferred its interest in Trinity Life Gardens, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $806,889 and cash proceeds to the investment partnership of $261,945. Of the total proceeds received, $6,484 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $255,461 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $255,461 as of September 30, 2015.

Bellwood Four Limited Partnership

JMC Limited Liability Company

Linden Partners II, L.L.C.

Series 31

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 18 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 31 reflects a net loss from Operating Partnerships of $(224,813) and $(466,667), respectively, which includes depreciation and amortization of $594,205 and $1,439,908, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2014, the investment general partner transferred its interest in Windsor Park Partners Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $6,500,000 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $8,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 31. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Cleveland Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,415,234 and cash proceeds to the investment partnership of $205,201. Of the total proceeds received, $16,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $187,701 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $187,701 as of December 31, 2014.

The operating general partner of Level Creek Partners, L.P. entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on March 18, 2015. The sales price of the property was $16,005,000, which included the outstanding mortgage balance of approximately $11,301,146 and cash proceeds to the investment partnership of $2,660,062. Of the total proceeds received by the investment partnership, $2,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,652,562 will be returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $2,652,562 as of March 31, 2015. On September 2, 2015, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $213,572, which were returned to the cash reserves held by Series 31.

In August 2015, the investment general partner transferred its interest in Montfort Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,647,963 and cash proceeds to the investment partnership of $1,048,605. Of the total proceeds received, $6,075 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,042,530 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,042,530 as of September 30, 2015.

Mesquite Trails Apartments

Riverbend Housing Associates, LP

Seagraves Apartments, L.P., A Texas Limited Partnership

Sencit Hampden Associates L.P.

Series 32

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at September 30, 2015, all of which were at 100% Qualified Occupancy

For the six month periods ended September 30, 2015 and 2014, Series 32 reflects a net loss from Operating Partnerships of $(391,382) and $(566,115), respectively, which includes depreciation and amortization of $727,641 and $1,028,652, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In September 2014, the investment general partner transferred its interest in Chardonnay Limited Partnership to an entity affiliated with the operating general partner for cash proceeds to the investment partnership of $15,000. The mortgage has been paid off. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $12,000 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $12,000 as of September 30, 2014.

Parkside Plaza LP, (Parkside Apartments) consists of 35 family units located in Harlem, New York. The property operated below breakeven in 2014 due to high operating expenses. The property has operated above breakeven through the third quarter of 2015. During the third quarter, the operating general partner requested approval from the special limited partner to change the management company effective November 1, 2015. The special limited partner approved the request on September 16, 2015. The investment limited partner will continue to work with management and the operating general partner to improve operations. The operating general partner's operating deficit guarantee expired in June 2007. The fifteen year low income housing tax credit compliance period expires on December 31, 2015.

In August 2015, the operating general partner of Pearl Partners, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on October 1, 2015. The sales price of the property was $10,245,000, which included the outstanding mortgage balance of approximately $7,762,016 and cash proceeds to the investment partnership of $832,886. Of the total proceeds received by the investment partnership, $7,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $825,886 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

Cogic Village LDHA Limited Partnership

Indiana Development Limited Partnership

Series 33

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 33 reflects a net loss from Operating Partnerships of $(73,049) and $(200,021), respectively, which includes depreciation and amortization of $210,065 and $458,107, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In January 2015, the investment general partners transferred its interest in Merchants Court, LLP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,231,808 and cash proceeds to the investment partnerships of $41,722 and $81,278 for Series 33 and Series 34, respectively. Of the total proceeds received, $41,213 and $80,287 for Series 33 and Series 34, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $509 and $991 for Series 33 and Series 34, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 33 and Series 34, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

Stearns Assisted Housing Associates, LP (Stearns Assisted Housing) is a 20-unit senior property in Millinocket, ME. The property operated below breakeven through the third quarter 2015 due to high maintenance and utility expenses. The 2014 audit was issued with a Going Concern. The investment limited partner will continue to work with management and the operating general partner to improve operations. The operating general partner's operating deficit guarantee is unlimited in time and amount. The 15-year low income housing tax credit compliance period with respect to Stearns Assisted Housing Associates expires on December 31, 2015.

In January 2015, the investment general partner transferred its interest in Southaven Partners I, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,670,000 and cash proceeds to the investment partnerships of $53,220 and $504,062 for Series 33 and Series 34, respectively. Of the total proceeds received, $141 and $1,335 for Series 33 and Series 34, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $53,079 and $502,727 for Series 33 and Series 34, respectively, were returned to cash reserves held by Series 33 and Series 34, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $53,079 and $502,727 for Series 33 and Series 34, respectively, as of March 31, 2015.

In June 2015, the investment general partner transferred its interest in NHC Partnership 5, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,472,725 and cash proceeds to the investment partnership of $1,100,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,097,000 were returned to cash reserves held by Series 33. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,097,000 as of June 30, 2015.

Series 34

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 34 reflects a net loss from Operating Partnerships of $(99,237) and $(326,015), respectively, which includes depreciation and amortization of $360,388 and $930,323, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In January 2015, the investment general partner transferred its interest in HWY. 18 Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,555,229 and cash proceeds to the investment partnerships of $8,837 and $19,002 for Series 34 and Series 37, respectively. Of the total proceeds received, $8,361 and $17,978 for Series 34 and Series 37, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $476 and $1,024 for Series 34 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 34 and Series 37, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

In April 2015, the investment general partner transferred its interest in Howard Park, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $400,000 and cash proceeds to the investment partnership of $42,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,000 were returned to cash reserves held by Series 34. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $37,000 as of June 30, 2015.

Belmont Affordable Housing II, L.P.

RHP 96-I, L.P.

Series 35

For the six month periods ended September 30, 2015 and 2014, Series 35 reflects a net loss from Operating Partnerships of $(89,963) and $(157,803), respectively, which includes depreciation and amortization of $468,066 and $715,206, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Woods, LP (Columbia Woods Townhomes) is a 120-unit family property located in Newnan, GA. Due to high operating expenses and fluctuating occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired; however, the operating general partner continues to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Woods, LP expires on December 31, 2016.

In January 2015, the investment general partner transferred its interest in Ashton Cove, Limited Partnership to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,397,813 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $8,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 35. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

In March 2015, the operating general partner of Mulvane Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 7, 2015. The sales price of the property was $2,800,000, which included the outstanding mortgage balance of approximately $1,186,526 and cash proceeds to the investment partnership of $865,000. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds of approximately $860,000 were returned to cash reserves held by Series 35. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $860,000 as of June 30, 2015. On September 9, 2015, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $68,250, which were returned to the cash reserves held by Series 35.

Series 36

For the six month periods ended September 30, 2015 and 2014, Series 36 reflects a net loss from Operating Partnerships of $(260,467) and $(200,999), respectively, which includes depreciation and amortization of $485,787 and $415,107, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2012, the operating general partner of Aloha Housing LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 21, 2012. The sales price of the property was $5,500,000, which included the outstanding mortgage balance of approximately $1,749,703, a seller's note equal to $750,000 (which the investment limited partnership has a 50% ownership interest), and cash proceeds to the investment partnership of $1,324,272. Of the total proceeds received by the investment partnership, $77,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,242,272 were returned to cash reserves held by Series 36. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. The buyer executed a Post Transfer Compliance and Indemnity Agreement indemnifying Series 36 in the event of recapture. Note that the operating general partner wired an additional $131,000 from its share of the net sale proceeds to the investment general partner to be held as security for the Post Transfer Compliance and Indemnity Agreement. The $131,000 will be returned to the operating general partner approximately three years after the expiration of the compliance period assuming there is no event of recapture. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $1,242,272 as of December 31, 2012. In April 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash accounts in the amount of $25,054, which were returned to the cash reserves held by Series 36.

Wingfield Apartments Limited Partnership (Wingfield Apartments) is a 40-unit family property in Kinder, LA. The property continues to perform below breakeven due to high operating expenses and low occupancy. The investment general partner will continue to work with the operating general partner and management company to improve occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Nowata Village, Limited Partnership

Series 37

For the six month periods ended September 30, 2015 and 2014, Series 37 reflects a net loss from Operating Partnerships of $(361,262) and $(499,927), respectively, which includes depreciation and amortization of $567,481 and $765,457, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Stearns Assisted Housing Associates, LP (Stearns Assisted Housing) is a 20-unit senior property in Millinocket, ME. The property operated below breakeven through the third quarter 2015 due to high maintenance and utility expenses. The 2014 audit was issued with a Going Concern. The investment general partner will continue to work with management and the operating general partner to improve operations. The operating general partner's operating deficit guarantee is unlimited in time and amount. The 15-year low income housing tax credit compliance period with respect to Stearns Assisted Housing Associates expires on December 31, 2015.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. This partnership has operated with significant operating deficits for several years due to a lack of rent growth, high operating expenses and high debt service payments. As a result of the ongoing deficits, the partnership has high accounts payable and deferred maintenance issues, is severely delinquent on its real estate tax payments, and was in monetary default of its mortgage payments. On August 30, 2011, Baldwin Villas entered into a settlement agreement (the "First Settlement Agreement") with the lender resulting in a new mortgage note (the "New Note") being executed that was guaranteed by the operating general partner and its principals. The Operating Partnership did not make all required payments and was in default under the First Settlement Agreement and New Note. On December 31, 2014, the Operating Partnership entered into a second settlement agreement (the "Second Settlement Agreement") with the lender. Under terms of the Second Settlement Agreement, the total indebtedness due to the lender, $5,113,317, was bifurcated into two promissory notes, one named the MHT Note for $1,950,000 and one named the Deficiency Note for $3,163,317. The MHT note was purchased by MHT Housing, Inc., an affiliate of the operating general partner, for its face amount, $1,950,000, at the time of closing on the Second Settlement Agreement. Certain loan and title documents were assigned to MHT Housing, Inc., including a "confession judgment" issued by the Circuit Court of Oakland County, MI, which would have allowed the lender after a default of the First Settlement Agreement to immediately appoint a receiver who would have had the authority to sell the property. Also, the lender agreed to accept $1,950,000 as full payment over time for the Deficiency Note as long as required interest and quarterly principal payments are made when due. The principals of the operating general partner pledged their economic interests in several real estate partnerships to the lender as security for the Deficiency Note. Furthermore, in the case of a default under the Deficiency Note, the lender still retains its rights including the pursuit of a foreclosure action. The Second Settlement agreement was executed without the knowledge or consent of the investment general partner.

From inception through September 30, 2015, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $1,539,000. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the third quarter of 2015, this sales program had not commenced. If the property is foreclosed in 2015, the estimated tax credit recapture cost and interest penalty of $188,224 is equivalent to recapture and interest of $75 per 1,000 BACs. The 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015.

Series 38

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at September 30, 2015, all of which were at 100% qualified occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 38 reflects a net loss from Operating Partnerships of $(260,089) and $(166,230), respectively, which includes depreciation and amortization of $526,055 and $500,522, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Creek, LP (Columbia Creek Apartments) is a 172-unit family property in Woodstock, GA. Due to high operating expenses and high debt service payments the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs. The mortgage cannot be refinanced because of a high prepayment penalty. The operating general partner's operating deficit guaranty has expired but they continue to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Creek, LP expires on December 31, 2016.

Series 39

For the six month periods ended September 30, 2015 and 2014, Series 39 reflects net loss from Operating Partnerships of $(252,192) and $(210,753), respectively, which includes depreciation and amortization of $386,912 and $395,553, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In November 2014, the investment general partner transferred 50% of its interest in Gouverneur Senior Housing Associates, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $529,091 and cash proceeds to the investment partnership of $34,999. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,999 were returned to cash reserves held by Series 39. The remaining 50% investment limited partner interest in the Operating Partnership is scheduled to be transferred in December 2015 for the assumption of approximately $592,091 of the remaining outstanding mortgage balance and nominal consideration. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $29,999 as of December 31, 2014.

Series 40

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at September 30, 2015, all of which at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 40 reflects a net loss from Operating Partnerships of $(282,834) and $(304,245), respectively, which includes depreciation and amortization of $697,543 and $609,238, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

From inception through September 30, 2015, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $1,539,000. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the third quarter of 2015, this sales program had not commenced. If the property is foreclosed in 2015, the estimated tax credit recapture cost and interest penalty of $38,594 is equivalent to recapture and interest of $15 per 1,000 BACs. The 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015.

Center Place Apartments II Limited Partnership (Center Place Apartments) is a 32-unit family property in Center, TX. The property continues to operate slightly below breakeven due to low occupancy. The investment general partner will work with the operating general partner and the management company to improve occupancy. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Sedgwick Sundance Apartments, Limited Partnership (Sedgwick - Sundance Apartments) is a 24-unit senior property in Sedgwick, Kansas. Due to insufficient rental rates and high operating expenses, the property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and its affiliated management company to monitor and improve operations. The operating general partner continues to advance funds and accrue management fees to fund the deficit. The operating deficit guarantee remains in place through the end of the tax credit compliance period. The low income housing tax credit compliance period expires on December 31, 2016.

Oakland Partnership (Oakland Apartments) is a 46-unit family property in Oakdale, LA. The property continues to operate only slightly above breakeven due to low average occupancy. The investment general partner continues to work with the operating general partner and the management company to increase occupancy and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Western Gardens Partnership (Western Gardens Apartments) is a 48-unit family property in Dequincey, LA. The property operated slightly above breakeven in the third quarter of 2015 due to a decrease in operating expenses. The decrease in the operating costs and an increase in occupancy have improved operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Arbors at Ironwood II LP (Arbors at Ironwood Apartments II) is a 40-unit family property in Mishawaka, IN. The property began operating below breakeven in 2012 due to increased operating expenses. High maintenance expenses have been an issue due to the age of the property. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Arbors at Ironwood II, L.P. expires on December 31, 2016.

Capitol Five Limited Partnership (Mason's Points Apartments) is a 41-unit family property in Hopkinsville, Kentucky. Due to low occupancy and increased operating expenses, the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Capitol Five Limited Partnership expires on December 31, 2016.

MA NO 2. LLC (Parkview Apartments) is a 25 unit family property located in Springfield, MA. Due to high operating expenses, the property operated below breakeven in 2014. The property continues to operate below breakeven through the third quarter of 2015. The operating deficit is funded by operating advances made by the general partner. The investment general partner will continue to work with the operating general partner and the management company to reduce operating expenses. The operating general partner's operating deficit guarantee expired on December 31, 2006. The 15-year low income housing tax credit compliance period with respect to MA NO 2. LLC expires on December 31, 2016.

Series 41

For the six month periods ended September 30, 2015 and 2014, Series 41 reflects a net loss from Operating Partnerships of $(111,260) and $(211,980), respectively, which includes depreciation and amortization of $721,750 and $741,438, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rural Housing Partners of Mt. Carroll, LP (Mill Creek Village) is a 12-unit family property in Mt. Carroll, IL. Due to low occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to increase occupancy and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Mt. Carroll, LP expires on December 31, 2016.

Rural Housing Partners of Mendota, LP (Northline Terrace) is a 24-unit family property in Mendota, IL. Due to high operating expenses the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce expenses and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Mendota, LP expires on December 31, 2016.

Rural Housing Partners of Franklin Grove, LP (Franklin Green) is a 12-unit family property in Franklin Grove, IL. Due to low occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to increase occupancy and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Franklin Grove, LP expires on December 31, 2016.

Cranberry Cove Limited Partnership (Cranberry Cove Apartments) owns a 28-unit property located in Beckley, West Virginia. During the first three quarters of 2015, the property operated nominally below breakeven due to high operating expenses. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income tax credit compliance period with respect to Cranberry Cove, LP expires on December 31, 2016.

Red Hill Apartments I Partnership (Red Hill Apartments I) is a 32-unit family property in Farmerville, LA. The property continues to operate below breakeven due to high operating expenses, property manager turnover, and low occupancy. Per the most recent communication with the operating general partner, a new property manager was hired in August. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs, increase occupancy, and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Red Hill Apartments I Partnership, A L.P. expires on December 31, 2015.

In July 2015, the investment general partner transferred its interest in DS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,806,690 and cash proceeds to the investment partnership of $466,222. Of the total proceeds received, $8,782 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $457,440 were returned to cash reserves held by Series 41. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $457,440 as of September 30, 2015.

Series 42

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 42 reflects a net loss from Operating Partnerships of $(287,406) and $(104,131), respectively, which includes depreciation and amortization of $709,510 and $809,899, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Wingfield Apartments Partnership II, LP (Wingfield Apartments II) is a 42-unit elderly property in Kinder, LA. The property continues to perform below breakeven due to high operating expenses and low occupancy. The investment general partner will work with the operating general partner and the management company to increase occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2016.

Lynnelle Landing Limited Partnership (Lynnelle Landing Apartments) owns a 56-unit property located in Charleston, West Virginia. First, second and third quarter financials have not been provided by the operating general partner. The most recent communication from the operating general partner indicated that the physical occupancy at the property was 95% as of March 31, 2015. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income tax credit compliance period with respect to Lynnelle Landing Limited Partnership expires on December 31, 2017.

Natchez Place Apartments II, LP (Natchez Place Apartments) is a 32-unit property located in Natchez, Louisiana. Through the third quarter property expenses have decreased and occupancy has improved and the property is operating at breakeven. The investment general partner will continue to work with the operating general partner and the management company to ensure operations have stabilized. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Natchez Place Apartments II, LP expires on December 31, 2016.

In July 2015, the investment general partner transferred its interest in CC Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $795,600 and cash proceeds to the investment partnership of $630,264. Of the total proceeds received, $9,755 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $620,509 were returned to cash reserves held by Series 42. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $620,509 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in CT Housing Limited Partnership an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,144,603 and cash proceeds to the investment partnership of $852,446. Of the total proceeds received, $11,055 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $841,391 were returned to cash reserves held by Series 42. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $841,391 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in HS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,418,804 and cash proceeds to the investment partnership of $513,359. Of the total proceeds received, $9,054 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $504,305 were returned to cash reserves held by Series 42. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $504,305 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in SM Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,174,506 and cash proceeds to the investment partnership of $560,788. Of the total proceeds received, $9,327 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $551,461 were returned to cash reserves held by Series 42. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $551,461 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in TS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,875,600 and cash proceeds to the investment partnership of $698,864. Of the total proceeds received, $10,160 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $688,704 were returned to cash reserves held by Series 42. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $688,704 as of September 30, 2015.

Series 43

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 43 reflects a net loss from Operating Partnerships of $(51,353) and $(245,381), respectively, which includes depreciation and amortization of $994,350 and $1,108,887, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Carpenter School I Elderly Apartments, LP (Carpenter School I Elderly Apartments) is a 38-unit property located in Natchez, Mississippi. The property is operating above breakeven in 2015. However, replacement reserve account is underfunded. The investment general partner will continue to work with the operating general partner to improve operations. The mortgage, real estate taxes, insurance, and account payables are all current. The operating deficit guarantee expired in December 2014. The low income housing tax credit compliance period expires on December 31, 2017.

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. Due to high maintenance expenses associated with unit turnover the property is operating below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2017.

Alexander Mills, Limited Partnership (Alexander Mills Apartments) is a 224-unit family property located approximately 30 miles northeast of Atlanta, in Lawrenceville, GA. Alexander Mills has operated below breakeven every year since 2005 as a result of lower than projected rents and economic occupancy. The first mortgage loan was scheduled to mature on September 1, 2015. The investment general partner has continually worked with the operating general partner to improve operations. This effort plus the combination of an improved economy in the first half of 2015 in the Atlanta metro area and the low interest rate environment allowed the operating partnership to close on a first mortgage refinancing on June 29, 2015. The refinancing significantly reduced the partnership's monthly debt service obligation, enabled Alexander Mills to operate above breakeven during the third quarter of 2015 and materially reduces the risk of a payment default for the balance of the compliance period. Note that the operating general partners' operating deficit guaranty expired at the end of June 2008 and the compliance period ends on December 21, 2017.

Bohannon Place, Limited (Bohannon Place Apartments) is a 12-unit family property in Bowling Green, KY. Due to a bed bug issue that caused low occupancy and increased maintenance expense in 2012 and 2013, the property operated below breakeven. Sustained 100% occupancy levels in 2014 resulted in the property operating above breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee expired on July 31, 2014. The 15-year low income housing tax credit compliance period with respect to Bohannon Place, LP expires on December 31, 2017.

Parkside Plaza LP, (Parkside Apartments) consists of 35 family units located in Harlem, New York. The property operated below breakeven in 2014 due to high operating expenses. The property operated above breakeven through the third quarter of 2015. During the third quarter, the operating general partner requested approval from the special limited partner to change the management company effective November 1, 2015. The special limited partner approved the request on September 16, 2015. The investment limited partner will continue to work with Management and the operating general partner to improve operations. The operating general partner's operating deficit guarantee expired in June 2007. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

In July 2015, the investment general partner transferred its interest in AM Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,031,810 and cash proceeds to the investment partnership of $1,168,898. Of the total proceeds received, $12,963 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs, and $2,827 will be applied against outstanding receivables. The remaining proceeds of approximately $1,153,108 were returned to cash reserves held by Series 43. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,153,108 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in AP Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,480,510 and cash proceeds to the investment partnership of $575,871. Of the total proceeds received, $9,415 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $566,456 were returned to cash reserves held by Series 43. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $566,456 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in KP Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,576,140 and cash proceeds to the investment partnership of $296,983. Of the total proceeds received, $7,759 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $289,224 were returned to cash reserves held by Series 43. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $289,224 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in SG Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,026,283 and cash proceeds to the investment partnership of $492,220. Of the total proceeds received, $8,914 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $483,306 were returned to cash reserves held by Series 43. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $483,306 as of September 30, 2015.

Series 44

As of September 30, 2015 and 2014, the average Qualified Occupancy was 100%. The series had a total of 8 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 44 reflects a net loss from Operating Partnerships of $(205,517) and $(231,360), respectively, which includes depreciation and amortization of $770,821 and $762,487, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. This property operated below breakeven each year from 2007 thru 2013. During this period of time the investment general partner worked with the operating general partner in an effort to improve operations and mitigate operating deficits. Despite the operating deficit guaranty having expired at the end of June 2011, the operating general partner and guarantor continued to fund deficits through November 2012 while it attempted to negotiate a mortgage bond re-structure with the servicer for the bonds (the "Servicer"). These negotiations were unsuccessful and, as a result, the operating general partner stopped funding deficits, a mortgage payment default occurred in January 2013, and a default notice was issued by the Servicer on January 14, 2013. After the default, the investment general partner and the State Tax Credit Syndicator negotiated an agreement with the Servicer, eventually executed on June 28, 2013, whereby the investment general partner and the State Tax Credit Syndicator cured the payment default and agreed to fund deficits while the operating partnership tried to refinance the mortgage bonds at a lower interest rate. In exchange, the Servicer agreed to permit a refinancing of the mortgage bonds by waiving the lockout on early bond redemption and not assessing any pre-payment or yield maintenance penalties if the re-financing could be completed before the end of the first quarter of 2014. The refinancing effort was unsuccessful for a number of reasons most importantly due to rising interest rates in the second half of 2013 with new loan proceeds falling $1,400,000 to $1,600,000 short of what was needed to redeem the mortgage bonds at par and to pay all costs of the refinancing. Since there was no source of additional capital for this financing gap, this led to a payment default in January 2014 when the investment general partner and the State Tax Credit Syndicator suspended deficit funding, an immediate foreclosure action by the Servicer, and a foreclosure sale on March 4, 2014. As a result, the investment limited partner lost future tax credits of $27,710, and incurred recapture and interest penalty costs of $59,646, equivalent to approximately $10 and $22 per 1,000 BACs respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership would not have expired until December 31, 2019.

Alexander Mills, Limited Partnership (Alexander Mills Apartments) is a 224-unit family property located approximately 30 miles northeast of Atlanta, in Lawrenceville, GA. Alexander Mills has operated below breakeven every year since 2005 as a result of lower than projected rents and economic occupancy. The first mortgage loan was scheduled to mature on September 1, 2015. The investment general partner has continually worked with the operating general partner to improve operations. This effort plus the combination of an improved economy in the first half of 2015 in the Atlanta metro area and the low interest rate environment allowed the operating partnership to close on a first mortgage refinancing on June 29, 2015. The refinancing significantly reduced the partnership's monthly debt service obligation, enabled Alexander Mills to operate above breakeven during the third quarter of 2015, and materially reduces the risk of a payment default for the balance of the compliance period. Note that the operating general partners' operating deficit guaranty expired at the end of June 2008 and the compliance period ends on December 21, 2017.

United Development CO. 2001 LP (Memphis 102) is a 102-unit single family home scattered site development, located in Memphis, TN. In September 2013, the court-appointed receiver for the Operating Partnership entered into an agreement to sell the property to a third-party buyer for $1,173,000; the sale transaction closed on November 26, 2013. After payment of the outstanding real estate taxes, the remaining proceeds of $210,000 were paid to the first mortgage lender. There were no cash proceeds to the investment partnership. The buyer agreed to operate the property in accordance with the land use and regulatory agreement as well as Section 42 of the Tax Code; therefore, resulting in no tax credit recapture or interest penalties for the investment limited partner stemming from the sale. The investment limited partners will; however, lose federal tax credits in 2013 and 2014 totaling $30,660 and $131,253, respectively, in addition to the recapture in 2012 totaling $281,707, equivalent to $104 per 1,000 BACs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Despite the sale of the property, the low income housing tax credit compliance period for the tax credits received remains unchanged and will expire on December 31, 2018.

United Development Limited Partnership 2001 (Families First II) is a 66-unit single family house development located in West Memphis, AR. Due to low occupancy, deferred maintenance, high operating expenses and high debt service, the partnership operates below breakeven. The operating general partner, whose operating deficit guarantee has expired, provides limited oversight of property operations. For the most part, it is the third party property management company and the investment general partner who are directing property operations. Beginning in the fourth quarter of 2013 and continuing through September 30, 2015, the investment limited partner has advanced $160,531 from fund reserves to Families First II to finance operating deficits. Should operating deficits persist during the fourth quarter of 2015 a mortgage payment default and subsequent foreclosure may occur. If the property is foreclosed in 2015, the estimated tax credit recapture cost and interest penalty of $1,001,179 is equivalent to recapture and interest of $371 per 1,000 BACs. Note that the 15-year low income housing tax credit compliance period for Families First II expires on December 31, 2018.

Series 45

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 28 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 45 reflects a net loss from Operating Partnerships of $(301,126) and $(432,340), respectively, which includes depreciation and amortization of $1,002,855 and $1,004,836 respectively. This is an interim period estimate; it is not indicative of the final year-end results.

From inception through September 30, 2015, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $1,539,000. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the third quarter of 2015, this sales program had not commenced. If the property is foreclosed in 2015, the estimated tax credit recapture cost and interest penalty of $11,329 is equivalent to recapture and interest of $3 per 1,000 BACs. The 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. This property operated below breakeven each year from 2007 thru 2013. During this period of time the investment general partner worked with the operating general partner in an effort to improve operations and mitigate operating deficits. Despite the operating deficit guaranty having expired at the end of June 2011, the operating general partner and guarantor continued to fund deficits through November 2012 while it attempted to negotiate a mortgage bond re-structure with the servicer for the bonds (the "Servicer"). These negotiations were unsuccessful and, as a result, the operating general partner stopped funding deficits, a mortgage payment default occurred in January 2013, and a default notice was issued by the Servicer on January 14, 2013. After the default, the investment general partner and the State Tax Credit Syndicator negotiated an agreement with the Servicer, eventually executed on June 28, 2013, whereby the investment general partner and the State Tax Credit Syndicator cured the payment default and agreed to fund deficits while the operating partnership tried to refinance the mortgage bonds at a lower interest rate. In exchange, the Servicer agreed to permit a refinancing of the mortgage bonds by waiving the lockout on early bond redemption and not assessing any pre-payment or yield maintenance penalties if the re-financing could be completed before the end of the first quarter of 2014. The refinancing effort was unsuccessful for a number of reasons most importantly due to rising interest rates in the second half of 2013 with new loan proceeds falling $1,400,000 to $1,600,000 short of what was needed to redeem the mortgage bonds at par and to pay all costs of the refinancing. Since there was no source of additional capital for this financing gap, this led to a payment default in January 2014 when the investment general partner and the State Tax Credit Syndicator suspended deficit funding, an immediate foreclosure action by the Servicer, and a foreclosure sale on March 4, 2014. As a result, the investment limited partner lost future tax credits of $742,037, and incur recapture and interest penalty costs of $1,597,239, equivalent to approximately $185 and $398 per 1,000 BACs respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership would not have expired until December 31, 2019.

Farmington Associates I, L.P. (Orchard View Apartments) is a 40-unit family property in Farmington, MO. The property has low economic occupancy due to new competition in the immediate area. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2018.

Jefferson Housing, LP (Jefferson House) is a 101-unit property located in Lynchburg, VA. The property is operating at breakeven due to high vacancy, high utility expenses, and insufficient rental rates. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations in conjunction with The Virginia Housing Development Authority workout plan. The operating general partner's has an unlimited operating deficit guarantee. The low income housing tax credit compliance period expires on December 31, 2019.

Series 46

For the six month periods ended September 30, 2015 and 2014, Series 46 reflects a net loss from Operating Partnerships of $(239,419) and $(357,196), respectively, which includes depreciation and amortization of $744,484 and $692,378, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rosehill Place of Topeka, L.L.C. (Rosehill Apartments) owns a 48-unit senior apartment complex in Topeka, Kansas. Due to burdensome debt service and elevated repair costs related to flooring work on an off-line unit the property operated below breakeven during the first three quarters of 2015. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee expired at the end of May 2008. The 15-year low income housing tax credit compliance period with respect to Rosehill Place of Topeka, LLC expires on December 31, 2018.

Deer Meadow Apartments, LP (Deer Meadow Apartments) is a 24-unit property in Tishomingo, OK. Due to fluctuating low occupancy and high operating expenses in 2014, the property operated below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee expired on January 1, 2009. The 15-year low income housing tax credit compliance period with respect to Deer Meadow Apartments, LP expires on December 31, 2018.

Jacksonville Square Ltd (Jacksonville Square Apartments) is a 44-unit family property in Jacksonville, TX. The property continues to operate below breakeven due to high operating expenses despite an increase to occupancy. The investment general partner continues to work with the operating general partner and the management company to reduce operating costs and maintain the increase in occupancy. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Panola Housing Ltd. (Panola Apartments) is a 32-unit family property in Carthage, TX. The property continues to operate just above breakeven due to high operating expenses. The investment general partner continues to work with the operating general partner and the management company to reduce operating costs. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended March 31, 2015 and 2014. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund's balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Recent Accounting Pronouncement

In February, 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis". This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund is currently evaluating the potential impact of the adoption of this guidance on its financial statements.

Item 3	Quantitative and Qualitative Disclosures About Market Risk

	Not Applicable

Item 4	Controls and Procedures

	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
	(b)	Changes in Internal Controls

		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended September 30, 2015 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings

	None

Item 1A.	Risk Factors

	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2015.

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds

	None

Item 3.	Defaults Upon Senior Securities

	None

Item 4.	Mine Safety Disclosures

	Not Applicable

Item 5.	Other Information

	None

Item 6.	Exhibits

		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

		101. The following materials from the Boston Capital Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herein

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

	Boston Capital Tax Credit Fund IV L.P.

	By:	Boston Capital Associates IV L.P. General Partner


	By:	BCA Associates Limited Partnership General Partner

	By:	C&M Management, Inc. General Partner

Date: November 13, 2015		By:	/s/ John P. Manning John P. Manning

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
Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:

November 13, 2015	/s/ John P. Manning	Director, President (Principal Executive Officer), C&M Management, Inc.; Director, President (Principal Executive Officer) BCTC IV Assignor Corp.
	John P. Manning






Novmeber 13, 2015	/s/ Marc N. Teal Marc N. Teal	Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) C&M Management Inc.; Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) BCTC IV Assignor Corp.

Attached files

BF Garden Tax Credit Fund IV L.P. Reports

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