Boston Capital Tax Credit Fund Iv 10-K 2005 FY Annual report

Exhibit 13

FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

BOSTON CAPITAL TAX CREDIT FUND IV L.P. -

SERIES 20 THROUGH SERIES 46

MARCH 31, 2005 AND 2004

(UNAUDITED)

Boston Capital Tax Credit Fund IV L.P. -

Series 20 through Series 46

TABLE OF CONTENTS

	PAGE
FINANCIAL STATEMENTS
BALANCE SHEETS	F-3
STATEMENTS OF OPERATIONS	F-31
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL	F-59
STATEMENTS OF CASH FLOWS	F-87
NOTES TO FINANCIAL STATEMENTS	F-143
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	F-302
NOTES TO SCHEDULE III

Schedules not listed are omitted because of the absence of the conditions under which they are required or the information is included in the financial statements or the notes thereto.

F-1

Boston Capital Tax Credit Fund IV L.P. -

Series 20 through Series 46

Exceptions to Certifications

The financial statements are presented as unaudited in the Form 10-K as of March 31, 2005 and 2004 and for the three years ended March 31, 2005 as the Report of the Independent Registered Public Accounting Firm could not be filed within the prescribed time period because the issuer was not able to obtain audit opinions which refer to the auditing standards of the Public Company Accounting Oversight Board (United States) (PCAOB) of property partnerships, in which the issuer holds noncontrolling limited partner interests. The non-affiliated local operating partnership general partners engage the accountants auditing each local operating partnership.

Historically, the audits, and the reports thereon, of the local operating partnerships were performed in accordance with Generally Accepted Auditing Standards (GAAS).

On May 11, 2005 draft guidance was issued by the Public Company Accounting Oversight Board which was confirmed on June 24, 2005 by the AICPA Center for Public Company Audit Firms, that clearly establishes the requirement for the audit reports of the operating partnerships of a Public Fund to refer to the auditing standards of the PCAOB.

The audits of the operating partnerships were performed primarily during the months of January and February and refer to Generally Accepted Auditing Standards.  We have all appropriate originally signed opinions from the operating partnerships, however, they do not refer to the auditing standards of the Public Company Accounting Oversight Board.

Our independent registered public accounting firm has performed an audit of the registrant but cannot issue an opinion in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Therefore, we are filing our 10-K as “UNAUDITED” as it is without an audit opinion.

F-2

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

March 31, 2005 and 2004

(UNAUDITED)

	Total
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	371,348,184		$	436,741,304
OTHER ASSETS
Cash and cash equivalents (notes A and G)	18,346,447			33,051,933
Investments available-for-sale (notes A and F)	16,022,675			20,600,420
Notes receivable (note D)	4,919,220			8,182,738
Deferred acquisition costs (note A)	35,278,068			36,053,820
Other assets	10,038,491			10,020,450
	$	455,953,085		$	544,650,665
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	38,479		$	66,482
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	26,220,340			21,701,204
Capital contributions payable (note C)	19,635,047			32,845,438
	45,893,866			54,613,124
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 83,651,080 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 83,651,080 at March 31, 2005 and 2004, issued and outstanding	413,253,662			492,272,914
General partner	(3,067,324		)	(2,269,173		)
Accumulated other comprehensive income	(127,119		)	33,800
	410,059,219			490,037,541
	$	455,953,085		$	544,650,665

F-3

	Series 20
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	3,992,146		$	9,951,958
OTHER ASSETS
Cash and cash equivalents (notes A and G)	2,435,923			252,117
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	—			—
Deferred acquisition costs (note A)	76,802			80,374
Other assets	1,742,519			1,796,298
	$	8,247,390		$	12,080,747
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	2,808,344			3,558,524
Capital contributions payable (note C)	388,026			388,026
	3,196,370			3,946,550
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,866,700 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,866,700 at March 31, 2005 and 2004 issued and outstanding	5,331,075			8,383,420
General partner	(280,055		)	(249,223		)
Accumulated other comprehensive income	—			—
	5,051,020			8,134,197
	$	8,247,390		$	12,080,747

F-4

	Series 21
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	796,088		$	1,527,512
OTHER ASSETS
Cash and cash equivalents (notes A and G)	100,468			142,893
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	457,639			457,639
Deferred acquisition costs (note A)	42,008			43,962
Other assets	280,232			280,232
	$	1,676,435		$	2,452,238
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	1,053,710			852,869
Capital contributions payable (note C)	457,642			457,642
	1,511,352			1,310,511
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 1,892,700 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,892,700 at March 31, 2005 and 2004 issued and outstanding	325,384			1,292,262
General partner	(160,301		)	(150,535		)
Accumulated other comprehensive income	—			—
	165,083			1,141,727
	$	1,676,435		$	2,452,238

F-5

	Series 22
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	3,776,184		$	7,983,840
OTHER ASSETS
Cash and cash equivalents (notes A and G)	272,446			320,139
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	450,981			450,981
Deferred acquisition costs (note A)	132,005			138,145
Other assets	167,344			167,344
	$	4,798,960		$	9,060,449
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	2,099,106			1,889,514
Capital contributions payable (note C)	477,996			479,496
	2,577,102			2,369,010
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,564,400 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,564,400 at March 31, 2005 and 2004 issued and outstanding	2,418,720			6,843,606
General partner	(196,863		)	(152,167		)
Accumulated other comprehensive income	—			—
	2,221,858			6,691,439
	$	4,798,960		$	9,060,449

F-6

	Series 23
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	8,808,920		$	14,271,144
OTHER ASSETS
Cash and cash equivalents (notes A and G)	126,832			140,695
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	—			—
Deferred acquisition costs (note A)	196,311			205,442
Other assets	269,371			269,370
	$	9,401,434		$	14,886,651
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	1,554,741			1,314,475
Capital contributions payable (note C)	117,796			117,796
	1,672,537			1,432,271
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,336,727 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,336,727 at March 31, 2005 and 2004 issued and outstanding	7,936,454			13,604,682
General partner	(207,557		)	(150,302		)
Accumulated other comprehensive income	—			—
	7,728,897			13,454,380
	$	9,401,434		$	14,886,651

F-7

	Series 24
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	5,663,873		$	7,862,910
OTHER ASSETS
Cash and cash equivalents (notes A and G)	220,367			221,188
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	155,478			155,478
Deferred acquisition costs (note A)	219,398			229,602
Other assets	857,394			857,394
	$	7,116,510		$	9,326,572
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	678		$	678
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	1,598,844			1,373,004
Capital contributions payable (note C)	368,239			368,239
	1,967,761			1,741,921
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,169,878 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,169,878 at March 31, 2005 and 2004 issued and outstanding	5,282,560			7,694,103
General partner	(133,811		)	(109,452		)
Accumulated other comprehensive income	—			—
	5,148,749			7,584,651
	$	7,116,510		$	9,326,572

F-8

	Series 25
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	11,624,522		$	14,051,041
OTHER ASSETS
Cash and cash equivalents (notes A and G)	378,135			443,860
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	—			—
Deferred acquisition costs (note A)	220,337			230,586
Other assets	746,785			746,785
	$	12,969,779		$	15,472,272
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	978		$	978
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	1,408,733			1,136,057
Capital contributions payable (note C)	768,198			943,704
	2,177,909			2,080,739
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,026,109 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,026,109 at March 31, 2005 and 2004 issued and outstanding	10,941,396			13,515,062
General partner	(149,526		)	(123,529		)
Accumulated other comprehensive income	—			—
	10,791,870			13,391,533
	$	12,969,779		$	15,472,272

F-9

	Series 26
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	17,047,575		$	22,225,204
OTHER ASSETS
Cash and cash equivalents (notes A and G)	353,640			447,941
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	135,822			135,822
Deferred acquisition costs (note A)	388,789			405,693
Other assets	1,564,626			1,564,626
	$	19,490,452		$	24,779,286
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	90		$	90
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	2,425,561			2,090,807
Capital contributions payable (note C)	1,443,838			1,443,838
	3,869,489			3,534,735
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,995,900 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,995,900 at March 31, 2005 and 2004 issued and outstanding	15,805,006			21,372,359
General partner	(184,044		)	(127,808		)
Accumulated other comprehensive income	—			—
	15,620,963			21,244,551
	$	19,490,452		$	24,779,286

F-10

	Series 27
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	12,001,035		$	13,905,222
OTHER ASSETS
Cash and cash equivalents (notes A and G)	127,380			234,047
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	—			—
Deferred acquisition costs (note A)	321,355			336,302
Other assets	172,425			172,425
	$	12,622,195		$	14,647,996
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	1,670,518			1,455,313
Capital contributions payable (note C)	39,749			39,749
	1,710,267			1,495,062
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,460,700 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,460,700 at March 31, 2005 and 2004 issued and outstanding	11,009,256			13,227,852
General partner	(97,328		)	(74,918		)
Accumulated other comprehensive income	—			—
	10,911,928			13,152,934
	$	12,622,195		$	14,647,996

F-11

	Series 28
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	19,465,921		$	23,747,689
OTHER ASSETS
Cash and cash equivalents (notes A and G)	428,256			464,935
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	350,913			605,000
Deferred acquisition costs (note A)	70,962			74,262
Other assets	2,595			2,595
	$	20,318,647		$	24,894,481
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	28,003
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	—			—
Capital contributions payable (note C)	40,968			40,968
	40,968			68,971
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,000,738 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,000,738 at March 31, 2005 and 2004 issued and outstanding	20,418,650			24,921,003
General partner	(140,971		)	(95,493		)
Accumulated other comprehensive income	—			—
	20,277,679			24,825,510
	$	20,318,647		$	24,894,481

F-12

	Series 29
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	13,896,918		$	19,475,261
OTHER ASSETS
Cash and cash equivalents (notes A and G)	253,902			328,122
Investments available-for-sale (notes A and F)	161,615			161,713
Notes receivable (note D)	20,935			20,935
Deferred acquisition costs (note A)	71,142			74,450
Other assets	782			604
	$	14,405,294		$	20,061,085
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	1,048,756			760,776
Capital contributions payable (note C)	66,718			86,718
	1,115,474			847,494
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,991,800 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,991,800 at March 31, 2005 and 2004 issued and outstanding	13,496,131			19,360,361
General partner	(205,743		)	(146,508		)
Accumulated other comprehensive income	(568		)	(262		)
	13,289,820			19,213,591
	$	14,405,294		$	20,061,085

F-13

	Series 30
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	12,475,745		$	15,343,813
OTHER ASSETS
Cash and cash equivalents (notes A and G)	300,371			124,788
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	51,842			273,842
Deferred acquisition costs (note A)	456,585			477,819
Other assets	39,235			1,771
	$	13,323,778		$	16,222,033
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	405,327			184,407
Capital contributions payable (note C)	128,167			128,167
	533,494			312,574
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,651,000 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,651,000 at March 31, 2005 and 2004 issued and outstanding	12,889,438			15,977,421
General partner	(99,154		)	(67,962		)
Accumulated other comprehensive income	—			—
	12,790,284			15,909,459
	$	13,323,778		$	16,222,033

F-14

	Series 31
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	17,484,487		$	22,596,325
OTHER ASSETS
Cash and cash equivalents (notes A and G)	134,942			487,978
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	641,362			655,675
Deferred acquisition costs (note A)	—			—
Other assets	134,136			147,047
	$	18,394,927		$	23,887,025
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	264,960			264,960
Capital contributions payable (note C)	682,058			695,771
	947,018			960,731
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,417,857 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,417,857 at March 31, 2005 and 2004 issued and outstanding	17,652,689			23,076,290
General partner	(204,780		)	(149,996		)
Accumulated other comprehensive income	—			—
	17,447,909			22,926,294
	$	18,394,927		$	23,887,025

F-15

	Series 32
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	22,840,635		$	27,979,243
OTHER ASSETS
Cash and cash equivalents (notes A and G)	439,407			319,905
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	129,908			536,581
Deferred acquisition costs (note A)	653,670			684,066
Other assets	348,301			448,301
	$	24,411,921		$	29,968,096
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	1,010,661			679,092
Capital contributions payable (note C)	520,571			902,467
	1,531,232			1,581,559
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,754,198 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,754,198 at March 31, 2005 and 2004 issued and outstanding	23,058,243			28,509,033
General partner	(177,554		)	(122,496		)
Accumulated other comprehensive income	—			—
	22,880,689			28,386,537
	$	24,411,921		$	29,968,096

F-16

	Series 33
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	14,070,311		$	15,749,412
OTHER ASSETS
Cash and cash equivalents (notes A and G)	191,000			194,499
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	58,877			74,696
Deferred acquisition costs (note A)	586,513			613,790
Other assets	133,131			133,131
	$	15,039,832		$	16,765,528
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	641,330			467,366
Capital contributions payable (note C)	202,285			202,285
	843,615			669,651
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,636,533 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,636,533 at March 31, 2005 and 2004 issued and outstanding	14,280,034			16,160,698
General partner	(83,818		)	(64,821		)
Accumulated other comprehensive income	—			—
	14,196,217			16,095,877
	$	15,039,832		$	16,765,528

F-17

	Series 34
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	16,244,390		$	20,605,779
OTHER ASSETS
Cash and cash equivalents (notes A and G)	198,385			248,852
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	3,547			3,547
Deferred acquisition costs (note A)	932,117			975,473
Other assets	11,473			11,473
	$	17,389,912		$	21,845,124
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	1,183,388			890,192
Capital contributions payable (note C)	48,744			85,968
	1,232,132			976,160
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,529,319 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,529,319 at March 31, 2005 and 2004 issued and outstanding	16,296,593			20,960,665
General partner	(138,813		)	(91,701		)
Accumulated other comprehensive income	—			—
	16,157,780			20,868,964
	$	17,389,912		$	21,845,124

F-18

	Series 35
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	16,542,608		$	18,651,926
OTHER ASSETS
Cash and cash equivalents (notes A and G)	636,348			568,900
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	322,784			322,784
Deferred acquisition costs (note A)	2,641,520			2,764,380
Other assets	124,353			196,002
	$	20,267,613		$	22,503,992
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	508,542			300,478
Capital contributions payable (note C)	603,740			603,740
	1,112,282			904,218
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,300,463 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,300,463 at March 31, 2005 and 2004 issued and outstanding	19,245,802			21,665,801
General partner	(90,471		)	(66,027		)
Accumulated other comprehensive income	—			—
	19,155,331			21,599,774
	$	20,267,613		$	22,503,992

F-19

	Series 36
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	10,398,042		$	11,525,838
	��
OTHER ASSETS
Cash and cash equivalents (notes A and G)	76,718			79,639
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	322,784			322,784
Deferred acquisition costs (note A)	1,813,747			1,898,107
Other assets	338,277			338,277
	$	12,949,568		$	14,164,645
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	809,640			634,828
Capital contributions payable (note C)	657,998			657,998
	1,467,638			1,292,826
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,106,837 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,106,837 at March 31, 2005 and 2004 issued and outstanding	11,545,774			12,921,764
General partner	(63,844		)	(49,945		)
Accumulated other comprehensive income	—			—
	11,481,930			12,871,819
	$	12,949,568		$	14,164,645

F-20

	Series 37
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	13,869,029		$	15,180,208
OTHER ASSETS
Cash and cash equivalents (notes A and G)	390,428			168,094
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	122,562			155,490
Deferred acquisition costs (note A)	2,024,879			2,114,865
Other assets	98,160			277,840
	$	16,505,058		$	17,896,497
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	668,371			463,506
Capital contributions payable (note C)	155,363			155,363
	823,734			618,869
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,512,500 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,512,500 at March 31, 2005 and 2004 issued and outstanding	15,740,074			17,320,415
General partner	(58,750		)	(42,787		)
Accumulated other comprehensive income	—			—
	15,681,324			17,277,628
	$	16,505,058		$	17,896,497

F-21

	Series 38
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	14,277,836		$	15,667,255
OTHER ASSETS
Cash and cash equivalents (notes A and G)	200,256			139,965
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	—			—
Deferred acquisition costs (note A)	2,301,626			2,397,527
Other assets	4,875			64,336
	$	16,784,593		$	18,269,083
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	595,053			414,973
Capital contributions payable (note C)	—			117,735
	595,053			532,708
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,543,100 at March 31, 2005 and 2004, are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,543,100 at March 31, 2005 and 2004, issued and outstanding	16,245,929			17,777,296
General partner	(56,389		)	(40,921		)
Accumulated other comprehensive income	—			—
	16,189,540			17,736,375
	$	16,784,593		$	18,269,083

F-22

	Series 39
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	12,453,172		$	13,521,338
OTHER ASSETS
Cash and cash equivalents (notes A and G)	198,542			96,315
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	—			—
Deferred acquisition costs (note A)	2,128,726			2,216,508
Other assets	184,159			294,028
	$	14,964,599		$	16,128,189
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	646,653			494,497
Capital contributions payable (note C)	—			—
	646,653			494,497
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,292,152 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,292,152 at March 31, 2005 and 2004 issued and outstanding	14,371,208			15,673,797
General partner	(53,262		)	(40,105		)
Accumulated other comprehensive income	—			—
	14,317,946			15,633,692
	$	14,964,599		$	16,128,189

F-23

	Series 40
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	16,062,040		$	17,263,072
OTHER ASSETS
Cash and cash equivalents (notes A and G)	30,695			40,313
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	—			—
Deferred acquisition costs (note A)	2,590,141			2,692,163
Other assets	325,418			325,418
	$	19,008,294		$	20,320,966
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	36,733		$	36,733
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	967,209			750,951
Capital contributions payable (note C)	152,424			152,424
	1,156,366			940,108
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,630,256 at March 31, 2005 and 2004, are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,630,256 at March 31, 2005 and 2004 issued and outstanding	17,898,351			19,411,992
General partner	(46,423		)	(31,134		)
Accumulated other comprehensive income	—			—
	17,851,928			19,380,858
	$	19,008,294		$	20,320,966

F-24

	Series 41
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	13,954,936		$	18,522,070
OTHER ASSETS
Cash and cash equivalents (notes A and G)	178,767			323,017
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	—			50,000
Deferred acquisition costs (note A)	2,830,533			2,941,043
Other assets	627,489			419,693
	$	17,591,725		$	22,255,823
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	960,276			683,357
Capital contributions payable (note C)	480,554			838,164
	1,440,830			1,521,521
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,891,626 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,891,626 at March 31, 2005 and 2004 issued and outstanding	16,239,946			20,777,519
General partner	(89,051		)	(43,217		)
Accumulated other comprehensive income	—			—
	16,150,895			20,734,302
	$	17,591,725		$	22,255,823

F-25

	Series 42
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	16,412,718		$	17,580,082
OTHER ASSETS
Cash and cash equivalents (notes A and G)	943,069			1,858,784
Investments available-for-sale (notes A and F)	—			—
Notes receivable (note D)	591,011			1,065,305
Deferred acquisition costs (note A)	2,886,153			2,948,991
Other assets	290,765			278,222
	$	21,123,716		$	23,731,384
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	775,603			516,481
Capital contributions payable (note C)	680,975			2,026,211
	1,456,578			2,542,692
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,744,262 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,744,262 at March 31, 2005 and 2004 issued and outstanding	19,706,698			21,213,036
General partner	(39,560		)	(24,344		)
Accumulated other comprehensive income	—			—
	19,667,138			21,188,692
	$	21,123,716		$	23,731,384

F-26

	Series 43
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	21,850,521		$	24,108,220
OTHER ASSETS
Cash and cash equivalents (notes A and G)	332,509			1,723,622
Investments available-for-sale (notes A and F)	382,839			2,401,514
Notes receivable (note D)	1,102,775			1,317,945
Deferred acquisition costs (note A)	3,718,356			3,812,241
Other assets	192,557			201,025
	$	27,579,557		$	33,564,567
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	703,358			395,891
Capital contributions payable (note C)	822,429			4,608,555
	1,525,787			5,004,446
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,637,987 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,637,987 at March 31, 2005 and 2004 issued and outstanding	26,113,513			28,582,516
General partner	(56,636		)	(31,697		)
Accumulated other comprehensive income	(3,107		)	9,302
	26,053,770			28,560,121
	$	27,579,557		$	33,564,567

F-27

	Series 44
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	13,310,274		$	14,763,643
OTHER ASSETS
Cash and cash equivalents (notes A and G)	1,764,709			1,867,420
Investments available-for-sale (notes A and F)	4,551,671			3,964,717
Notes receivable (note D)	—			747,691
Deferred acquisition costs (note A)	2,658,301			2,755,762
Other assets	5,465			1,250
	$	22,290,420		$	24,100,483
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	328,018			116,471
Capital contributions payable (note C)	1,207,614			2,077,152
	1,535,632			2,193,623
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,701,973 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,701,193 at March 31, 2005 and 2004 issued and outstanding	20,810,026			21,912,570
General partner	(25,715		)	(14,578		)
Accumulated other comprehensive income	(29,523		)	8,868
	20,754,788			21,906,860
	$	22,290,420		$	24,100,483

F-28

	Series 45
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	25,212,481		$	22,349,618
OTHER ASSETS
Cash and cash equivalents (notes A and G)	2,145,548			5,967,616
Investments available-for-sale (notes A and F)	6,744,288			10,634,756
Notes receivable (note D)	—			830,543
Deferred acquisition costs (note A)	2,994,869			2,897,541
Other assets	1,362,092			1,014,271
	$	38,459,278		$	43,694,345
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	—			—
Capital contributions payable (note C)	5,381,087			9,227,492
	5,381,087			9,227,492
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,014,367 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,014,367 at March 31, 2005 and 2004 issued and outstanding	33,150,543			34,454,769
General partner	(18,591		)	(5,444		)
Accumulated other comprehensive income	(53,761		)	17,528
	33,078,191			34,466,853
	$	38,459,278		$	43,694,345

F-29

	Series 46
	2005			2004
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)	$	16,815,777		$	10,331,681
OTHER ASSETS
Cash and cash equivalents (notes A and G)	5,487,404			15,846,289
Investments available-for-sale (notes A and F)	4,182,262			3,437,720
Notes receivable (note D)	—			—
Deferred acquisition costs (note A)	2,321,223			2,044,726
Other assets	14,532			10,692
	$	28,821,198		$	31,671,108
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	—
Line of credit (note H)	—			—
Accounts payable - affiliates (note B)	83,638			12,415
Capital contributions payable (note C)	3,741,868			5,999,770
	3,825,506			6,012,185
PARTNERS’ CAPITAL (DEFICIT) (note A)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,980,998 at March 31, 2005 and 2004 are issued and outstanding to the assignees	—			—
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,980,998 at March 31, 2005 and 2004 issued and outstanding	25,044,166			25,662,622
General partner	(8,314		)	(2,063		)
Accumulated other comprehensive income	(40,160		)	(1,636		)
	24,995,692			25,658,923
	$	28,821,198		$	31,671,108

F-30

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS

(UNAUDITED)

	Total
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	1,134,798		$	1,101,678		$	1,039,697
Miscellaneous	20,737			96,233			71,537
	1,155,535			1,197,911			1,111,234
Share of losses from operating limited partnerships (note A)	(35,192,607		)	(32,079,974		)	(26,840,274		)
Expenses
Fund management fee (note B)	6,057,625			5,942,231			5,283,658
Amortization (note A)	1,579,759			1,289,948			881,921
General and administrative expenses (note B)	1,243,049			1,180,164			949,645
Professional fees	770,268			778,122			583,813
Impairment loss (note A)	36,127,368			7,631,525			770,199
Organization costs (note A)	—			160,044			164,728
	45,778,069			16,982,034			8,633,964
NET LOSS (note A)	$	(79,815,141	)	$	(47,864,097	)	$	(34,363,004	)
Net loss allocated to general partner	$	(798,151	)	$	(478,642	)	$	(343,627	)
Net loss allocated to assignees	$	(79,016,990	)	$	(47,385,455	)	$	(34,019,377	)
Net loss per BAC	$	(0.94	)	$	(0.60	)	$	(0.49	)

Series 45 and 46 were not formed until after March 31, 2003, therefore only two periods of comparative information has been included.

F-31

	Series 20
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	9,144		$	1,117		$	1,533
Miscellaneous	7,423			11,531			6,986
	16,567			12,648			8,519
Share of losses from operating limited partnerships (note A)	(1,077,264		)	(1,710,130		)	(2,005,043		)
Expenses
Fund management fee (note B)	326,734			285,285			315,994
Amortization (note A)	3,572			3,572			3,571
General and administrative expenses (note B)	28,836			32,624			39,104
Professional fees	35,811			47,664			29,596
Impairment loss (note A)	1,627,527			414,749			—
Organization costs (note A)	—			—			—
	2,022,480			783,894			388,265
NET LOSS (note A)	$	(3,083,177	)	$	(2,481,376	)	$	(2,384,789	)
Net loss allocated to general partner	$	(30,832	)	$	(24,814	)	$	(23,848	)
Net loss allocated to assignees	$	(3,052,345	)	$	(2,456,562	)	$	(2,360,941	)
Net loss per BAC	$	(0.79	)	$	(0.64	)	$	(0.61	)

F-32

	Series 21
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	449		$	866		$	34,360
Miscellaneous	—			796			3,000
	449			1,662			37,360
Share of losses from operating limited partnerships (note A)	(409,199		)	(738,659		)	(453,916		)
Expenses
Fund management fee (note B)	201,908			222,840			179,015
Amortization (note A)	1,954			1,954			1,954
General and administrative expenses (note B)	20,526			20,318			22,567
Professional fees	21,281			35,957			38,313
Impairment loss (note A)	322,225			315,862			—
Organization costs (note A)	—			—			—
	567,894			596,931			241,849
NET LOSS (note A)	$	(976,644	)	$	(1,333,928	)	$	(658,405	)
Net loss allocated to general partner	$	(9,766	)	$	(13,339	)	$	(6,584	)
Net loss allocated to assignees	$	(966,878	)	$	(1,320,589	)	$	(651,821	)
Net loss per BAC	$	(0.51	)	$	(0.70	)	$	(0.34	)

F-33

	Series 22
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	1,067		$	1,607		$	14,456
Miscellaneous	2,913			3,064			6,050
	3,980			4,671			20,506
Share of losses from operating limited partnerships (note A)	(875,241		)	(1,186,141		)	(1,154,777		)
Expenses
Fund management fee (note B)	233,948			242,202			214,068
Amortization (note A)	6,140			6,140			6,139
General and administrative expenses (note B)	24,205			27,738			40,292
Professional fees	26,889			24,891			25,647
Impairment loss (note A)	3,307,138			342,983			404,691
Organization costs (note A)	—			—			—
	3,598,320			643,954			690,837
NET LOSS (note A)	$	(4,469,581	)	$	(1,825,424	)	$	(1,825,108	)
Net loss allocated to general partner	$	(44,696	)	$	(18,254	)	$	(18,251	)
Net loss allocated to assignees	$	(4,424,886	)	$	(1,807,170	)	$	(1,806,857	)
Net loss per BAC	$	(1.73	)	$	(0.70	)	$	(0.70	)

F-34

	Series 23
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	515		$	704		$	918
Miscellaneous	801			3,460			3,300
	1,316			4,164			4,218
Share of losses from operating limited partnerships (note A)	(1,406,027		)	(1,326,789		)	(1,347,032		)
Expenses
Fund management fee (note B)	211,951			214,527			197,700
Amortization (note A)	9,131			9,131			9,131
General and administrative expenses (note B)	27,039			30,023			35,878
Professional fees	27,033			31,566			26,156
Impairment loss (note A)	4,045,618			770,873			—
Organization costs (note A)	—			—			—
	4,320,772			1,056,120			268,865
NET LOSS (note A)	$	(5,725,483	)	$	(2,378,745	)	$	(1,611,679	)
Net loss allocated to general partner	$	(57,255	)	$	(23,787	)	$	(16,117	)
Net loss allocated to assignees	$	(5,668,228	)	$	(2,354,958	)	$	(1,595,562	)
Net loss per BAC	$	(1.70	)	$	(0.71	)	$	(0.48	)

F-35

	Series 24
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	841		$	1,061		$	110,591
Miscellaneous	—			11,280			3,847
	841			12,341			114,438
Share of losses from operating limited partnerships (note A)	(720,777		)	(687,594		)	(62,763		)
Expenses
Fund management fee (note B)	196,009			169,422			192,817
Amortization (note A)	10,204			10,205			10,204
General and administrative expenses (note B)	21,792			24,599			28,847
Professional fees	26,550			32,583			25,907
Impairment loss (note A)	1,461,411			55,652			—
Organization costs (note A)	—			—			—
	1,715,966			292,461			257,775
NET LOSS (note A)	$	(2,435,902	)	$	(967,714	)	$	(206,100	)
Net loss allocated to general partner	$	(24,359	)	$	(9,677	)	$	(2,061	)
Net loss allocated to assignees	$	(2,411,543	)	$	(958,037	)	$	(204,039	)
Net loss per BAC	$	(1.11	)	$	(0.44	)	$	(0.09	)

F-36

	Series 25
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	1,715		$	2,114		$	161,872
Miscellaneous	—			4,545			8,100
	1,715			6,659			169,972
Share of losses from operating limited partnerships (note A)	(519,702		)	(837,700		)	(921,532		)
Expenses
Fund management fee (note B)	120,242			240,501			229,568
Amortization (note A)	15,219			15,218			15,218
General and administrative expenses (note B)	25,392			29,557			36,622
Professional fees	36,481			33,316			30,046
Impairment loss (note A)	1,884,342			414,773			—
Organization costs (note A)	—			—			—
	2,081,676			733,365			311,454
NET LOSS (note A)	$	(2,599,663	)	$	(1,564,406	)	$	(1,063,014	)
Net loss allocated to general partner	$	(25,997	)	$	(15,644	)	$	(10,630	)
Net loss allocated to assignees	$	(2,573,666	)	$	(1,548,762	)	$	(1,052,384	)
Net loss per BAC	$	(0.85	)	$	(0.51	)	$	(0.35	)

F-37

	Series 26
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	1,411		$	44,520		$	111,683
Miscellaneous	—			5,400			6,900
	1,411			49,920			118,583
Share of losses from operating limited partnerships (note A)	(1,270,160		)	(1,332,679		)	(1,054,359		)
Expenses
Fund management fee (note B)	377,017			358,787			367,525
Amortization (note A)	16,904			16,904			16,904
General and administrative expenses (note B)	28,736			42,761			55,614
Professional fees	44,468			56,302			53,065
Impairment loss (note A)	3,887,714			152,937			—
Organization costs (note A)	—			—			—
	4,354,839			627,691			493,108
NET LOSS (note A)	$	(5,623,588	)	$	(1,910,450	)	$	(1,428,884	)
Net loss allocated to general partner	$	(56,236	)	$	(19,105	)	$	(14,289	)
Net loss allocated to assignees	$	(5,567,353	)	$	(1,891,345	)	$	(1,414,595	)
Net loss per BAC	$	(1.39	)	$	(0.47	)	$	(0.35	)

F-38

	Series 27
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	530		$	1,385		$	19,621
Miscellaneous	108			5,395			23,454
	638			6,780			43,075
Share of losses from operating limited partnerships (note A)	(565,401		)	(604,746		)	(782,076		)
Expenses
Fund management fee (note B)	288,234			286,727			275,028
Amortization (note A)	15,655			15,655			15,655
General and administrative expenses (note B)	21,317			23,109			28,530
Professional fees	21,412			22,292			22,589
Impairment loss (note A)	1,329,625			130,435			—
Organization costs (note A)	—			—			—
	1,676,243			478,218			341,802
NET LOSS (note A)	$	(2,241,006	)	$	(1,076,184	)	$	(1,080,803	)
Net loss allocated to general partner	$	(22,410	)	$	(10,762	)	$	(10,808	)
Net loss allocated to assignees	$	(2,218,596	)	$	(1,065,422	)	$	(1,069,995	)
Net loss per BAC	$	(0.90	)	$	(0.43	)	$	(0.43	)

F-39

	Series 28
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	1,353		$	7,318		$	58,188
Miscellaneous	—			4,500			9,900
	1,353			11,818			68,088
Share of losses from operating limited partnerships (note A)	(1,561,585		)	(1,408,334		)	(1,131,178		)
Expenses
Fund management fee (note B)	252,132			253,240			299,403
Amortization (note A)	3,300			3,300			3,299
General and administrative expenses (note B)	26,640			35,833			43,079
Professional fees	33,677			45,326			34,985
Impairment loss (note A)	2,671,850			—			—
Organization costs (note A)	—			—			—
	2,987,599			337,699			380,766
NET LOSS (note A)	$	(4,547,831	)	$	(1,734,215	)	$	(1,443,856	)
Net loss allocated to general partner	$	(45,478	)	$	(17,342	)	$	(14,438	)
Net loss allocated to assignees	$	(4,502,353	)	$	(1,716,873	)	$	(1,429,418	)
Net loss per BAC	$	(1.13	)	$	(0.43	)	$	(0.36	)

F-40

	Series 29
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	6,655		$	7,347		$	25,181
Miscellaneous	6,092			13,990			—
	12,747			21,337			25,181
Share of losses from operating limited partnerships (note A)	(3,743,135		)	(1,722,156		)	(1,671,213		)
Expenses
Fund management fee (note B)	293,594			260,728			305,896
Amortization (note A)	3,308			3,311			3,312
General and administrative expenses (note B)	31,933			36,952			41,237
Professional fees	29,034			33,291			33,123
Impairment loss (note A)	1,835,208			1,242,572			365,508
Organization costs (note A)	—			—			—
	2,193,077			1,576,854			749,076
NET LOSS (note A)	$	(5,923,465	)	$	(3,277,673	)	$	(2,395,108	)
Net loss allocated to general partner	$	(59,235	)	$	(32,777	)	$	(23,951	)
Net loss allocated to assignees	$	(5,864,230	)	$	(3,244,896	)	$	(2,371,157	)
Net loss per BAC	$	(1.47	)	$	(0.81	)	$	(0.59	)

F-41

	Series 30
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	484		$	484		$	13,261
Miscellaneous	—			10,130			—
	484			10,614			13,261
Share of losses from operating limited partnerships (note A)	(1,318,364		)	(1,092,908		)	(1,158,391		)
Expenses
Fund management fee (note B)	176,361			179,941			208,865
Amortization (note A)	21,234			21,239			21,240
General and administrative expenses (note B)	21,585			24,509			28,417
Professional fees	46,120			23,598			21,563
Impairment loss (note A)	1,535,995			210,417			—
Organization costs (note A)	—			—			—
	1,801,295			459,704			280,085
NET LOSS (note A)	$	(3,119,175	)	$	(1,541,998	)	$	(1,425,215	)
Net loss allocated to general partner	$	(31,192	)	$	(15,420	)	$	(14,252	)
Net loss allocated to assignees	$	(3,087,983	)	$	(1,526,578	)	$	(1,410,963	)
Net loss per BAC	$	(1.16	)	$	(0.58	)	$	(0.53	)

F-42

	Series 31
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	1,054		$	1,375		$	19,248
Miscellaneous	3,100			6,875			—
	4,154			8,250			19,248
Share of losses from operating limited partnerships (note A)	(1,898,988		)	(1,843,928		)	(2,057,441		)
Expenses
Fund management fee (note B)	322,288			351,440			298,940
Amortization (note A)	—			—			—
General and administrative expenses (note B)	26,961			34,723			40,941
Professional fees	26,856			25,100			31,284
Impairment loss (note A)	3,207,446			1,210,401			—
Organization costs (note A)	—			—			—
	3,583,551			1,621,664			371,165
NET LOSS (note A)	$	(5,478,385	)	$	(3,457,342	)	$	(2,409,358	)
Net loss allocated to general partner	$	(54,784	)	$	(34,573	)	$	(24,093	)
Net loss allocated to assignees	$	(5,423,601	)	$	(3,422,769	)	$	(2,385,265	)
Net loss per BAC	$	(1.23	)	$	(0.77	)	$	(0.54	)

F-43

	Series 32
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	6,189		$	1,237		$	29,408
Miscellaneous	—			12,550			—
	6,189			13,787			29,408
Share of losses from operating limited partnerships (note A)	(2,039,619		)	(1,929,435		)	(1,894,224		)
Expenses
Fund management fee (note B)	282,326			282,871			313,404
Amortization (note A)	36,723			36,725			36,624
General and administrative expenses (note B)	31,116			39,921			43,001
Professional fees	29,591			36,006			35,109
Impairment loss (note A)	3,092,662			1,155,289			—
Organization costs (note A)	—			—			—
	3,472,418			1,550,812			428,138
NET INCOME (LOSS) (note A)	$	(5,505,848	)	$	(3,466,460	)	$	(2,292,954	)
Net income (loss) allocated to general partner	$	(55,058	)	$	(34,665	)	$	(22,929	)
Net income (loss) allocated to assignees	$	(5,450,790	)	$	(3,431,795	)	$	(2,270,025	)
Net income (loss) per BAC	$	(1.15	)	$	(0.72	)	$	(0.48	)

F-44

	Series 33
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	749		$	905		$	1,841
Miscellaneous	—			475			—
	749			1,380			1,841
Share of losses from operating limited partnerships (note A)	(900,536		)	(824,241		)	(892,301		)
Expenses
Fund management fee (note B)	156,317			160,495			155,906
Amortization (note A)	27,277			27,281			27,276
General and administrative expenses (note B)	24,151			24,699			28,731
Professional fees	14,196			17,910			16,281
Impairment loss (note A)	777,932			1,155,289			—
Organization costs (note A)	—			—			—
	999,873			1,385,674			228,194
NET INCOME (LOSS) (note A)	$	(1,899,660	)	$	(2,208,535	)	$	(1,118,654	)
Net income (loss) allocated to general partner	$	(18,997	)	$	(22,085	)	$	(11,186	)
Net income (loss) allocated to assignees	$	(1,880,664	)	$	(2,186,450	)	$	(1,107,468	)
Net income (loss) per BAC	$	(0.71	)	$	(0.83	)	$	(0.42	)

F-45

	Series 34
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	940		$	1,204		$	2,482
Miscellaneous	—			27			—
	940			1,231			2,482
Share of losses from operating limited partnerships (note A)	(2,003,128		)	(1,572,623		)	(1,610,062		)
Expenses
Fund management fee (note B)	262,083			263,684			281,041
Amortization (note A)	43,938			43,938			43,938
General and administrative expenses (note B)	26,797			30,004			34,789
Professional fees	21,213			18,473			18,971
Impairment loss (note A)	2,354,965			59,293			—
Organization costs (note A)	—			—			—
	2,708,996			415,392			378,739
NET INCOME (LOSS) (note A)	$	(4,711,184	)	$	(1,986,784	)	$	(1,986,319	)
Net income (loss) allocated to general partner	$	(47,112	)	$	(19,868	)	$	(19,863	)
Net income (loss) allocated to assignees	$	(4,664,072	)	$	(1,966,916	)	$	(1,966,456	)
Net income (loss) per BAC	$	(1.32	)	$	(0.56	)	$	(0.56	)

F-46

	Series 35
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	2,764		$	3,340		$	56,678
Miscellaneous	—			125			—
	2,764			3,465			56,678
Share of losses from operating limited partnerships (note A)	(1,202,299		)	(1,116,553		)	(1,198,689		)
Expenses
Fund management fee (note B)	187,475			205,478			214,873
Amortization (note A)	129,231			129,236			129,236
General and administrative expenses (note B)	26,280			28,507			33,099
Professional fees	11,180			9,978			11,130
Impairment loss (note A)	890,742			—			—
Organization costs (note A)	—			—			—
	1,244,908			373,199			388,338
NET LOSS (note A)	$	(2,444,443	)	$	(1,486,287	)	$	(1,530,349	)
Net loss allocated to general partner	$	(24,444	)	$	(14,863	)	$	(15,303	)
Net loss allocated to assignees	$	(2,419,999	)	$	(1,471,424	)	$	(1,515,046	)
Net loss per BAC	$	(0.73	)	$	(0.45	)	$	(0.46	)

F-47

	Series 36
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	300		$	337		$	9,488
Miscellaneous	150			1,608			—
	450			1,945			9,488
Share of losses from operating limited partnerships (note A)	(700,635		)	(955,073		)	(982,302		)
Expenses
Fund management fee (note B)	143,599			132,862			150,871
Amortization (note A)	88,462			88,463			88,463
General and administrative expenses (note B)	22,162			23,113			22,593
Professional fees	15,422			18,775			15,829
Impairment loss (note A)	420,059			—			—
Organization costs (note A)	—			—			—
	689,704			263,213			277,756
NET LOSS (note A)	$	(1,389,889	)	$	(1,216,341	)	$	(1,250,570	)
Net loss allocated to general partner	$	(13,899	)	$	(12,163	)	$	(12,506	)
Net loss allocated to assignees	$	(1,375,990	)	$	(1,204,178	)	$	(1,238,064	)
Net loss per BAC	$	(0.65	)	$	(0.57	)	$	(0.59	)

F-48

	Series 37
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	1,280		$	1,001		$	3,813
Miscellaneous	—			—			—
	1,280			1,001			3,813
Share of losses from operating limited partnerships (note A)	(666,386		)	(901,089		)	(1,337,643		)
Expenses
Fund management fee (note B)	190,934			182,030			171,945
Amortization (note A)	94,821			94,822			94,823
General and administrative expenses (note B)	24,042			23,282			27,439
Professional fees	15,371			13,775			15,798
Impairment loss (note A)	606,030			—			—
Organization costs (note A)	—			—			—
	931,198			313,909			310,005
NET LOSS (note A)	$	(1,596,304	)	$	(1,213,997	)	$	(1,643,835	)
Net loss allocated to general partner	$	(15,963	)	$	(12,140	)	$	(16,438	)
Net loss allocated to assignees	$	(1,580,341	)	$	(1,201,857	)	$	(1,627,397	)
Net loss per BAC	$	(0.63	)	$	(0.48	)	$	(0.65	)

F-49

	Series 38
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	623		$	667		$	14,985
Miscellaneous	—			—			—
	623			667			14,985
Share of losses from operating limited partnerships (note A)	(875,622		)	(997,707		)	(892,478		)
Expenses
Fund management fee (note B)	132,796			133,298			144,604
Amortization (note A)	98,912			98,911			98,914
General and administrative expenses (note B)	24,739			27,277			32,173
Professional fees	16,853			31,365			17,790
Impairment loss (note A)	398,536			—			—
Organization costs (note A)	—			—			—
	671,836			290,851			293,481
NET LOSS (note A)	$	(1,546,835	)	$	(1,287,891	)	$	(1,170,974	)
Net loss allocated to general partner	$	(15,468	)	$	(12,879	)	$	(11,710	)
Net loss allocated to assignees	$	(1,531,367	)	$	(1,275,012	)	$	(1,159,264	)
Net loss per BAC	$	(0.60	)	$	(0.50	)	$	(0.46	)

F-50

	Series 39
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	696		$	352		$	2,441
Miscellaneous	—			—			—
	696			352			2,441
Share of income (losses) from operating limited partnerships (note A)	(856,990		)	(1,147,985		)	(1,093,075		)
Expenses
Fund management fee (note B)	121,300			115,096			115,714
Amortization (note A)	90,327			90,325			90,324
General and administrative expenses (note B)	23,260			23,249			23,140
Professional fees	19,518			23,790			21,007
Impairment loss (note A)	205,047			—			—
Organization costs (note A)	—			—			—
	459,452			252,460			250,185
NET LOSS (note A)	$	(1,315,746	)	$	(1,400,093	)	$	(1,340,819	)
Net loss allocated to general partner	$	(13,157	)	$	(14,001	)	$	(13,408	)
Net loss allocated to assignees	$	(1,302,589	)	$	(1,386,092	)	$	(1,327,411	)
Net loss per BAC	$	(0.57	)	$	(0.60	)	$	(0.58	)

F-51

	Series 40
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	90		$	299		$	119,938
Miscellaneous	—			—			—
	90			299			119,938
Share of losses from operating limited partnerships (note A)	(924,404		)	(936,159		)	(986,508		)
Expenses
Fund management fee (note B)	168,842			178,958			145,292
Amortization (note A)	113,730			113,716			32,319
General and administrative expenses (note B)	24,761			25,928			49,928
Professional fees	31,987			29,039			26,916
Impairment loss (note A)	265,296			—			—
Organization costs (note A)	—			—			—
	604,616			347,641			254,455
NET LOSS (note A)	$	(1,528,930	)	$	(1,283,501	)	$	(1,121,025	)
Net loss allocated to general partner	$	(15,289	)	$	(12,835	)	$	(11,210	)
Net loss allocated to assignees	$	(1,513,641	)	$	(1,270,666	)	$	(1,109,815	)
Net loss per BAC	$	(0.58	)	$	(0.48	)	$	(0.42	)

F-52

	Series 41
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	4,390		$	34,112		$	74,991
Miscellaneous	150			—			—
	4,540			34,112			74,991
Share of losses from operating limited partnerships (note A)	(4,159,348		)	(1,748,067		)	(1,443,650		)
Expenses
Fund management fee (note B)	243,637			265,834			258,137
Amortization (note A)	133,882			133,405			133,377
General and administrative expenses (note B)	26,648			40,583			70,134
Professional fees	24,432			35,586			18,078
Impairment loss (note A)	—			—			—
Organization costs (note A)	—			—			—
	428,599			475,408			479,726
NET LOSS (note A)	$	(4,583,407	)	$	(2,189,363	)	$	(1,848,385	)
Net loss allocated to general partner	$	(45,834	)	$	(21,894	)	$	(18,484	)
Net loss allocated to assignees	$	(4,537,573	)	$	(2,167,469	)	$	(1,829,901	)
Net loss per BAC	$	(1.57	)	$	(0.75	)	$	(0.63	)

F-53

	Series 42
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Income
Interest income	$	8,848		$	244,164		$	121,043
Miscellaneous	—			—			—
	8,848			244,164			121,043
Share of losses from operating limited partnerships (note A)	(1,150,391		)	(1,617,204		)	(404,748		)
Expenses
Fund management fee (note B)	212,025			230,369			143,388
Amortization (note A)	115,498			113,984			—
General and administrative expenses (note B)	28,383			56,961			63,702
Professional fees	24,105			28,303			10,616
Impairment loss (note A)	—			—			—
Organization costs (note A)	—			—			20,000
	380,011			429,617			237,706
NET LOSS (note A)	$	(1,521,554	)	$	(1,802,657	)	$	(521,411	)
Net loss allocated to general partner	$	(15,216	)	$	(18,027	)	$	(5,214	)
Net loss allocated to assignees	$	(1,506,338	)	$	(1,784,630	)	$	(516,197	)
Net loss per BAC	$	(0.55	)	$	(0.65	)	$	(0.32	)

F-54

	Series 43
	Year ended March 31, 2005			Year ended March 31, 2004			Period August 1, 2002 (date of inception) through March 31, 2003
Income
Interest income	$	77,015		$	332,177		$	30,298
Miscellaneous	—			224			—
	77,015			332,401			30,298
Share of losses from operating limited partnerships (note A)	(2,028,092		)	(2,388,403		)	(304,873		)
Expenses
Fund management fee (note B)	271,099			297,470			97,417
Amortization (note A)	164,530			148,464			—
General and administrative expenses (note B)	71,451			135,930			57,242
Professional fees	35,785			41,408			3,772
Impairment loss (note A)	—			—			—
Organization costs (note A)	—			—			57,364
	542,865			623,272			215,795
NET LOSS (note A)	$	(2,493,942	)	$	(2,679,274	)	$	(490,370	)
Net loss allocated to general partner	$	(24,939	)	$	(26,793	)	$	(4,904	)
Net loss allocated to assignees	$	(2,469,003	)	$	(2,652,481	)	$	(485,466	)
Net loss per BAC	$	(0.68	)	$	(0.73	)	$	(0.54	)

F-55

	Series 44
	Year ended March 31, 2005			Year ended March 31, 2004			Period January 1, 2003 (date of inception) through March 31, 2003
Income
Interest income	$	229,754		$	159,792		$	1,379
Miscellaneous	—			—			—
	229,754			159,792			1,379
Share of losses from operating limited partnerships (note A)	(866,297		)	(1,113,620		)	—
Expenses
Fund management fee (note B)	194,548			211,545			6,247
Amortization (note A)	101,629			28,115			—
General and administrative expenses (note B)	147,563			126,637			22,546
Professional fees	33,398			22,651			242
Impairment loss (note A)	—			—			—
Organization costs (note A)	—			—			87,364
	477,138			388,948			116,399
NET LOSS (note A)	$	(1,113,681	)	$	(1,342,776	)	$	(115,020	)
Net loss allocated to general partner	$	(11,137	)	$	(13,428	)	$	(1,150	)
Net loss allocated to assignees	$	(1,102,544	)	$	(1,329,348	)	$	(113,870	)
Net loss per BAC	$	(0.41	)	$	(0.50	)	$	(1.62	)

F-56

	Series 45
	Year ended March 31, 2005			Period July 1, 2003 (date of inception) through March 31, 2004
Income
Interest income	$	521,517		$	188,694
Miscellaneous	—			258
	521,517			188,952
Share of losses from operating limited partnerships (note A)	(1,067,071		)	(258,419		)
Expenses
Fund management fee (note B)	281,588			176,720
Amortization (note A)	133,300			32,122
General and administrative expenses (note B)	287,083			160,735
Professional fees	67,210			27,107
Impairment loss (note A)	—			—
Organization costs (note A)	—			78,231
	769,181			474,915
NET LOSS (note A)	$	(1,314,735	)	$	(544,382	)
Net loss allocated to general partner	$	(13,147	)	$	(5,444	)
Net loss allocated to assignees	$	(1,301,588	)	$	(538,938	)
Net loss per BAC	$	(0.32	)	$	(0.34	)

Series 45 and 46 were not formed until after March 31, 2003, therefore only two periods of comparative information have been included.

F-57

	Series 46
	Year ended March 31, 2005			Period September 23, 2003 (date of inception) through March 31, 2004
Income
Interest income	$	254,425		$	63,499
Miscellaneous	—			—
	254,425			63,499
Share of losses from operating limited partnerships (note A)	(385,946		)	(81,632		)
Expenses
Fund management fee (note B)	208,638			39,881
Amortization (note A)	100,878			3,812
General and administrative expenses (note B)	149,651			50,592
Professional fees	34,395			12,070
Impairment loss (note A)	—			—
Organization costs (note A)	—			81,813
	493,562			188,168
NET LOSS (note A)	$	(625,083	)	$	(206,301	)
Net loss allocated to general partner	$	(6,251	)	$	(2,063	)
Net loss allocated to assignees	$	(618,832	)	$	(204,238	)
Net loss per BAC	$	(0.21	)	$	(0.66	)

Series 45 and 46 were not formed until after March 31, 2003, therefore only two periods of comparative information have been included.

See notes to financial statements

F-58

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

Years ended March 31, 2005, 2004 and 2003

(UNAUDITED)

Total	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	437,739,660		$	(1,446,904	)	$	23,157					$	436,315,913
Capital contributions	72,035,700			—			—						72,035,700
Selling commissions and registration costs	(10,035,879		)	—			—						(10,035,879		)
Comprehensive income (loss)
Net income (loss)	(34,019,377		)	(343,627		)	—			$	(34,363,004	)	(34,363,004		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			23,449			23,449			23,449
Total comprehensive income (loss)										$	(34,339,555	)
Partners’ capital (deficit), March 31, 2003	465,720,104			(1,790,531		)	46,606						463,976,179
Capital contributions	84,182,410			—			—						84,182,410
Selling commissions and registration costs	(10,244,145		)	—			—						(10,244,145		)
Comprehensive income (loss)
Net income (loss)	(47,385,455		)	(478,642		)	—			$	(47,864,097	)	(47,864,097		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(12,806		)	(12,806		)	(12,806		)
Total comprehensive income (loss)										$	(47,876,903	)
Partners’ capital (deficit), March 31, 2004	492,272,914			(2,269,173		)	33,800						490,037,541
Capital contributions	—			—			—						—
Selling commissions and registration costs	(2,262		)	—			—						(2,262		)
Comprehensive income (loss)
Net income (loss)	(79,016,990		)	(798,151		)	—			$	(79,815,141	)	(79,815,141		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(160,919		)	(160,919		)	(160,919		)
Total comprehensive income (loss)										$	(79,976,060	)
Partners’ capital (deficit), March 31, 2005	$	413,253,662		$	(3,067,324	)	$	(127,119	)				$	410,059,219

Series 45 and 46 were not formed until after March 31, 2003, therefore only two periods of comparative information has been included.

F-59

Series 20	Assignees			General partner			Accumulated other comprehensive income		Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	13,200,923		$	(200,561	)	$	—				$	13,000,362
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(2,360,941		)	(23,848		)	—		$	(2,384,789	)	(2,384,789		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(2,384,789	)
Partners’ capital (deficit), March 31, 2003	10,839,982			(224,409		)	—					10,615,573
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(2,456,562		)	(24,814		)	—		$	(2,481,376	)	(2,481,376		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(2,481,376	)
Partners’ capital (deficit), March 31, 2004	8,383,420			(249,223		)	—					8,134,197
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(3,052,345		)	(30,832		)	—		$	(3,083,177	)	(3,083,177		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(3,083,177	)
Partners’ capital (deficit), March 31, 2005	$	5,331,075		$	(280,055	)	$	—				$	5,051,020

F-60

Series 21	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	3,264,672		$	(130,612	)	$	57					$	3,134,117
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(651,821		)	(6,584		)	—			$	(658,405	)	(658,405		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(57		)	(57		)	(57		)
Total comprehensive income (loss)										$	(658,462	)
Partners’ capital (deficit), March 31, 2003	2,612,851			(137,196		)	—						2,475,655
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,320,589		)	(13,339		)	—			$	(1,333,928	)	(1,333,928		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(1,333,928	)
Partners’ capital (deficit), March 31, 2004	1,292,262			(150,535		)	—						1,141,727
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(966,878		)	(9,766		)	—			$	(976,644	)	(976,644		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(976,644	)
Partners’ capital (deficit), March 31, 2005	$	325,384		$	(160,301	)	$	—					$	165,083

F-61

Series 22	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	10,457,633		$	(115,662	)	$	1,096					$	10,343,067
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,806,857		)	(18,251		)	—			$	(1,825,108	)	(1,825,108		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(1,096		)	(1,096		)	(1,096		)
Total comprehensive income (loss)										$	(1,826,204	)
Partners’ capital (deficit), March 31, 2003	8,650,776			(133,913		)	—						8,516,863
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,807,170		)	(18,254		)	—			$	(1,825,424	)	(1,825,424		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(1,825,424	)
Partners’ capital (deficit), March 31, 2004	6,843,606			(152,167		)	—						6,691,439
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(4,424,886		)	(44,696		)	—			$	(4,469,581	)	(4,469,581		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(4,469,581	)
Partners’ capital (deficit), March 31, 2005	$	2,418,720		$	(196,863	)	$	—					$	2,221,858

F-62

Series 23	Assignees			General partner			Accumulated other comprehensive income		Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	17,555,202		$	(110,398	)	$	—				$	17,444,804
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(1,595,562		)	(16,117		)	—		$	(1,611,679	)	(1,611,679		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(1,611,679	)
Partners’ capital (deficit), March 31, 2003	15,959,640			(126,515		)	—					15,833,125
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(2,354,958		)	(23,787		)	—		$	(2,378,745	)	(2,378,745		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(2,378,745	)
Partners’ capital (deficit), March 31, 2004	13,604,682			(150,302		)	—					13,454,380
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(5,668,228		)	(57,255		)	—		$	(5,725,483	)	(5,725,483		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(5,725,483	)
Partners’ capital (deficit), March 31, 2005	$	7,936,454		$	(207,557	)	$	—				$	7,728,897

F-63

Series 24	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	8,856,179		$	(97,714	)	$	1,340					$	8,759,805
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(204,039		)	(2,061		)	—			$	(206,100	)	(206,100		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(1,340		)	(1,340		)	(1,340		)
Total comprehensive income (loss)										$	(207,440	)
Partners’ capital (deficit), March 31, 2003	8,652,140			(99,775		)	—						8,552,365
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(958,037		)	(9,677		)	—			$	(967,714	)	(967,714		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(967,714	)
Partners’ capital (deficit), March 31, 2004	7,694,103			(109,452		)	—						7,584,651
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(2,411,543		)	(24,359		)	—			$	(2,435,902	)	(2,435,902		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(2,435,902	)
Partners’ capital (deficit), March 31, 2005	$	5,282,560		$	(133,811	)	$	—					$	5,148,749

F-64

Series 25	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	16,116,208		$	(97,255	)	$	1,621					$	16,020,574
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,052,384		)	(10,630		)	—			$	(1,063,014	)	(1,063,014		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(1,621		)	(1,621		)	(1,621		)
Total comprehensive income (loss)										$	(1,064,635	)
Partners’ capital (deficit), March 31, 2003	15,063,824			(107,885		)	—						14,955,939
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,548,762		)	(15,644		)	—			$	(1,564,406	)	(1,564,406		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(1,564,406	)
Partners’ capital (deficit), March 31, 2004	13,515,062			(123,529		)	—						13,391,533
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(2,573,666		)	(25,997		)	—			$	(2,599,663	)	(2,599,663		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(2,599,663	)
Partners’ capital (deficit), March 31, 2005	$	10,941,396		$	(149,526	)	$	—					$	10,791,870

F-65

Series 26	Assignees			General partner			Accumulated other comprehensive income		Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	24,678,299		$	(94,414	)	$	—				$	24,583,885
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(1,414,595		)	(14,289		)	—		$	(1,428,884	)	(1,428,884		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(1,428,884	)
Partners’ capital (deficit), March 31, 2003	23,263,704			(108,703		)	—					23,155,001
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(1,891,345		)	(19,105		)	—		$	(1,910,450	)	(1,910,450		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(1,910,450	)
Partners’ capital (deficit), March 31, 2004	21,372,359			(127,808		)	—					21,244,551
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(5,567,353		)	(56,236		)	—		$	(5,623,588	)	(5,623,588		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(5,623,588	)
Partners’ capital (deficit), March 31, 2005	$	15,805,006		$	(184,044	)	$	—				$	15,620,963

F-66

Series 27	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	15,363,269		$	(53,348	)	$	1,419					$	15,311,340
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,069,995		)	(10,808		)	—			$	(1,080,803	)	(1,080,803		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(1,419		)	(1,419		)	(1,419		)
Total comprehensive income (loss)										$	(1,082,222	)
Partners’ capital (deficit), March 31, 2003	14,293,274			(64,156		)	—						14,229,118
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,065,422		)	(10,762		)	—			$	(1,076,184	)	(1,076,184		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(1,076,184	)
Partners’ capital (deficit), March 31, 2004	13,227,852			(74,918		)	—						13,152,934
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(2,218,596		)	(22,410		)	—			$	(2,241,006	)	(2,241,006		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(2,241,006	)
Partners’ capital (deficit), March 31, 2005	$	11,009,256		$	(97,328	)	$	—					$	10,911,928

F-67

Series 28	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	28,067,294		$	(63,713	)	$	2,742					$	28,006,323
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,429,418		)	(14,438		)	—			$	(1,443,856	)	(1,443,856		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(2,471		)	(2,471		)	(2,471		)
Total comprehensive income (loss)										$	(1,446,327	)
Partners’ capital (deficit), March 31, 2003	26,637,876			(78,151		)	271						26,559,996
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,716,873		)	(17,342		)	—			$	(1,734,215	)	(1,734,215		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(271		)	(271		)	(271		)
Total comprehensive income (loss)										$	(1,734,486	)
Partners’ capital (deficit), March 31, 2004	24,921,003			(95,493		)	—						24,825,510
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(4,502,353		)	(45,478		)	—			$	(4,547,831	)	(4,547,831		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(4,547,831	)
Partners’ capital (deficit), March 31, 2005	$	20,418,650		$	(140,971	)	$	—					$	20,277,679

F-68

Series 29	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	24,976,414		$	(89,780	)	$	1,426					$	24,888,060
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(2,371,157		)	(23,951		)	—			$	(2,395,108	)	(2,395,108		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(1,523		)	(1,523		)	(1,523		)
Total comprehensive income (loss)										$	(2,396,631	)
Partners’ capital (deficit), March 31, 2003	22,605,257			(113,731		)	(97		)				22,491,429
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(3,244,896		)	(32,777		)	—			$	(3,277,673	)	(3,277,673		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(165		)	(165		)	(165		)
Total comprehensive income (loss)										$	(3,277,838	)
Partners’ capital (deficit), March 31, 2004	19,360,361			(146,508		)	(262		)				19,213,591
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(5,864,230		)	(59,235		)	—			$	(5,923,465	)	(5,923,465		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(306		)	(306		)	(306		)
Total comprehensive income (loss)										$	(5,923,771	)
Partners’ capital (deficit), March 31, 2005	$	13,496,131		$	(205,743	)	$	(568	)				$	13,289,820

F-69

Series 30	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	18,914,962		$	(38,290	)	$	998					$	18,877,670
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,410,963		)	(14,252		)	—			$	(1,425,215	)	(1,425,215		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(998		)	(998		)	(998		)
Total comprehensive income (loss)										$	(1,426,213	)
Partners’ capital (deficit), March 31, 2003	17,503,999			(52,542		)	—						17,451,457
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,526,578		)	(15,420		)	—			$	(1,541,998	)	(1,541,998		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(1,541,998	)
Partners’ capital (deficit), March 31, 2004	15,977,421			(67,962		)	—						15,909,459
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(3,087,983		)	(31,192		)	—			$	(3,119,175	)	(3,119,175		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(3,119,175	)
Partners’ capital (deficit), March 31, 2005	$	12,889,438		$	(99,154	)	$	—					$	12,790,284

F-70

Series 31	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	28,884,324		$	(91,330	)	$	1,901					$	28,794,895
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(2,385,265		)	(24,093		)	—			$	(2,409,358	)	(2,409,358		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(1,901		)	(1,901		)	(1,901		)
Total comprehensive income (loss)										$	(2,411,259	)
Partners’ capital (deficit), March 31, 2003	26,499,059			(115,423		)	—						26,383,636
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(3,422,769		)	(34,573		)	—			$	(3,457,342	)	(3,457,342		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(3,457,342	)
Partners’ capital (deficit), March 31, 2004	23,076,290			(149,996		)	—						22,926,294
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(5,423,601		)	(54,784		)	—			$	(5,478,385	)	(5,478,385		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(5,478,385	)
Partners’ capital (deficit), March 31, 2005	$	17,652,689		$	(204,780	)	$	—					$	17,447,909

F-71

Series 32	Assignees			General partner			Accumulated other comprehensive income		Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	34,210,853		$	(64,902	)	$	—				$	34,145,951
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(2,270,025		)	(22,929		)	—		$	(2,292,954	)	(2,292,954		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(2,292,954	)
Partners’ capital (deficit), March 31, 2003	31,940,828			(87,831		)	—					31,852,997
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(3,431,795		)	(34,665		)	—		$	(3,466,460	)	(3,466,460		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(3,466,460	)
Partners’ capital (deficit), March 31, 2004	28,509,033			(122,496		)	—					28,386,537
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(5,450,790		)	(55,058		)	—		$	(5,505,848	)	(5,505,848		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(5,505,848	)
Partners’ capital (deficit), March 31, 2005	$	23,058,243		$	(177,554	)	$	—				$	22,880,689

F-72

Series 33	Assignees			General partner			Accumulated other comprehensive income		Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	19,454,616		$	(31,550	)	$	—				$	19,423,066
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(1,107,468		)	(11,186		)	—		$	(1,118,654	)	(1,118,654		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(1,118,654	)
Partners’ capital (deficit), March 31, 2003	18,347,148			(42,736		)	—					18,304,412
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(2,186,450		)	(22,085		)	—		$	(2,208,535	)	(2,208,535		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(2,208,535	)
Partners’ capital (deficit), March 31, 2004	16,160,698			(64,821		)	—					16,095,877
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(1,880,664		)	(18,997		)	—		$	(1,899,660	)	(1,899,660		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(1,899,660	)
Partners’ capital (deficit), March 31, 2005	$	14,280,034		$	(83,818	)	$	—				$	14,196,217

F-73

Series 34	Assignees			General partner			Accumulated other comprehensive income		Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	24,895,844		$	(51,970	)	$	—				$	24,843,874
Capital contributions	—			—			—					—
Selling commissions and registration costs	(1,807		)	—			—					(1,807		)
Comprehensive income (loss)
Net income (loss)	(1,966,456		)	(19,863		)	—		$	(1,986,319	)	(1,986,319		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(1,986,319	)
Partners’ capital (deficit), March 31, 2003	22,927,581			(71,833		)	—					22,855,748
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(1,966,916		)	(19,868		)	—		$	(1,986,784	)	(1,986,784		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(1,986,784	)
Partners’ capital (deficit), March 31, 2004	20,960,665			(91,701		)	—					20,868,964
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(4,664,072		)	(47,112		)	—		$	(4,711,184	)	(4,711,184		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(4,711,184	)
Partners’ capital (deficit), March 31, 2005	$	16,296,593		$	(138,813	)	$	—				$	16,157,780

F-74

Series 35	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	24,652,271		$	(35,861	)	$	267					$	24,616,677
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,515,046		)	(15,303		)	—			$	(1,530,349	)	(1,530,349		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(267		)	(267		)	(267		)
Total comprehensive income (loss)										$	(1,530,616	)
Partners’ capital (deficit), March 31, 2003	23,137,225			(51,164		)	—						23,086,061
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,471,424		)	(14,863		)	—			$	(1,486,287	)	(1,486,287		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(1,486,287	)
Partners’ capital (deficit), March 31, 2004	21,665,801			(66,027		)	—						21,599,774
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(2,419,999		)	(24,444		)	—			$	(2,444,443	)	(2,444,443		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(2,444,443	)
Partners’ capital (deficit), March 31, 2005	$	19,245,802		$	(90,471	)	$	—					$	19,155,331

F-75

Series 36	Assignees			General partner			Accumulated other comprehensive income		Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	15,364,006		$	(25,276	)	$	—				$	15,338,730
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(1,238,064		)	(12,506		)	—		$	(1,250,570	)	(1,250,570		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(1,250,570	)
Partners’ capital (deficit), March 31, 2003	14,125,942			(37,782		)	—					14,088,160
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(1,204,178		)	(12,163		)	—		$	(1,216,341	)	(1,216,341		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(1,216,341	)
Partners’ capital (deficit), March 31, 2004	12,921,764			(49,945		)	—					12,871,819
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(1,375,990		)	(13,899		)	—		$	(1,389,889	)	(1,389,889		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(1,389,889	)
Partners’ capital (deficit), March 31, 2005	$	11,545,774		$	(63,844	)	$	—				$	11,481,930

F-76

Series 37	Assignees			General partner			Accumulated other comprehensive income		Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	20,149,669		$	(14,209	)	$	—				$	20,135,460
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(1,627,397		)	(16,438		)	—		$	(1,643,835	)	(1,643,835		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(1,643,835	)
Partners’ capital (deficit), March 31, 2003	18,522,272			(30,647		)	—					18,491,625
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(1,201,857		)	(12,140		)	—		$	(1,213,997	)	(1,213,997		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(1,213,997	)
Partners’ capital (deficit), March 31, 2004	17,320,415			(42,787		)	—					17,277,628
Capital contributions	—			—			—					—
Selling commissions and registration costs	—			—			—					—
Comprehensive income (loss)
Net income (loss)	(1,580,341		)	(15,963		)	—		$	(1,596,304	)	(1,596,304		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—		—			—
Total comprehensive income (loss)									$	(1,596,304	)
Partners’ capital (deficit), March 31, 2005	$	15,740,074		$	(58,750	)	$	—				$	15,681,324

F-77

Series 38	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	20,211,572		$	(16,332	)	$	633					$	20,195,873
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,159,264		)	(11,710		)	—			$	(1,170,974	)	(1,170,974		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(633		)	(633		)	(633		)
Total comprehensive income (loss)										$	(1,171,607	)
Partners’ capital (deficit), March 31, 2003	19,052,308			(28,042		)	—						19,024,266
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,275,012		)	(12,879		)	—			$	(1,287,891	)	(1,287,891		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(1,287,891	)
Partners’ capital (deficit), March 31, 2004	17,777,296			(40,921		)	—						17,736,375
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,531,367		)	(15,468		)	—			$	(1,546,835	)	(1,546,835		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(1,546,835	)
Partners’ capital (deficit), March 31, 2005	$	16,245,929		$	(56,389	)	$	—					$	16,189,540

F-78

Series 39	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	18,387,300		$	(12,696	)	$	167					$	18,374,771
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,327,411		)	(13,408		)	—			$	(1,340,819	)	(1,340,819		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(167		)	(167		)	(167		)
Total comprehensive income (loss)										$	(1,340,986	)
Partners’ capital (deficit), March 31, 2003	17,059,889			(26,104		)	—						17,033,785
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,386,092		)	(14,001		)	—			$	(1,400,093	)	(1,400,093		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(1,400,093	)
Partners’ capital (deficit), March 31, 2004	15,673,797			(40,105		)	—						15,633,692
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,302,589		)	(13,157		)	—			$	(1,315,746	)	(1,315,746		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(1,315,746	)
Partners’ capital (deficit), March 31, 2005	$	14,371,208		$	(53,262	)	$	—					$	14,317,946

F-79

Series 40	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	21,789,671		$	(7,089	)	$	11,196					$	21,793,778
Capital contributions	—			—			—						—
Selling commissions and registration costs	2,802			—			—						2,802
Comprehensive income (loss)
Net income (loss)	(1,109,815		)	(11,210		)	—			$	(1,121,025	)	(1,121,025		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(11,196		)	(11,196		)	(11,196		)
Total comprehensive income (loss)										$	(1,132,221	)
Partners’ capital (deficit), March 31, 2003	20,682,658			(18,299		)	—						20,664,359
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,270,666		)	(12,835		)	—			$	(1,283,501	)	(1,283,501		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(1,283,501	)
Partners’ capital (deficit), March 31, 2004	19,411,992			(31,134		)	—						19,380,858
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,513,641		)	(15,289		)	—			$	(1,528,930	)	(1,528,930		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(1,528,930	)
Partners’ capital (deficit), March 31, 2005	$	17,898,351		$	(46,423	)	$	—					$	17,851,928

F-80

Series 41	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	24,703,570		$	(2,839	)	$	(1,706	)				$	24,699,025
Capital contributions	—			—			—						—
Selling commissions and registration costs	71,319			—			—						71,319
Comprehensive income (loss)
Net income (loss)	(1,829,901		)	(18,484		)	—			$	(1,848,385	)	(1,848,385		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			1,673			1,673			1,673
Total comprehensive income (loss)										$	(1,846,712	)
Partners’ capital (deficit), March 31, 2003	22,944,988			(21,323		)	(33		)				22,923,632
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(2,167,469		)	(21,894		)	—			$	(2,189,363	)	(2,189,363		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			33			33			33
Total comprehensive income (loss)										$	(2,189,330	)
Partners’ capital (deficit), March 31, 2004	20,777,519			(43,217		)	—						20,734,302
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(4,537,573		)	(45,834		)	—			$	(4,583,407	)	(4,583,407		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(4,583,407	)
Partners’ capital (deficit), March 31, 2005	$	16,239,946		$	(89,051	)	$	—					$	16,150,895

F-81

Series 42	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	3,584,909		$	(1,103	)	$	—					$	3,583,806
Capital contributions	22,864,860			—			—						22,864,860
Selling commissions and registration costs	(2,935,906		)	—			—						(2,935,906		)
Comprehensive income (loss)
Net income (loss)	(516,197		)	(5,214		)	—			$	(521,411	)	(521,411		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			44,599			44,599			44,599
Total comprehensive income (loss)										$	(476,812	)
Partners’ capital (deficit), March 31, 2003	22,997,666			(6,317		)	44,599						23,035,948
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,784,630		)	(18,027		)	—			$	(1,802,657	)	(1,802,657		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(44,599		)	(44,599		)	(44,599		)
Total comprehensive income (loss)										$	(1,847,256	)
Partners’ capital (deficit), March 31, 2004	21,213,036			(24,344		)	—						21,188,692
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,506,338		)	(15,216		)	—			$	(1,521,554	)	(1,521,554		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(1,521,554	)
Partners’ capital (deficit), March 31, 2005	$	19,706,698		$	(39,560	)	$	—					$	19,667,138

F-82

Years ended March 31, 2005, 2004 and for the period August 1, 2002 (date of inception) through March 31, 2003

(UNAUDITED)

Series 43	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	—		$	—		$	—					$	—
Capital contributions	36,379,870			—			—						36,379,870
Selling commissions and registration costs	(4,770,667		)	—			—						(4,770,667		)
Comprehensive income (loss)
Net income (loss)	(485,466		)	(4,904		)	—			$	(490,370	)	(490,370		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			1,866			1,866			1,866
Total comprehensive income (loss)										$	(488,504	)
Partners’ capital (deficit), March 31, 2003	31,123,737			(4,904		)	1,866						31,120,699
Capital contributions	—			—			—						—
Selling commissions and registration costs	111,260			—			—						111,260
Comprehensive income (loss)
Net income (loss)	(2,652,481		)	(26,793		)	—			$	(2,679,274	)	(2,679,274		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			7,436			7,436			7,436
Total comprehensive income (loss)										$	(2,671,838	)
Partners’ capital (deficit), March 31, 2004	28,582,516			(31,697		)	9,302						28,560,121
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Distributions	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(2,469,003		)	(24,939		)	—			$	(2,493,942	)	(2,493,942		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(12,409		)	(12,409		)	(12,409		)
Total comprehensive income (loss)										$	(2,506,351	)
Partners’ capital (deficit), March 31, 2005	$	26,113,513		$	(56,636	)	$	(3,107	)				$	26,053,770

F-83

Years ended March 31, 2005, 2004 and for the period January 1, 2003 (date of inception) through March 31, 2003

(UNAUDITED)

Series 44	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2002	$	—		$	—		$	—					$	—
Capital contributions	12,790,970			—			—						12,790,970
Selling commissions and registration costs	(2,401,620		)	—			—						(2,401,620		)
Comprehensive income (loss)
Net income (loss)	(113,870		)	(1,150		)	—			$	(115,020	)	(115,020		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			—			—			—
Total comprehensive income (loss)										$	(115,020	)
Partners’ capital (deficit), March 31, 2003	10,275,480			(1,150		)	—						10,274,330
Capital contributions	14,228,760			—			—						14,228,760
Selling commissions and registration costs	(1,262,322		)	—			—						(1,262,322		)
Comprehensive income (loss)
Net income (loss)	(1,329,348		)	(13,428		)	—			$	(1,342,776	)	(1,342,776		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			8,868			8,868			8,868
Total comprehensive income (loss)										$	(1,333,908	)
Partners’ capital (deficit), March 31, 2004	21,912,570			(14,578		)	8,868						21,906,860
Capital contributions	—			—			—						—
Selling commissions and registration costs	—			—			—						—
Distributions	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,102,544		)	(11,137		)	—			$	(1,113,681	)	(1,113,681		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(38,391		)	(38,391		)	(38,391		)
Total comprehensive income (loss)										$	(1,152,072	)
Partners’ capital (deficit), March 31, 2005	$	20,810,026		$	(25,715	)	$	(29,523	)				$	20,754,788

F-84

Year ended March 31, 2005 and for the period July 1, 2003 (date of inception) through March 31, 2004

(UNAUDITED)

Series 45	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2003	$	—		$	—		$	—					$	—
Capital contributions	40,143,670			—			—						40,143,670
Selling commissions and registration costs	(5,149,963		)	—			—						(5,149,963		)
Comprehensive income (loss)
Net income (loss)	(538,938		)	(5,444		)	—			$	(544,382	)	(544,382		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			17,528			17,528			17,528
Total comprehensive income (loss)										$	(526,854	)
Partners’ capital (deficit), March 31, 2004	34,454,769			(5,444		)	17,528						34,466,853
Capital contributions	—			—			—						—
Selling commissions and registration costs	(2,638		)	—			—						(2,638		)
Distributions	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(1,301,588		)	(13,147		)	—			$	(1,314,735	)	(1,314,735		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(71,289		)	(71,289		)	(71,289		)
Total comprehensive income (loss)										$	(1,386,024	)
Partners’ capital (deficit), March 31, 2005	$	33,150,543		$	(18,591	)	$	(53,761	)				$	33,078,191

Series 45 and 46 were not formed until after March 31, 2003, therefore only two periods of comparative information has been included.

F-85

Year ended March 31, 2005 and for the period September 23, 2003 (date of inception) through March 31, 2004

(UNAUDITED)

Series 46	Assignees			General partner			Accumulated other comprehensive income			Comprehensive income (loss)			Total
Partners’ capital (deficit), March 31, 2003	$	—		$	—		$	—					$	—
Capital contributions	29,809,980			—			—						29,809,980
Selling commissions and registration costs	(3,943,120		)	—			—						(3,943,120		)
Comprehensive income (loss)
Net income (loss)	(204,238		)	(2,063		)	—			$	(206,301	)	(206,301		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(1,636		)	(1,636		)	(1,636		)
Total comprehensive income (loss)										$	(207,937	)
Partners’ capital (deficit), March 31, 2004	25,662,622			(2,063		)	(1,636		)				25,658,923
Capital contributions	—			—			—						—
Selling commissions and registration costs	376			—			—						376
Distributions	—			—			—						—
Comprehensive income (loss)
Net income (loss)	(618,832		)	(6,251		)	—			$	(625,083	)	(625,083		)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	—			—			(38,524		)	(38,524		)	(38,524		)
Total comprehensive income (loss)										$	(663,607	)
Partners’ capital (deficit), March 31, 2005	$	25,044,166		$	(8,314	)	$	(40,160	)				$	24,995,692

Series 45 and 46 were not formed until after March 31, 2003, therefore only two periods of comparative information has been included.

See notes to financial statements

F-86

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Total
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(79,815,141	)	$	(47,864,097	)	$	(34,363,004	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	35,192,607			32,079,974			26,840,274
Impairment loss	36,127,368			7,631,525			770,199
Distributions received from operating limited partnerships	4,137,853			158,675			150,808
Amortization	1,579,759			1,289,948			881,921
Changes in assets and liabilities
Other assets	992,030			644,603			1,168,100
Accounts payable and accrued expenses	(28,003		)	(1,023,625		)	247,251
Accounts payable - affiliates	4,519,135			6,284,019			3,300,679
Net cash provided by (used in) operating activities	2,705,608			(798,978		)	(1,003,772		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	(680,890		)	(6,442,677		)	(7,592,992		)
Capital contributions paid to operating limited partnerships	(21,825,777		)	(45,062,714		)	(35,700,528		)
Deposits for purchases of operating limited partnerships	—			62,031			—
(Advances to) repayments from operating limited partnerships	681,009			179,950			(6,542,296		)
Purchase of investments (net of proceeds from sales and maturities of investments)	4,416,826			(14,594,846		)	1,479,562
Net cash provided by (used in) investing activities	(17,408,832		)	(65,858,256		)	(48,356,254		)
Cash flows from financing activities
Capital contributions received	—			84,182,410			72,035,700
Selling commissions and registration costs (paid)/refunded	(2,262		)	(10,355,405		)	(10,035,879		)
Proceeds from (repayment of) line of credit	—			—			(5,708,074		)
Net cash provided by (used in) financing activities	(2,262		)	73,827,005			56,291,747
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(14,705,486		)	7,169,771			6,931,721
Cash and cash equivalents, beginning	33,051,933			25,882,162			18,950,441
Cash and cash equivalents, ending	$	18,346,447		$	33,051,933		$	25,882,162

F-87

	Total
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	11,226,370	$	53,887,584	$	41,047,253
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	1,140,141	$	1,054,392	$	135,030
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	1,470,843	$	9,878,224	$	7,809,477
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	22,488	$	1,517,109	$	711,322
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	7,168	$	—

Series 45 and 46 were not formed until after March 31, 2003, therefore only two periods of comparative information have been included.

F-88

	Series 20
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(3,083,177	)	$	(2,481,376	)	$	(2,384,789	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,077,264			1,710,130			2,005,043
Impairment loss	1,627,527			414,749			—
Distributions received from operating limited partnerships	3,375,375			9,762			13,860
Amortization	3,572			3,573			3,571
Changes in assets and liabilities
Other assets	(66,575		)	(7,445		)	(111,636		)
Accounts payable and accrued expenses	—			(9,902		)	9,902
Accounts payable - affiliates	(750,180		)	368,242			490,883
Net cash provided by (used in) operating activities	2,183,806			7,733			26,834
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	—			—			—
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			—
Net cash provided by (used in) investing activities	—			—			—
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	2,183,806			7,733			26,834
Cash and cash equivalents, beginning	252,117			244,384			217,550
Cash and cash equivalents, ending	$	2,435,923		$	252,117		$	244,384

F-89

	Series 20
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	3,732	$	817,455	$	700
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-90

	Series 21
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(976,644	)	$	(1,333,928	)	$	(658,405	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	409,199			738,659			453,916
Impairment loss	322,225			315,862			—
Distributions received from operating limited partnerships	—			436			3,941
Amortization	1,954			1,954			1,954
Changes in assets and liabilities
Other assets	—			(17,000		)	36,872
Accounts payable and accrued expenses	—			—			—
Accounts payable - affiliates	200,841			225,840			125,839
Net cash provided by (used in) operating activities	(42,425		)	(68,177		)	(35,883		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	—			—			—
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			9,166
Net cash provided by (used in) investing activities	—			—			9,166
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(42,425		)	(68,177		)	(26,717		)
Cash and cash equivalents, beginning	142,893			211,070			237,787
Cash and cash equivalents, ending	$	100,468		$	142,893		$	211,070

F-91

	Series 21
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	183,901
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	78,084
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-92

	Series 22
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(4,469,581	)	$	(1,825,424	)	$	(1,825,108	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	875,241			1,186,141			1,154,777
Impairment loss	3,307,138			342,983			404,691
Distributions received from operating limited partnerships	25,277			1,731			7,977
Amortization	6,140			6,140			6,139
Changes in assets and liabilities
Other assets	—			575			(558		)
Accounts payable and accrued expenses	—			—			—
Accounts payable - affiliates	209,592			254,591			179,592
Net cash provided by (used in) operating activities	(46,193		)	(33,263		)	(72,490		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	(1,500		)	(1,500		)	(1,500		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			173,915
Net cash provided by (used in) investing activities	(1,500		)	(1,500		)	172,415
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(47,693		)	(34,763		)	99,925
Cash and cash equivalents, beginning	320,139			354,902			254,977
Cash and cash equivalents, ending	$	272,446		$	320,139		$	354,902

F-93

	Series 22
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	5,159
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-94

	Series 23
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(5,725,483	)	$	(2,378,745	)	$	(1,611,679	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,406,027			1,326,789			1,347,032
Impairment loss	4,045,618			770,873			—
Distributions received from operating limited partnerships	10,579			5,187			5,803
Amortization	9,131			9,131			9,131
Changes in assets and liabilities
Other assets	—			—			—
Accounts payable and accrued expenses	—			—			—
Accounts payable - affiliates	240,265			240,264			240,263
Net cash provided by (used in) operating activities	(13,863		)	(26,501		)	(9,450		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	—			—			—
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			—
Net cash provided by (used in) investing activities	—			—			—
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(13,863		)	(26,501		)	(9,450		)
Cash and cash equivalents, beginning	140,695			167,196			176,646
Cash and cash equivalents, ending	$	126,832		$	140,695		$	167,196

F-95

	Series 23
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-96

	Series 24
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(2,435,902	)	$	(967,714	)	$	(206,100	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	720,777			687,594			62,763
Impairment loss	1,461,411			55,652			—
Distributions received from operating limited partnerships	16,849			1,138			3,202
Amortization	10,204			10,205			10,204
Changes in assets and liabilities
Other assets	—			22,166			25,968
Accounts payable and accrued expenses	—			(39,200		)	39,878
Accounts payable - affiliates	225,840			218,337			(91,648		)
Net cash provided by (used in) operating activities	(821		)	(11,822		)	(155,733		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	—			—			(88,621		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			212,622
Net cash provided by (used in) investing activities	—			—			124,001
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(821		)	(11,822		)	(31,732		)
Cash and cash equivalents, beginning	221,188			233,010			264,742
Cash and cash equivalents, ending	$	220,367		$	221,188		$	233,010

F-97

	Series 24
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	6,280
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	751,064
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	561,366	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-98

	Series 25
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(2,599,663	)	$	(1,564,406	)	$	(1,063,014	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	519,702			837,700			921,532
Impairment loss	1,884,342			414,773			—
Distributions received from operating limited partnerships	17,505			10,178			10,163
Amortization	15,219			15,218			15,218
Changes in assets and liabilities
Other assets	—			829			116,164
Accounts payable and accrued expenses	—			(29,900		)	30,878
Accounts payable - affiliates	272,676			272,677			(127,324		)
Net cash provided by (used in) operating activities	109,781			(42,931		)	(96,383		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	(175,506		)	(2,906		)	(134,613		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			257,095
Net cash provided by (used in) investing activities	(175,506		)	(2,906		)	122,482
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(65,725		)	(45,837		)	26,099
Cash and cash equivalents, beginning	443,860			489,697			463,598
Cash and cash equivalents, ending	$	378,135		$	443,860		$	489,697

F-99

	Series 25
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	2,906	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	13,141
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	982,434
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-100

	Series 26
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(5,623,588	)	$	(1,910,450	)	$	(1,428,884	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,270,160			1,332,679			1,054,359
Impairment loss	3,887,714			152,937			—
Distributions received from operating limited partnerships	19,755			15,546			15,982
Amortization	16,904			16,903			16,904
Changes in assets and liabilities
Other assets	—			30,030			396,024
Accounts payable and accrued expenses	—			(100,593		)	100,593
Accounts payable - affiliates	334,754			436,639			87,580
Net cash provided by (used in) operating activities	(94,301		)	(26,309		)	242,558
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	—			(41,895		)	(50,978		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			—
Net cash provided by (used in) investing activities	—			(41,895		)	(50,978		)
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(94,301		)	(68,204		)	191,580
Cash and cash equivalents, beginning	447,941			516,145			324,565
Cash and cash equivalents, ending	$	353,640		$	447,941		$	516,145

F-101

	Series 26
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	10,353	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	672,179
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-102

	Series 27
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(2,241,006	)	$	(1,076,184	)	$	(1,080,803	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	565,401			604,746			782,076
Impairment loss	1,329,625			130,435			—
Distributions received from operating limited partnerships	8,453			4,476			9,614
Amortization	15,655			15,654			15,655
Changes in assets and liabilities
Other assets	—			—			(42		)
Accounts payable and accrued expenses	—			—			—
Accounts payable - affiliates	215,205			215,206			65,204
Net cash provided by (used in) operating activities	(106,667		)	(105,667		)	(208,296		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	—			—			(107,464		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			225,034
Net cash provided by (used in) investing activities	—			—			117,570
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(106,667		)	(105,667		)	(90,726		)
Cash and cash equivalents, beginning	234,047			339,714			430,440
Cash and cash equivalents, ending	$	127,380		$	234,047		$	339,714

F-103

	Series 27
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	9,176
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-104

	Series 28
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(4,547,831	)	$	(1,734,215	)	$	(1,443,856	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,561,585			1,408,334			1,131,178
Impairment loss	2,671,850			—			—
Distributions received from operating limited partnerships	48,333			28,453			39,493
Amortization	3,300			3,300			3,299
Changes in assets and liabilities
Other assets	—			350,775			(350,737		)
Accounts payable and accrued expenses	(28,003		)	28,003			—
Accounts payable - affiliates	—			—			—
Net cash provided by (used in) operating activities	(290,766		)	84,650			(620,623		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	—			(107,815		)	—
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	254,087			33,346			136,654
Purchase of investments (net of proceeds from sales and maturities of investments)	—			150,066			278,596
Net cash provided by (used in) investing activities	254,087			75,597			415,250
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(36,679		)	160,247			(205,373		)
Cash and cash equivalents, beginning	464,935			304,688			510,061
Cash and cash equivalents, ending	$	428,256		$	464,935		$	304,688

F-105

	Series 28
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-106

	Series 29
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(5,923,465	)	$	(3,277,673	)	$	(2,395,108	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	3,743,135			1,722,156			1,671,213
Impairment loss	1,835,208			1,242,572			365,508
Distributions received from operating limited partnerships	—			10,911			3,039
Amortization	3,308			3,311			3,312
Changes in assets and liabilities
Other assets	(178		)	150,119			(146,101		)
Accounts payable and accrued expenses	—			—			—
Accounts payable - affiliates	287,980			337,981			212,980
Net cash provided by (used in) operating activities	(54,012		)	189,377			(285,157		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	(20,000		)	(218,052		)	—
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	(208		)	(111,949		)	176,073
Net cash provided by (used in) investing activities	(20,208		)	(330,001		)	176,073
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(74,220		)	(140,624		)	(109,084		)
Cash and cash equivalents, beginning	328,122			468,746			577,830
Cash and cash equivalents, ending	$	253,902		$	328,122		$	468,746

F-107

	Series 29
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-108

	Series 30
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(3,119,175	)	$	(1,541,998	)	$	(1,425,215	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,318,364			1,092,908			1,158,391
Impairment loss	1,535,995			210,417			—
Distributions received from operating limited partnerships	13,709			7,560			6,550
Amortization	21,234			21,239			21,240
Changes in assets and liabilities
Other assets	—			1,094			10
Accounts payable and accrued expenses	—			—			—
Accounts payable - affiliates	220,920			184,098			133
Net cash provided by (used in) operating activities	(8,953		)	(24,682		)	(238,891		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	—			—			(54,232		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	184,536			28,000			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			158,269
Net cash provided by (used in) investing activities	184,536			28,000			104,037
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	175,583			3,318			(134,854		)
Cash and cash equivalents, beginning	124,788			121,470			256,324
Cash and cash equivalents, ending	$	300,371		$	124,788		$	121,470

F-109

	Series 30
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	6,144	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	339,908
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	1,092	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-110

	Series 31
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(5,478,385	)	$	(3,457,342	)	$	(2,409,358	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,898,988			1,843,928			2,057,441
Impairment loss	3,207,446			1,210,401			—
Distributions received from operating limited partnerships	5,404			5,456			7,430
Amortization	—			—			—
Changes in assets and liabilities
Other assets	—			1,237			13,791
Accounts payable and accrued expenses	—			—			—
Accounts payable - affiliates	—			264,960			(33,120		)
Net cash provided by (used in) operating activities	(366,547		)	(131,360		)	(363,816		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	(13,713		)	(10,000		)	(324,248		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	27,224			335,288			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			301,466
Net cash provided by (used in) investing activities	13,511			325,288			(22,782		)
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(353,036		)	193,928			(386,598		)
Cash and cash equivalents, beginning	487,978			294,050			680,648
Cash and cash equivalents, ending	$	134,942		$	487,978		$	294,050

F-111

	Series 31
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-112

	Series 32
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(5,505,848	)	$	(3,466,460	)	$	(2,292,954	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	2,039,619			1,929,435			1,894,224
Impairment loss	3,092,662			1,155,289			—
Distributions received from operating limited partnerships	—			33,130			8,500
Amortization	36,723			36,725			36,624
Changes in assets and liabilities
Other assets	—			—			143,040
Accounts payable and accrued expenses	—			—			—
Accounts payable - affiliates	331,569			333,130			132,904
Net cash provided by (used in) operating activities	(5,275		)	21,249			(77,662		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	(155,223		)	(42,167		)	(99,104		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	280,000			37,000			(10,765		)
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			—
Net cash provided by (used in) investing activities	124,777			(5,167		)	(109,869		)
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	119,502			16,082			(187,531		)
Cash and cash equivalents, beginning	319,905			303,823			491,354
Cash and cash equivalents, ending	$	439,407		$	319,905		$	303,823

F-113

	Series 32
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	8,470	$	18,112
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	226,673	$	—	$	57,092
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-114

	Series 33
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(1,899,660	)	$	(2,208,535	)	$	(1,118,654	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	900,536			824,241			892,301
Impairment loss	777,932			1,155,289			—
Distributions received from operating limited partnerships	633			5,833			—
Amortization	27,277			27,281			27,276
Changes in assets and liabilities
Other assets	—			—			129,185
Accounts payable and accrued expenses	—			—			—
Accounts payable - affiliates	173,964			173,964			73,964
Net cash provided by (used in) operating activities	(19,318		)	(21,927		)	4,072
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	—			—			(549,081		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	15,819			37,091			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			—
Net cash provided by (used in) investing activities	15,819			37,091			(549,081		)
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(3,499		)	15,164			(545,009		)
Cash and cash equivalents, beginning	194,499			179,335			724,344
Cash and cash equivalents, ending	$	191,000		$	194,499		$	179,335

F-115

	Series 33
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-116

	Series 34
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(4,711,184	)	$	(1,986,784	)	$	(1,986,319	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	2,003,128			1,572,623			1,610,062
Impairment loss	2,354,965			59,293			—
Distributions received from operating limited partnerships	2,714			1,833			523
Amortization	43,938			43,936			43,938
Changes in assets and liabilities
Other assets	—			(11,473		)	—
Accounts payable and accrued expenses	—			—			—
Accounts payable - affiliates	293,196			293,196			293,194
Net cash provided by (used in) operating activities	(13,243		)	(27,376		)	(38,602		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	(37,224		)	(10,000		)	(56,333		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			—
Net cash provided by (used in) investing activities	(37,224		)	(10,000		)	(56,333		)
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			(1,807		)
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			(1,807		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(50,467		)	(37,376		)	(96,742		)
Cash and cash equivalents, beginning	248,852			286,228			382,970
Cash and cash equivalents, ending	$	198,385		$	248,852		$	286,228

F-117

	Series 34
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	654,703
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-118

	Series 35
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(2,444,443	)	$	(1,486,287	)	$	(1,530,349	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,202,299			1,116,553			1,198,689
Impairment loss	890,742			—			—
Distributions received from operating limited partnerships	9,906			—			—
Amortization	129,231			129,238			129,236
Changes in assets and liabilities
Other assets	71,649			—			15,390
Accounts payable and accrued expenses	—			—			—
Accounts payable - affiliates	208,064			228,356			(4,810		)
Net cash provided by (used in) operating activities	67,448			(12,140		)	(191,844		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	—			—			(746,922		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			200,000
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			611,180
Net cash provided by (used in) investing activities	—			—			64,258
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	67,448			(12,140		)	(127,586		)
Cash and cash equivalents, beginning	568,900			581,040			708,626
Cash and cash equivalents, ending	$	636,348		$	568,900		$	581,040

F-119

	Series 35
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	395,535
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	7,168	$	—

F-120

	Series 36
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(1,389,889	)	$	(1,216,341	)	$	(1,250,570	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	700,635			955,073			982,302
Impairment loss	420,059			—			—
Distributions received from operating limited partnerships	3,000			999			5,215
Amortization	88,462			88,463			88,463
Changes in assets and liabilities
Other assets	—			556			64,737
Accounts payable and accrued expenses	—			—			(6,669		)
Accounts payable - affiliates	174,812			176,930			167,073
Net cash provided by (used in) operating activities	(2,921		)	5,680			50,551
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			—
Capital contributions paid to operating limited partnerships	—			(22,431		)	—
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			—
Net cash provided by (used in) investing activities	—			(22,431		)	—
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(2,921		)	(16,751		)	50,551
Cash and cash equivalents, beginning	79,639			96,390			45,839
Cash and cash equivalents, ending	$	76,718		$	79,639		$	96,390

F-121

	Series 36
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-122

	Series 37
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(1,596,304	)	$	(1,213,997	)	$	(1,643,835	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	666,386			901,089			1,337,643
Impairment loss	606,030			—			—
Distributions received from operating limited partnerships	33,928			—			5,215
Amortization	94,821			94,823			94,823
Changes in assets and liabilities
Other assets	179,680			—			35,442
Accounts payable and accrued expenses	—			—			(100,000		)
Accounts payable - affiliates	204,865			204,874			176,944
Net cash provided by (used in) operating activities	189,406			(13,211		)	(93,768		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			(689		)
Capital contributions paid to operating limited partnerships	—			(201,744		)	(162,434		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	32,928			77,213			3,725
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			—
Net cash provided by (used in) investing activities	32,928			(124,531		)	(159,398		)
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	222,334			(137,742		)	(253,166		)
Cash and cash equivalents, beginning	168,094			305,836			559,002
Cash and cash equivalents, ending	$	390,428		$	168,094		$	305,836

F-123

	Series 37
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	9,495	$	6,314
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	18,914	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	1,577,783	$	65,000
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	58,205	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-124

	Series 38
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(1,546,835	)	$	(1,287,891	)	$	(1,170,974	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	875,622			997,707			892,478
Impairment loss	398,536			—			—
Distributions received from operating limited partnerships	112,250			—			2,218
Amortization	98,912			98,911			98,914
Changes in assets and liabilities
Other assets	59,461			2,000			123,494
Accounts payable and accrued expenses	—			—			—
Accounts payable - affiliates	180,080			181,544			164,404
Net cash provided by (used in) operating activities	178,026			(7,729		)	110,534
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			(1,172		)
Capital contributions paid to operating limited partnerships	(117,735		)	(7,651		)	(1,099,731		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			501,701
Net cash provided by (used in) investing activities	(117,735		)	(7,651		)	(599,202		)
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	60,291			(15,380		)	(488,668		)
Cash and cash equivalents, beginning	139,965			155,345			644,013
Cash and cash equivalents, ending	$	200,256		$	139,965		$	155,345

F-125

	Series 38
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	2,838
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	9,787	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	9,273	$	78,521
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-126

	Series 39
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(1,315,746	)	$	(1,400,093	)	$	(1,340,819	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	856,990			1,147,985			1,093,075
Impairment loss	205,047			—			—
Distributions received from operating limited partnerships	3,584			1,820			2,083
Amortization	90,327			90,325			90,324
Changes in assets and liabilities
Other assets	109,869			—			2,458
Accounts payable and accrued expenses	—			—			—
Accounts payable - affiliates	152,156			306,852			136,800
Net cash provided by (used in) operating activities	102,227			146,889			(16,079		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—			(1,352		)
Capital contributions paid to operating limited partnerships	—			(161,805		)	(1,036,128		)
Deposits for purchases of operating limited partnerships	—			62,031			—
(Advances to) repayments from operating limited partnerships	—			—			543,567
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			26,858
Net cash provided by (used in) investing activities	—			(99,774		)	(467,055		)
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			—
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	102,227			47,115			(483,134		)
Cash and cash equivalents, beginning	96,315			49,200			532,334
Cash and cash equivalents, ending	$	198,542		$	96,315		$	49,200

F-127

	Series 39
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—	$	598
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—	$	866,754
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	56,685	$	266,478
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-128

	Series 40
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(1,528,930	)	$	(1,283,501	)	$	(1,121,025	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	924,404			936,159			986,508
Impairment loss	265,296			—			—
Distributions received from operating limited partnerships	—			7,400			—
Amortization	113,730			113,716			32,319
Changes in assets and liabilities
Other assets	—			414			(2,164		)
Accounts payable and accrued expenses	—			(800		)	25,170
Accounts payable - affiliates	216,258			336,542			288,676
Net cash provided by (used in) operating activities	(9,242		)	109,930			209,484
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	(376		)	(5,506		)	2,613
Capital contributions paid to operating limited partnerships	—			(161,442		)	(3,577,924		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			—			756,950
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—			1,907,760
Net cash provided by (used in) investing activities	(376		)	(166,948		)	(910,601		)
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			2,802
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			2,802
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(9,618		)	(57,018		)	(698,315		)
Cash and cash equivalents, beginning	40,313			97,331			795,646
Cash and cash equivalents, ending	$	30,695		$	40,313		$	97,331

F-129

	Series 40
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	25,227	$	49,174
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	312,318	$	91,484
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	13,033	$	158,095
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-130

	Series 41
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(4,583,407	)	$	(2,189,363	)	$	(1,848,385	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) income from operating limited partnerships	4,159,348			1,748,067			1,443,650
Impairment loss	—			—			—
Distributions received from operating limited partnerships	377,048			6,372			—
Amortization	133,882			133,405			133,377
Changes in assets and liabilities
Other assets	—			8,450			25,782
Accounts payable and accrued expenses	—			(2,800		)	(102,474		)
Accounts payable - affiliates	276,919			304,600			299,860
Net cash provided by (used in) operating activities	363,790			8,731			(48,190		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	(4,980		)	(8,954		)	24,603
Capital contributions paid to operating limited partnerships	(295,264		)	(1,054,035		)	(8,775,315		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	(207,796		)	(50,000		)	2,521,444
Purchase of investments (net of proceeds from sales and maturities of investments)	—			496,432			1,915,077
Net cash provided by (used in) investing activities	(508,040		)	(616,557		)	(4,314,191		)
Cash flows from financing activities
Capital contributions received	—			—			—
Selling commissions and registration costs (paid)/refunded	—			—			71,319
Proceeds from (repayment of) line of credit	—			—			(3,010,000		)
Net cash provided by (used in) financing activities	—			—			(2,938,681		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(144,250		)	(607,826		)	(7,301,062		)
Cash and cash equivalents, beginning	323,017			930,843			8,231,905
Cash and cash equivalents, ending	$	178,767		$	323,017		$	930,843

F-131

	Series 41
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	922,445	$	376,381
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	12,346	$	37,477	$	13,204
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	50,000	$	1,276,833	$	2,749,423
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	36,085
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-132

	Series 42
	Year ended March 31, 2005			Year ended March 31, 2004			Year ended March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(1,521,554	)	$	(1,802,657	)	$	(521,411	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,150,391			1,617,204			404,748
Impairment loss	—			—			—
Distributions received from operating limited partnerships	18,296			—			—
Amortization	115,498			113,984			—
Changes in assets and liabilities
Other assets	3,440			39,011			1,781,758
Accounts payable and accrued expenses	—			(1,038		)	(617,422		)
Accounts payable - affiliates	259,122			251,603			258,844
Net cash provided by (used in) operating activities	25,193			218,107			1,306,517
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	(49,622		)	(15,326		)	(2,324,065		)
Capital contributions paid to operating limited partnerships	(1,265,580		)	(3,498,335		)	(8,391,189		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	374,294			145,442			(4,252,487		)
Purchase of investments (net of proceeds from sales and maturities of investments)	—			3,480,319			(3,480,319		)
Net cash provided by (used in) investing activities	(940,908		)	112,100			(18,448,060		)
Cash flows from financing activities
Capital contributions received	—			—			22,864,860
Selling commissions and registration costs (paid)/refunded	—			—			(2,935,906		)
Proceeds from (repayment of) line of credit	—			—			(2,698,074		)
Net cash provided by (used in) financing activities	—			—			17,230,880
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(915,715		)	330,207			89,337
Cash and cash equivalents, beginning	1,858,784			1,528,577			1,439,240
Cash and cash equivalents, ending	$	943,069		$	1,858,784		$	1,528,577

F-133

	Series 42
	Year ended March 31, 2005		Year ended March 31, 2004		Year ended March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	160,174	$	—	$	17,368,914
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	139,830	$	380,306	$	38,298
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	100,000	$	2,872,385	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	15,981	$	—	$	93,359
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-134

	Series 43
	Year ended March 31, 2005			Year ended March 31, 2004			Period August 1, 2002 (date of inception) through March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(2,493,942	)	$	(2,679,274	)	$	(490,370	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) income from operating limited partnerships	2,028,092			2,388,403			304,873
Impairment loss	—			—			—
Distributions received from operating limited partnerships	27,007			454			—
Amortization	164,530			148,464			—
Changes in assets and liabilities
Other assets	1,243			1,095,861			(1,127,160		)
Accounts payable and accrued expenses	—			(111,966		)	111,966
Accounts payable - affiliates	307,467			409,734			97,417
Net cash provided by (used in) operating activities	34,397			1,251,676			(1,103,274		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	(51,531		)	(249,363		)	(3,706,564		)
Capital contributions paid to operating limited partnerships	(3,380,245		)	(10,979,419		)	(8,823,760		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	—			1,114,804			(4,997,469		)
Purchase of investments (net of proceeds from sales and maturities of investments)	2,006,266			(597,281		)	(1,794,931		)
Net cash provided by (used in) investing activities	(1,425,510		)	(10,711,259		)	(19,322,724		)
Cash flows from financing activities
Capital contributions received	—			—			36,379,870
Selling commissions and registration costs (paid)/refunded	—			—			(4,770,667		)
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			—			31,609,203
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(1,391,113		)	(9,459,583		)	11,183,205
Cash and cash equivalents, beginning	1,723,622			11,183,205			—
Cash and cash equivalents, ending	$	332,509		$	1,723,622		$	11,183,205

F-135

	Series 43
	Year ended March 31, 2005		Year ended March 31, 2004		Period August 1, 2002 (date of inception) through March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	174,747	$	8,199,442	$	18,633,728
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	355,458	$	47,190	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	225,170	$	2,394,990	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	2,775	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-136

	Series 44
	Year ended March 31, 2005			Year ended March 31, 2004			Period January 1, 2003 (date of inception) through March 31, 2003
Cash flows from operating activities
Net income (loss)	$	(1,113,681	)	$	(1,342,776	)	$	(115,020	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	866,297			1,113,620			—
Impairment loss	—			—			—
Distributions received from operating limited partnerships	3,287			—			—
Amortization	101,629			28,115			—
Changes in assets and liabilities
Other assets	(4,215		)	2,367			(3,617		)
Accounts payable and accrued expenses	—			(755,429		)	755,429
Accounts payable - affiliates	211,547			51,444			65,027
Net cash provided by (used in) operating activities	64,864			(902,659		)	701,819
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	(3,778		)	(1,194,678		)	(1,586,366		)
Capital contributions paid to operating limited partnerships	(286,143		)	(10,738,078		)	(1,620,951		)
Deposits for purchases of operating limited partnerships	—			—			—
(Advances to) repayments from operating limited partnerships	747,691			(747,691		)	(1,443,915		)
Purchase of investments (net of proceeds from sales and maturities of investments)	(625,345		)	(3,955,849		)	—
Net cash provided by (used in) investing activities	(167,575		)	(16,636,296		)	(4,651,232		)
Cash flows from financing activities
Capital contributions received	—			14,228,760			12,790,970
Selling commissions and registration costs (paid)/refunded	—			(1,262,322		)	(2,401,620		)
Proceeds from (repayment of) line of credit	—			—			—
Net cash provided by (used in) financing activities	—			12,966,438			10,389,350
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(102,711		)	(4,572,517		)	6,439,937
Cash and cash equivalents, beginning	1,867,420			6,439,937			—
Cash and cash equivalents, ending	$	1,764,709		$	1,867,420		$	6,439,937

F-137

	Series 44
	Year ended March 31, 2005		Year ended March 31, 2004		Period January 1, 2003 (date of inception) through March 31, 2003
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	—	$	11,541,263	$	4,640,966
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	583,395	$	312,843	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	1,443,915	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—	$	—

F-138

	Series 45
	Year ended March 31, 2005			Period July 1, 2003 (date of inception) through March 31, 2004
Cash flows from operating activities
Net income (loss)	$	(1,314,735	)	$	(544,382	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) income from operating limited partnerships	1,067,071			258,419
Impairment loss	—			—
Distributions received from operating limited partnerships	4,961			—
Amortization	133,300			32,122
Changes in assets and liabilities
Other assets	641,496			(1,014,271		)
Accounts payable and accrued expenses	—			—
Accounts payable - affiliates	—			—
Net cash provided by (used in) operating activities	532,093			(1,268,112		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	(208,474		)	(2,924,124		)
Capital contributions paid to operating limited partnerships	(6,934,454		)	(13,386,084		)
Deposits for purchases of operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	(1,027,774		)	(830,543		)
Purchase of investments (net of proceeds from sales and maturities of investments)	3,819,179			(10,617,228		)
Net cash provided by (used in) investing activities	(4,351,523		)	(27,757,979		)
Cash flows from financing activities
Capital contributions received	—			40,143,670
Selling commissions and registration costs (paid)/refunded	(2,638		)	(5,149,963		)
Proceeds from (repayment of) line of credit	—			—
Net cash provided by (used in) financing activities	(2,638		)	34,993,707
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(3,822,068		)	5,967,616
Cash and cash equivalents, beginning	5,967,616			—
Cash and cash equivalents, ending	$	2,145,548		$	5,967,616

F-139

	Series 45
	Year ended March 31, 2005		Period July 1, 2003 (date of inception) through March 31, 2004
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	4,006,161	$	22,776,085
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	49,112	$	216,504
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	869,000	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—

Series 45 and 46 were not formed until after March 31, 2003, therefore only two periods of comparative information have been included.

F-140

	Series 46
	Year ended March 31, 2005			Period September 23, 2003 (date of inception) through March 31, 2004
Cash flows from operating activities
Net income (loss)	$	(625,083	)	$	(206,301	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	385,946			81,632
Impairment loss	—			—
Distributions received from operating limited partnerships	—			—
Amortization	100,878			3,812
Changes in assets and liabilities
Other assets	(3,840		)	(10,692		)
Accounts payable and accrued expenses	—			—
Accounts payable - affiliates	71,223			12,415
Net cash provided by (used in) operating activities	(70,876		)	(119,134		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	(362,129		)	(2,044,726		)
Capital contributions paid to operating limited partnerships	(9,143,190		)	(4,417,355		)
Deposits for purchases of operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	(783,066		)	(3,439,356		)
Net cash provided by (used in) investing activities	(10,288,385		)	(9,901,437		)
Cash flows from financing activities
Capital contributions received	—			29,809,980
Selling commissions and registration costs (paid)/refunded	376			(3,943,120		)
Proceeds from (repayment of) line of credit	—			—
Net cash provided by (used in) financing activities	376			25,866,860
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(10,358,885		)	15,846,289
Cash and cash equivalents, beginning	15,846,289			—
Cash and cash equivalents, ending	$	5,487,404		$	15,846,289

F-141

	Series 46
	Year ended March 31, 2005		Period September 23, 2003 (date of inception) through March 31, 2004
Supplemental schedule of noncash investing and financing activities
The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.	$	6,885,288	$	10,417,125
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	—	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—
The fund has increased its investments in operating limited partnerships and decreased other assets for additional low-income tax credits generated by the operating limited partnerships.	$	—	$	—

Series 45 and 46 were not formed until after March 31, 2003, therefore only two periods of comparative information have been included.

See notes to financial statements

F-142

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS

March 31, 2005, 2004 and 2003

(UNAUDITED)

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Boston Capital Tax Credit Fund IV L.P. (the “partnership” or “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 limited partnerships which will acquire, develop, rehabilitate, operate and own newly-constructed, existing or rehabilitated apartment complexes which qualify for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986.  Accordingly, the apartment complexes are restricted as to rent charges and operating methods.  Certain of the apartment complexes may also qualify for the Historic Rehabilitation Tax Credit for their rehabilitation of certified historic structures and are subject to the provisions of the Internal Revenue Code relating to the Rehabilitation Investment Credit.  The general partner of the fund is Boston Capital Associates IV L.P. and the limited partner is BCTC IV Assignor Corp. (the assignor limited partner).

In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.

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 beneficial assignee certificates (“BACs”) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner.  The fund has registered 101,500,000 BACs at $10 per BAC for sale to the public in one or more series.  BACs sold in bulk are offered to investors at a reduced cost per BAC.

F-143

The BACs issued and outstanding in each series at March 31, 2005 and 2004 are as follows:

	2005	2004
Series 20	3,866,700	3,866,700
Series 21	1,892,700	1,892,700
Series 22	2,564,400	2,564,400
Series 23	3,336,727	3,336,727
Series 24	2,169,878	2,169,878
Series 25	3,026,109	3,026,109
Series 26	3,995,900	3,995,900
Series 27	2,460,700	2,460,700
Series 28	4,000,738	4,000,738
Series 29	3,991,800	3,991,800
Series 30	2,651,000	2,651,000
Series 31	4,417,857	4,417,857
Series 32	4,754,198	4,754,198
Series 33	2,636,533	2,636,533
Series 34	3,529,319	3,529,319
Series 35	3,300,463	3,300,463
Series 36	2,106,837	2,106,837
Series 37	2,512,500	2,512,500
Series 38	2,543,100	2,543,100
Series 39	2,292,152	2,292,152
Series 40	2,630,256	2,630,256
Series 41	2,891,626	2,891,626
Series 42	2,744,262	2,744,262
Series 43	3,637,987	3,637,987
Series 44	2,701,973	2,701,973
Series 45	4,014,367	4,014,367
Series 46	2,980,998	2,980,998
	83,651,080	83,651,080

Investments in Operating Limited Partnerships

The fund accounts for the investments in the operating limited partnerships using the equity method, whereby the fund adjusts the investment cost for its share of the operating limited partnership’s results of operations and for any distributions received or accrued.  However, the fund recognizes individual operating limited partnership’s losses only to the extent that

F-144

the fund’s share of losses of the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships.  Unrecognized losses will be suspended and offset against future individual operating limited partnership income.

Under Emerging Issues Task Force (EITF) 98-13, after the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the partnership’s share of losses and, accordingly, a valuation allowance is recorded against the receivables.  Accordingly, the partnership recorded a valuation allowance of $533,581 and $409,432 as of March 31, 2005 and 2004, respectively.

A loss in value of an investment in an operating limited partnership other than a temporary decline is recorded as an impairment loss.  Impairment is measured by comparing the investment carrying amount to the sum of the total amount of the remaining tax credits allocated to the fund and the estimated residual value of the investment.  In addition, deferred partnership fees related to each investment are evaluated for impairment when an impairment loss has reduced an investment balance to zero.

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters.  Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to increases or decreases in actual tax credits from those originally projected as well as for timing differences.  The fund records tax credit adjusters as an increase or decrease in investments in operating limited partnerships and capital contributions payable.

The operating limited partnerships maintain their financial statements based on a calendar year and the fund utilizes a March 31 year end.  The fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year end.

The fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount.  The operating limited partnerships record capital contributions from the fund when received.

Prior to January 1, 1999, the fund recorded acquisition costs as an increase in its investments in operating limited partnerships.  These costs are amortized by the operating limited partnerships over 27.5 years on the straight-line method.  Certain operating limited

F-145

partnerships have not recorded the acquisition costs as a capital contribution from the fund.  These differences are shown as reconciling items in note C.  As of January 1, 1999, the fund records acquisition costs incurred after January 1, 1999 as deferred acquisition costs.  These costs are amortized on the straight-line method over 27.5 years.

During the years ended March 31, 2005 and 2004, the fund acquired interests in operating limited partnerships as follows:

	2005	2004
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	—	3
Series 42	1	5
Series 43	1	5
Series 44	—	4
Series 45	4	24
Series 46	6	6
	12	47

During the year ended March 31, 2004, Series 43 acquired an equity interest in two (2) limited liability companies, which are the general partners of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

During the year ended March 31, 2004, Series 43 acquired the General Partner equity interest in all of the Operating Partnerships in Series 43.

During the year ended March 31, 2004, Series 44 acquired the General Partner equity interest in all of the Operating Partnerships in Series 44.

During the year ended March 31, 2004, Series 45 acquired the General Partner equity interest in all of the Operating Partnerships in Series 45.

During the year ended March 31, 2004, Series 46 acquired the General Partner equity interest in all of the Operating Partnerships in Series 46.

F-146

Organization Costs

Initial organization and offering expenses common to all Series, are allocated on a percentage of equity raised to each Series.

In accordance with SOP 98-5, effective April 1, 1999, organization costs are being expensed as incurred.  Before this date, organization costs were amortized on the straight-line method over 60 months.

Capitalized Expenses

Costs incurred with borrowing funds to make capital contributions to operating limited partnerships and certain other costs are capitalized and included in investment in operating limited partnerships.  Such costs are being amortized on the straight-line method over 27.5 years.

Deferred Acquisition Costs

Deferred acquisition costs are amortized on the straight-line method over 27.5 years.

Accumulated amortization as of March 31, 2005 and 2004 is as follows:

	2005		2004
Series 20	$	21,433	$	17,861
Series 21	11,723		9,769
Series 22	36,839		30,699
Series 23	50,458		41,327
Series 24	61,228		51,023
Series 25	61,489		51,241
Series 26	103,663		86,759
Series 27	89,681		74,734
Series 28	19,801		16,501
Series 29	19,728		16,416
Series 30	127,297		106,059
Series 31	—		—
Series 32	181,099		150,703
Series 33	162,757		135,480
Series 34	258,351		214,995
Series 35	733,477		610,613
Series 36	499,179		414,819

F-147

	2005		2004
Series 37	446,649		356,663
Series 38	335,633		239,732
Series 39	285,275		197,495
Series 40	225,769		123,371
Series 41	345,486		229,996
Series 42	223,406		110,946
Series 43	289,102		143,686
Series 44	126,521		25,282
Series 45	137,729		26,583
Series 46	85,632		—
	$	4,939,405	$	3,482,753

Income Taxes

No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the general partner and assignees individually.

Selling Commissions and Registration Costs

Selling commissions paid in connection with the public offering are charged against the assignees’ capital upon admission of investors as assignees.  Registration costs associated with the public offering are charged against assignees’ capital as incurred.

Cash and Cash Equivalents

Cash equivalents include overnight repurchase agreements, tax-exempt sweep accounts and money market accounts having original maturities at date of acquisition of three months or less.  The carrying value approximates fair value because of the short maturity of these instruments.  During the ordinary course of business, amounts on deposit may exceed the FDIC-insured limit.

Fiscal Year

For financial reporting purposes, the fund uses a March 31 year end, whereas for income tax reporting purposes, the fund uses a calendar year.  The operating limited partnerships use a calendar year for both financial and income tax reporting.

F-148

Net Loss Per Beneficial Assignee Certificate Unit

Net loss per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period.  The weighted average number of units in each series at March 31, 2005, 2004 and 2003 are as follows:

	2005	2004	2003
Series 20	3,866,700	3,866,700	3,866,700
Series 21	1,892,700	1,892,700	1,892,700
Series 22	2,564,400	2,564,400	2,564,400
Series 23	3,336,727	3,336,727	3,336,727
Series 24	2,169,878	2,169,878	2,169,878
Series 25	3,026,109	3,026,109	3,026,109
Series 26	3,995,900	3,995,900	3,995,900
Series 27	2,460,700	2,460,700	2,460,700
Series 28	4,000,738	4,000,738	4,000,738
Series 29	3,991,800	3,991,800	3,991,800
Series 30	2,651,000	2,651,000	2,651,000
Series 31	4,417,857	4,417,857	4,417,857
Series 32	4,754,198	4,754,198	4,754,198
Series 33	2,636,533	2,636,533	2,636,533
Series 34	3,529,319	3,529,319	3,529,319
Series 35	3,300,463	3,300,463	3,300,463
Series 36	2,106,837	2,106,837	2,106,837
Series 37	2,512,500	2,512,500	2,512,500
Series 38	2,543,100	2,543,100	2,543,100
Series 39	2,292,152	2,292,152	2,292,152
Series 40	2,630,256	2,630,256	2,630,256
Series 41	2,891,626	2,891,626	2,891,626
Series 42	2,744,262	2,744,262	1,595,325
Series 43	3,637,987	3,637,987	899,797
Series 44	2,701,973	2,656,339	70,226
Series 45	4,014,367	1,577,100	—
Series 46	2,980,998	309,355	—
	83,651,080	78,496,536	70,136,841

F-149

Investments

Investments available-for-sale are being carried at fair market value.  Unrealized gains or losses are reported as other comprehensive income or (loss).  Realized gains or losses, determined on the basis of the costs of specific securities sold, are included in earnings.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.

Recent Accounting Pronouncements

As of March 31, 2004, the partnership adopted FASB Interpretation No. 46 - Revised (“FIN 46R”), “Consolidation of Variable Interest Entities.”  FIN 46R provides guidance on when a company should include the assets, liabilities, and activities of a variable interest entity (“VIE”) in the financial statements and when it should disclose information about its relationship with a VIE.  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 absorbs the majority of the entity’s expected losses, the majority of the expected residual returns, or both.

Based on the guidance of FIN 46R, the operating limited partnerships in which the partnership invests in meet the definition of a VIE.  However, management does not consolidate the partnership’s interest in these VIEs under FIN 46R, as it is not considered to be the primary beneficiary.  The partnership currently records the amount of its investment in these partnerships as an asset in the balance sheets, recognizes its share of partnership income or losses in the statements or operations, and discloses how it accounts for material types of these investments in the financial statements.

The partnership’s balance in investments in operating limited partnerships, plus the risk of recapture of tax credit previously recognized on these investments, represents its maximum exposure to loss.  The partnership’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the local general partners and their guarantee against credit recapture.

F-150

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2005, 2004 and 2003, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Holdings Limited Partnership (BCHLP), Boston Capital Services, Inc. (BCS) and Boston Capital Asset Management Limited Partnership (BCAM) as follows:

Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships.  The aggregate cost is comprised of the capital contributions made by each Series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level.  The annual fund fees charged to operations during the years ended March 31, 2005, 2004 and 2003, are as follows:

	2005		2004		2003
Series 20	$	326,734	$	285,285	$	315,994
Series 21	201,908		222,840		179,015
Series 22	233,948		242,202		214,068
Series 23	211,951		214,527		197,700
Series 24	196,009		169,422		192,817
Series 25	120,242		240,501		229,568
Series 26	377,017		358,787		367,525
Series 27	288,234		286,727		275,028
Series 28	252,132		253,240		299,403
Series 29	293,594		260,728		305,896
Series 30	176,361		179,941		208,865
Series 31	322,288		351,440		298,940
Series 32	282,326		282,871		313,404
Series 33	156,317		160,495		155,906
Series 34	262,083		263,684		281,041
Series 35	187,475		205,478		214,873
Series 36	143,599		132,862		150,871
Series 37	190,934		182,030		171,945
Series 38	132,796		133,298		144,604
Series 39	121,300		115,096		115,714
Series 40	168,842		178,958		145,292
Series 41	243,637		265,834		258,137
Series 42	212,025		230,369		143,388
Series 43	271,099		297,470		97,417
Series 44	194,548		211,545		6,247
Series 45	281,588		176,720		—
Series 46	208,638		39,881		—
	$	6,057,625	$	5,942,231	$	5,283,658

F-151

Boston Capital Services, Inc. received dealer-manager fees for the marketing advice and investment banking services performed at the time of the fund’s offering of BACs.  The dealer-manager fees are included in partners’ capital as selling commissions and registration costs.  During the years ended March 31, 2005, 2004 and 2003, dealer manager fees received by Boston Capital Services, Inc. by series are as follows:

	2005		2004		2003
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	—		—		430,358
Series 43	—		—		497,725
Series 44	—		135,773		211,152
Series 45	—		495,715		—
Series 46	—		397,497		—
	$	—	$	1,028,985	$	1,139,235

F-152

Boston Capital Holdings Limited Partnership is entitled to asset acquisition fees for selecting, evaluating, structuring, negotiating, and closing the fund’s acquisition of interests in the operating limited partnerships.  During the years ended March 31, 2005, 2004 and 2003, acquisition fees incurred to Boston Capital Holdings Limited Partnership by series are as follows:

	2005		2004		2003
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	—		—		1,943,482
Series 43	—		—		3,092,289
Series 44	—		844,166		1,452,511
Series 45	—		2,167,758		—
Series 46	—		1,609,739		—
	$	—	$	4,621,663	$	6,488,282

F-153

During the years ended March 31, 2005, 2004 and 2003, general and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and/or Boston Capital Asset Management Limited Partnership were charged to each series’ operations as follows:

	2005		2004		2003
Series 20	$	15,591	$	18,588	$	24,445
Series 21	11,527		12,168		16,305
Series 22	14,100		18,204		23,433
Series 23	14,733		17,383		23,116
Series 24	12,762		15,755		20,484
Series 25	14,340		17,784		26,145
Series 26	17,931		26,774		43,066
Series 27	12,688		14,824		18,845
Series 28	15,598		20,088		25,448
Series 29	15,729		19,420		24,975
Series 30	13,058		16,201		20,301
Series 31	15,850		20,666		26,078
Series 32	18,519		22,018		30,765
Series 33	14,888		16,679		21,192
Series 34	16,553		19,303		24,633
Series 35	16,065		18,218		23,474
Series 36	14,260		16,350		17,877
Series 37	15,745		16,279		21,041
Series 38	16,069		17,714		23,050
Series 39	15,400		16,797		18,418
Series 40	16,527		19,522		27,700
Series 41	17,621		21,391		30,561
Series 42	18,550		21,054		31,514
Series 43	18,791		22,179		42,268
Series 44	17,365		26,551		14,363
Series 45	20,537		38,499		—
Series 46	23,596		22,993		—
	$	434,393	$	533,402	$	619,497

Accounts payable - affiliates at March 31, 2005, 2004 and 2003 represents general and administrative expenses, fund management fees, and commissions which are payable to Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership.

F-154

During the years ended March 31, 2005, 2004 and 2003, the fund reimbursed affiliates of the general partner for amounts in connection with the offering of BACs.  These reimbursements include, but are not limited to, postage, printing, travel and overhead allocations and are included in partners’ capital as selling commissions and registrations costs at March 31, 2005, 2004 and 2003.  During the years ended March 31, 2005, 2004 and 2003, the selling commission and registration costs incurred to affiliates by series are as follows:

	2005		2004		2003
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	—		—		3,688
Series 42	—		—		92,960
Series 43	—		—		116,777
Series 44	—		28,869		64,959
Series 45	—		99,721		—
Series 46	—		77,269		—
	$	—	$	205,859	$	278,384

F-155

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2005 and 2004, the fund has limited partnership interests in operating limited partnerships, which own or are constructing or rehabilitating operating apartment complexes.  During the year ended March 31, 2004, Series 24 received the project back.  During the year ended March 31, 2004 the fund decided not to acquire a limited partnership interest in one of the operating limited partnerships owned by Series 42 and one of the operating limited partnerships owned by Series 43 as of March 31, 2003.  The number of operating limited partnerships in which the fund has limited partnership interests at March 31, 2005 and 2004 by series are as follows:

	2005	2004
Series 20	24	24
Series 21	14	14
Series 22	29	29
Series 23	22	22
Series 24	24	24
Series 25	22	22
Series 26	45	45
Series 27	16	16
Series 28	26	26
Series 29	22	22
Series 30	20	20
Series 31	27	27
Series 32	17	17
Series 33	10	10
Series 34	14	14
Series 35	11	11
Series 36	11	11
Series 37	7	7
Series 38	10	10
Series 39	9	9
Series 40	16	16
Series 41	23	23
Series 42	22	21
Series 43	22	21
Series 44	8	8
Series 45	28	24
Series 46	12	6
	511	499

F-156

Under the terms of the fund’s investment in each operating limited partnership, the fund is required to make capital contributions to the operating limited partnerships.  These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction or operations.  At March 31, 2005 and 2004, contributions are payable to operating limited partnerships as follows:

	2005		2004
Series 20	$	388,026	$	388,026
Series 21	457,642		457,642
Series 22	477,996		479,496
Series 23	117,796		117,796
Series 24	368,239		368,239
Series 25	768,198		943,704
Series 26	1,443,838		1,443,838
Series 27	39,749		39,749
Series 28	40,968		40,968
Series 29	66,718		86,718
Series 30	128,167		128,167
Series 31	682,058		695,771
Series 32	520,571		902,467
Series 33	202,285		202,285
Series 34	48,744		85,968
Series 35	603,740		603,740
Series 36	657,998		657,998
Series 37	155,363		155,363
Series 38	—		117,735
Series 39	—		—
Series 40	152,424		152,424
Series 41	480,554		838,164
Series 42	680,975		2,026,211
Series 43	822,429		4,608,555
Series 44	1,207,614		2,077,152
Series 45	5,381,087		9,227,492
Series 46	3,741,868		5,999,770
	$	19,635,047	$	32,845,438

F-157

The fund’s investments in operating limited partnerships at March 31, 2005 is summarized as follows:

	Total			Series 20			Series 21
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	593,226,415		$	27,465,293		$	12,370,665
Acquisition costs of operating limited partnerships	46,954,307			3,726,293			1,923,140
Cumulative distributions from operating limited partnerships	(4,969,714		)	(3,472,446		)	(31,581		)
Impairment loss in investments in operating limited partnerships	(44,529,081		)	(2,042,276		)	(638,087		)
Cumulative losses from operating limited partnerships	(219,333,743		)	(21,684,718		)	(12,828,049		)
Investments in operating limited partnerships per balance sheet	371,348,184			3,992,146			796,088

F-158

	Total			Series 20			Series 21
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A).	(23,255,465		)	—			(336,415		)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(7,359,789		)	(444,246		)	(110,624		)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	2,775,473			404,710			651,466
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(16,452,989		)	(1,042,436		)	(8,952,023		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	2,022,180			253,099			174,071
Impairment loss in investments in operating limited partnerships	44,529,081			2,042,276			638,087
Other	(5,388,283		)	(75,163		)	(2,670		)
Equity per operating limited partnerships’ combined financial statements	$	368,218,392		$	5,130,386		$	(7,142,020	)

F-159

The fund’s investments in operating limited partnerships at March 31, 2005 is summarized as follows:

	Series 22			Series 23			Series 24
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	18,290,375		$	23,797,395		$	15,097,387
Acquisition costs of operating limited partnerships	2,504,765			3,504,553			2,030,314
Cumulative distributions from operating limited partnerships	(103,507		)	(37,407		)	(78,027		)
Impairment loss in investments in operating limited partnerships	(4,054,802		)	(4,816,490		)	(1,517,063		)
Cumulative losses from operating limited partnerships	(12,860,647		)	(13,639,131		)	(9,868,738		)
Investments in operating limited partnerships per balance sheet	3,776,184			8,808,920			5,663,873

F-160

	Series 22			Series 23			Series 24
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A).	(482,084		)	(11,581		)	(30,158		)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(484,368		)	(436,119		)	(516,941		)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	259,228			179,850			95,695
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(965,290		)	(48,568		)	(403,987		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	116,346			46,426			61,209
Impairment loss in investments in operating limited partnerships	4,054,802			4,816,490			1,517,063
Other	(206,708		)	(41,895		)	81,557
Equity per operating limited partnerships’ combined financial statements	$	6,068,110		$	13,313,523		$	6,468,311

F-161

The fund’s investments in operating limited partnerships at March 31, 2005 is summarized as follows:

	Series 25			Series 26			Series 27
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	21,933,096		$	28,884,093		$	16,974,015
Acquisition costs of operating limited partnerships	2,803,677			3,968,917			2,467,629
Cumulative distributions from operating limited partnerships	(85,987		)	(116,486		)	(47,166		)
Impairment loss in investments in operating limited partnerships	(2,299,115		)	(4,040,651		)	(1,460,060		)
Cumulative losses from operating limited partnerships	(10,727,149		)	(11,648,298		)	(5,933,383		)
Investments in operating limited partnerships per balance sheet	11,624,522			17,047,575			12,001,035

F-162

	Series 25			Series 26			Series 27
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A).	(286,910		)	(108,982		)	(316,117		)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(689,409		)	(73,142		)	(369,748		)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	335,542			123,194			205,532
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(1,523,998		)	(594,531		)	(898,270		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	46,911			195,682			—
Impairment loss in investments in operating limited partnerships	2,299,115			4,040,651			1,460,060
Other	(127,523		)	(118,817		)	55,218
Equity per operating limited partnerships’ combined financial statements	$	11,678,250		$	20,511,630		$	12,137,710

F-163

The fund’s investments in operating limited partnerships at March 31, 2005 is summarized as follows:

	Series 28			Series 29			Series 30
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	28,566,056		$	28,777,755		$	19,299,719
Acquisition costs of operating limited partnerships	4,191,674			4,151,886			2,226,856
Cumulative distributions from operating limited partnerships	(160,656		)	(24,013		)	(65,316		)
Impairment loss in investments in operating limited partnerships	(2,671,850		)	(3,443,287		)	(1,746,412		)
Cumulative losses from operating limited partnerships	(10,459,303		)	(15,565,423		)	(7,239,102		)
Investments in operating limited partnerships per balance sheet	19,465,921			13,896,918			12,475,745

F-164

	Series 28			Series 29			Series 30
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A).	(303,861		)	(215,662		)	(135,225		)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(665,053		)	(596,128		)	(235,701		)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	129,668			265,241			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	—			(1,063,313		)	—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	116,284			7,355			7,712
Impairment loss in investments in operating limited partnerships	2,671,850			3,443,287			1,746,412
Other	(243,928		)	(57,249		)	6,917
Equity per operating limited partnerships’ combined financial statements	$	21,170,881		$	15,680,449		$	13,865,860

F-165

The fund’s investments in operating limited partnerships at March 31, 2005 is summarized as follows:

	Series 31			Series 32			Series 33
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	31,876,958		$	34,643,588		$	19,377,023
Acquisition costs of operating limited partnerships	4,586,765			4,291,123			2,010,987
Cumulative distributions from operating limited partnerships	(30,858		)	(61,955		)	(6,465		)
Impairment loss in investments in operating limited partnerships	(4,417,847		)	(4,247,951		)	(1,933,222		)
Cumulative losses from operating limited partnerships	(14,530,531		)	(11,784,170		)	(5,378,012		)
Investments in operating limited partnerships per balance sheet	17,484,487			22,840,635			14,070,311

F-166

	Series 31			Series 32			Series 33
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A).	(138,370		)	(1,732,627		)	(1,561,054		)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(77,600		)	(1,741,159		)	(624,017		)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	125,347			—			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(83,969		)	(402,118		)	—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	80,765			42,262			9,684
Impairment loss in investments in operating limited partnerships	4,417,847			4,247,951			1,933,222
Other	(10,688		)	(925,290		)	(11,499		)
Equity per operating limited partnerships’ combined financial statements	$	21,797,819		$	22,329,654		$	13,816,647

F-167

The fund’s investments in operating limited partnerships at March 31, 2005 is summarized as follows:

	Series 34			Series 35			Series 36
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	25,655,046		$	23,911,918		$	15,353,188
Acquisition costs of operating limited partnerships	2,565,728			—
Cumulative distributions from operating limited partnerships	(5,701		)	(9,906		)	(10,857		)
Impairment loss in investments in operating limited partnerships	(2,414,258		)	(890,742		)	(420,059		)
Cumulative losses from operating limited partnerships	(9,556,425		)	(6,468,662		)	(4,524,230		)
Investments in operating limited partnerships per balance sheet	16,244,390			16,542,608			10,398,042

F-168

	Series 34			Series 35			Series 36
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A).	(75,966		)	(270,100		)	(14,791		)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(295,534		)	—			—
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	—			—			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	—			—			(328,530		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	6,464			78,017			3,061
Impairment loss in investments in operating limited partnerships	2,414,258			890,742			420,059
Other	(137,113		)	(141,514		)	(107,935		)
Equity per operating limited partnerships’ combined financial statements	$	18,156,499		$	17,099,753		$	10,369,906

F-169

The fund’s investments in operating limited partnerships at March 31, 2005 is summarized as follows:

	Series 37			Series 38			Series 39
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	18,547,177		$	18,922,923		$	16,756,265
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(53,042		)	(116,027		)	(7,487		)
Impairment loss in investments in operating limited partnerships	(606,030		)	(398,536		)	(205,047		)
Cumulative losses from operating limited partnerships	(4,019,076		)	(4,130,524		)	(4,090,559		)
Investments in operating limited partnerships per balance sheet	13,869,029			14,277,836			12,453,172

F-170

	Series 37			Series 38			Series 39
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A).	(155,365		)	(117,635		)	—
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A).	—			—			—
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	—			—			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	—			—			—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	303,810			59,461			279,219
Impairment loss in investments in operating limited partnerships	606,030			398,536			205,047
Other	30,771			(274,195		)	(188,217		)
Equity per operating limited partnerships’ combined financial statements	$	14,654,275		$	14,344,003		$	12,749,221

F-171

The fund’s investments in operating limited partnerships at March 31, 2005 is summarized as follows:

	Series 40			Series 41			Series 42
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	19,620,463		$	21,783,546		$	19,603,357
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(7,400		)	(383,420		)	(18,296		)
Impairment loss in investments in operating limited partnerships	(265,296		)	—			—
Cumulative losses from operating limited partnerships	(3,285,727		)	(7,445,190		)	(3,172,343		)
Investments in operating limited partnerships per balance sheet	16,062,040			13,954,936			16,412,718

F-172

	Series 40			Series 41			Series 42
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A).	(33,764		)	(126,554		)	(675,982		)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A).	—			—			—
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	—			—			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	—			(145,956		)	—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	78,811			1,049			43,002
Impairment loss in investments in operating limited partnerships	265,296			—			—
Other	(648,618		)	(701,395		)	(78,093		)
Equity per operating limited partnerships’ combined financial statements	$	15,723,765		$	12,982,080		$	15,701,645

F-173

The fund’s investments in operating limited partnerships at March 31, 2005 is summarized as follows:

	Series 43			Series 44			Series 45
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	26,599,350		$	15,293,478		$	26,542,931
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(27,461		)	(3,287		)	(4,960		)
Impairment loss in investments in operating limited partnerships	—			—			—
Cumulative losses from operating limited partnerships	(4,721,368		)	(1,979,917		)	(1,325,490		)
Investments in operating limited partnerships per balance sheet	21,850,521			13,310,274			25,212,481

F-174

	Series 43			Series 44			Series 45
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A).	(933,954		)	(1,208,815		)	(9,715,836		)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A).	—			—			—
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	—			—			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	—			—			—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	—			—			11,480
Impairment loss in investments in operating limited partnerships	—			—			—
Other	(738,441		)	(175,589		)	(340,675		)
Equity per operating limited partnerships’ combined financial statements	$	20,178,126		$	11,925,870		$	15,167,450

F-175

The fund’s investments in operating limited partnerships at March 31, 2005 is summarized as follows:

	Series 46
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	17,283,355
Acquisition costs of operating limited partnerships	—
Cumulative distributions from operating limited partnerships	—
Impairment loss in investments in operating limited partnerships	—
Cumulative losses from operating limited partnerships	(467,578		)
Investments in operating limited partnerships per balance sheet	16,815,777

F-176

	Series 46
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A).	(4,267,657		)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A).	—
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	—
Impairment loss in investments in operating limited partnerships	—
Other	(209,531		)
Equity per operating limited partnerships’ combined financial statements	$	12,338,589

F-177

The fund’s investments in operating limited partnerships at March 31, 2004 is summarized as follows:

	Total			Series 20			Series 21
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	583,273,097		$	27,469,025		$	12,370,665
Acquisition costs of operating limited partnerships	46,954,307			3,726,293			1,923,140
Cumulative distributions from operating limited partnerships	(825,536		)	(97,071		)	(31,581		)
Impairment loss in investments in operating limited partnerships	(8,401,724		)	(414,749		)	(315,862		)
Cumulative losses from operating limited partnerships	(184,258,840		)	(20,731,540		)	(12,418,850		)
Investments in operating limited partnerships per balance sheet	436,741,304			9,951,958			1,527,512

F-178

	Total			Series 20			Series 21
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2004 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2003 (see note A).	(39,900,657		)	—			(336,415		)
The fund has recorded acquisition costs at March 31, 2004 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(7,359,790		)	(444,246		)	(110,624		)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	2,775,473			404,710			651,466
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(11,999,720		)	(719,823		)	(7,715,728		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	2,050,881			249,367			174,071
Impairment loss in investments in operating limited partnerships	8,401,724			414,749			315,862
Other	(6,065,952		)	(137,556		)	(2,209		)
Equity per operating limited partnerships’ combined financial statements	$	384,643,263		$	9,719,159		$	(5,496,065	)

F-179

The fund’s investments in operating limited partnerships at March 31, 2004 is summarized as follows:

	Series 22			Series 23			Series 24
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	18,290,375		$	23,797,395		$	15,097,387
Acquisition costs of operating limited partnerships	2,504,765			3,504,553			2,030,314
Cumulative distributions from operating limited partnerships	(78,230		)	(26,828		)	(61,178		)
Impairment loss in investments in operating limited partnerships	(747,674		)	(770,873		)	(55,652		)
Cumulative losses from operating limited partnerships	(11,985,396		)	(12,233,103		)	(9,147,961		)
Investments in operating limited partnerships per balance sheet	7,983,840			14,271,144			7,862,910

F-180

	Series 22			Series 23			Series 24
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2004 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2003 (see note A).	(482,084		)	(11,581		)	(30,158		)
The fund has recorded acquisition costs at March 31, 2004 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(484,368		)	(436,119		)	(516,941		)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	259,228			179,850			95,695
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(501,239		)	(27,231		)	(203,502		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	116,346			46,426			61,209
Impairment loss in investments in operating limited partnerships	747,674			770,873			55,652
Other	(215,683		)	(45,120		)	83,913
Equity per operating limited partnerships’ combined financial statements	$	7,423,714		$	14,748,242		$	7,408,778

F-181

The fund’s investments in operating limited partnerships at March 31, 2004 is summarized as follows:

	Series 25			Series 26			Series 27
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	21,938,066		$	28,884,093		$	16,974,723
Acquisition costs of operating limited partnerships	2,803,677			3,968,917			2,467,629
Cumulative distributions from operating limited partnerships	(68,482		)	(96,731		)	(38,713		)
Impairment loss in investments in operating limited partnerships	(414,773		)	(152,937		)	(130,435		)
Cumulative losses from operating limited partnerships	(10,207,447		)	(10,378,138		)	(5,367,982		)
Investments in operating limited partnerships per balance sheet	14,051,041			22,225,204			13,905,222

F-182

	Series 25			Series 26			Series 27
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2004 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2003 (see note A).	(286,910		)	(108,982		)	(316,117		)
The fund has recorded acquisition costs at March 31, 2004 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(689,409		)	(73,143		)	(369,748		)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	335,542			123,194			205,532
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(1,199,349		)	(404,771		)	(720,146		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	46,911			195,682			—
Impairment loss in investment in operating limited partnerships	414,773			152,937			130,435
Other	(132,510		)	(109,618		)	55,242
Equity per operating limited partnerships’ combined financial statements	$	12,540,089		$	22,000,503		$	12,890,420

F-183

The fund’s investments in operating limited partnerships at March 31, 2004 is summarized as follows:

	Series 28			Series 29			Series 30
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	28,566,056		$	28,777,755		$	19,299,719
Acquisition costs of operating limited partnerships	4,191,674			4,151,886			2,226,856
Cumulative distributions from operating limited partnerships	(112,323		)	(24,012		)	(51,607		)
Impairment loss in investments in operating limited partnerships	—			(1,608,080		)	(210,417		)
Cumulative losses from operating limited partnerships	(8,897,718		)	(11,822,288		)	(5,920,738		)
Investments in operating limited partnerships per balance sheet	23,747,689			19,475,261			15,343,813

F-184

	Series 28			Series 29			Series 30
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2004 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2003 (see note A).	(303,861		)	(215,662		)	(135,225		)
The fund has recorded acquisition costs at March 31, 2004 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(665,053		)	(596,128		)	(235,701		)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	129,668			265,241			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	—			—			—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	116,284			7,355			7,712
Impairment loss in investments in operating limited partnerships	—			1,608,080			210,417
Other	(260,005		)	(57,249		)	3,310
Equity per operating limited partnerships’ combined financial statements	$	22,764,722		$	20,486,898		$	15,194,326

F-185

The fund’s investments in operating limited partnerships at March 31, 2004 is summarized as follows:

	Series 31			Series 32			Series 33
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	31,876,958		$	34,643,588		$	19,377,023
Acquisition costs of operating limited partnerships	4,586,765			4,291,123			2,010,987
Cumulative distributions from operating limited partnerships	(25,454		)	(55,628		)	(5,833		)
Impairment loss in investments in operating limited partnerships	(1,210,401		)	(1,155,289		)	(1,155,289		)
Cumulative losses from operating limited partnerships	(12,631,543		)	(9,744,551		)	(4,477,476		)
Investments in operating limited partnerships per balance sheet	22,596,325			27,979,243			15,749,412

F-186

	Series 31			Series 32			Series 33
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2004 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2003 (see note A).	(152,073		)	(1,881,019		)	(1,561,054		)
The fund has recorded acquisition costs at March 31, 2004 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(77,600		)	(1,741,159		)	(624,017		)
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	125,347			—			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(40,695		)	(316,487		)	—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	80,765			42,262			9,684
Impairment loss in investments in operating limited partnerships	1,210,401			1,155,289			1,155,289
Other	(7,170		)	(899,596		)	(9,998		)
Equity per operating limited partnerships’ combined financial statements	$	23,735,300		$	24,338,533		$	14,719,316

F-187

The fund’s investments in operating limited partnerships at March 31, 2004 is summarized as follows:

	Series 34			Series 35			Series 36
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	25,655,628		$	23,911,918		$	15,357,291
Acquisition costs of operating limited partnerships	2,565,728			—			—
Cumulative distributions from operating limited partnerships	(2,987		)	—			(7,858		)
Impairment loss in investments in operating limited partnerships	(59,293		)	—			—
Cumulative losses from operating limited partnerships	(7,553,297		)	(5,259,992		)	(3,823,595		)
Investments in operating limited partnerships per balance sheet	20,605,779			18,651,926			11,525,838

F-188

	Series 34			Series 35			Series 36
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2004 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2003 (see note A).	(137,814		)	(270,100		)	(14,791		)
The fund has recorded acquisition costs at March 31, 2004 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(295,534		)	—			—
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	—			—			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	—			—			(147,671		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	6,464			78,017			3,061
Impairment loss in investments in operating limited partnerships	59,293			—			—
Other	(138,571		)	(155,993		)	(111,165		)
Equity per operating limited partnerships’ combined financial statements	$	20,099,617		$	18,303,850		$	11,255,272

F-189

The fund’s investments in operating limited partnerships at March 31, 2004 is summarized as follows:

	Series 37			Series 38			Series 39
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	18,552,012		$	18,925,934		$	16,758,810
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(19,114		)	(3,777		)	(3,903		)
Impairment loss in investments in operating limited partnerships	—			—			—
Cumulative losses from operating limited partnerships	(3,352,690		)	(3,254,902		)	(3,233,569		)
Investments in operating limited partnerships per balance sheet	15,180,208			15,667,255			13,521,338

F-190

	Series 37			Series 38			Series 39
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2004 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2003 (see note A).	(155,365		)	(117,635		)	—
The fund has recorded acquisition costs at March 31, 2004 which have not been recorded in the net assets of the operating limited partnerships (see note A).	—			—			—
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	—			—			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	—			—			—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	303,810			59,461			279,219
Impairment loss in investments in operating limited partnerships	—			—			—
Other	28,431			(388,510		)	(202,022		)
Equity per operating limited partnerships’ combined financial statements	$	15,357,084		$	15,220,571		$	13,598,535

F-191

The fund’s investments in operating limited partnerships at March 31, 2004 is summarized as follows:

	Series 40			Series 41			Series 42
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	19,631,795		$	21,814,284		$	19,602,034
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(7,400		)	(6,372		)	—
Impairment loss in investments in operating limited partnerships	—			—			—
Cumulative losses from operating limited partnerships	(2,361,323		)	(3,285,842		)	(2,021,952		)
Investments in operating limited partnerships per balance sheet	17,263,072			18,522,070			17,580,082

F-192

	Series 40			Series 41			Series 42
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2004 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2003 (see note A).	(33,764		)	(1,037,954		)	(1,520,089		)
The fund has recorded acquisition costs at March 31, 2004 which have not been recorded in the net assets of the operating limited partnerships (see note A).	—			—			—
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	—			—			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	—			(3,078		)	—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	78,811			1,049			27,021
Impairment loss in investments in operating limited partnerships	—			—			—
Other	(729,005		)	(832,630		)	(97,187		)
Equity per operating limited partnerships’ combined financial statements	$	16,579,114		$	16,649,457		$	15,989,827

F-193

The fund’s investments in operating limited partnerships at March 31, 2004 is summarized as follows:

	Series 43			Series 44			Series 45
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	26,801,950		$	15,877,263		$	22,608,037
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(454		)	—			—
Impairment loss in investments in operating limited partnerships	—			—			—
Cumulative losses from operating limited partnerships	(2,693,276		)	(1,113,620		)	(258,419		)
Investments in operating limited partnerships per balance sheet	24,108,220			14,763,643			22,349,618

F-194

	Series 43			Series 44			Series 45
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2004 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2003 (see note A).	(6,164,125		)	(4,947,482		)	(11,343,618		)
The fund has recorded acquisition costs at March 31, 2004 which have not been recorded in the net assets of the operating limited partnerships (see note A).	—			—			—
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	—			—			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	—			—			—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	59,894			—			—
Impairment loss in investments in operating limited partnerships	—			—			—
Other	(953,549		)	(172,033		)	(354,590		)
Equity per operating limited partnerships’ combined financial statements	$	17,050,440		$	9,644,128		$	10,651,410

F-195

The fund’s investments in operating limited partnerships at March 31, 2004 is summarized as follows:

	Series 46
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	10,413,313
Acquisition costs of operating limited partnerships	—
Cumulative distributions from operating limited partnerships	—
Impairment loss in investments in operating limited partnerships	—
Cumulative losses from operating limited partnerships	(81,632		)
Investments in operating limited partnerships per balance sheet	10,331,681

F-196

	Series 46
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2004 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2003 (see note A).	(8,336,779		)
The fund has recorded acquisition costs at March 31, 2004 which have not been recorded in the net assets of the operating limited partnerships (see note A).	—
Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).	—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	—
Impairment loss in investments in operating limited partnerships	—
Other	(224,879		)
Equity per operating limited partnerships’ combined financial statements	$	1,770,023

F-197

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20		Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,601,323,648	$	64,411,417	$	24,219,029
Construction in progress	11,956,598		—		—
Land	122,364,880		6,320,961		2,839,206
Other assets	136,468,612		7,164,184		2,182,750
	$	1,872,113,738	$	77,896,562	$	29,240,985
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	1,154,699,006	$	64,220,153	$	27,056,630
Accounts payable and accrued expenses	42,067,275		2,802,455		3,050,182
Other liabilities	161,993,756		5,521,121		5,289,158
	1,358,760,037		72,543,729		35,395,970
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	368,218,392		5,130,386		(7,142,020		)
Other partners	145,135,309		222,447		987,035
	513,353,701		5,352,833		(6,154,985		)
	$	1,872,113,738	$	77,896,562	$	29,240,985

F-198

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 22		Series 23		Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	62,691,647	$	59,782,384	$	48,441,949
Construction in progress	—		—		—
Land	4,242,201		3,957,131		3,941,855
Other assets	4,957,737		4,522,416		5,018,465
	$	71,891,585	$	68,261,931	$	57,402,269
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	51,403,838	$	41,220,342	$	37,965,770
Accounts payable and accrued expenses	4,545,797		4,908,112		1,209,071
Other liabilities	4,354,589		5,777,622		5,054,382
	60,304,224		51,906,076		44,229,223
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	6,068,110		13,313,523		6,468,311
Other partners	5,519,251		3,042,332		6,704,735
	11,587,361		16,355,855		13,173,046
	$	71,891,585	$	68,261,931	$	57,402,269

F-199

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 25		Series 26		Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	50,986,027	$	76,116,057	$	64,661,361
Construction in progress	—		—		—
Land	3,701,408		5,310,128		6,005,394
Other assets	7,240,703		8,766,996		6,551,474
	$	61,928,138	$	90,193,181	$	77,218,229
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	35,639,219	$	59,376,322	$	50,396,427
Accounts payable and accrued expenses	2,015,152		1,752,063		1,155,019
Other liabilities	7,037,612		4,854,125		6,527,131
	44,691,983		65,982,510		58,078,577
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	11,678,250		20,511,630		12,137,710
Other partners	5,557,905		3,699,041		7,001,942
	17,236,155		24,210,671		19,139,652
	$	61,928,138	$	90,193,181	$	77,218,229

F-200

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 28		Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	65,374,561	$	52,570,088	$	46,781,537
Construction in progress	—		—		—
Land	5,523,586		2,841,806		2,658,139
Other assets	5,414,609		6,486,955		4,058,648
	$	76,312,756	$	61,898,849	$	53,498,324
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	43,787,242	$	39,556,712	$	29,336,677
Accounts payable and accrued expenses	1,776,921		1,749,622		1,437,682
Other liabilities	3,058,016		3,802,926		4,231,877
	48,622,179		45,109,260		35,006,236
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	21,170,881		15,680,449		13,865,860
Other partners	6,519,696		1,109,140		4,626,228
	27,690,577		16,789,589		18,492,088
	$	76,312,756	$	61,898,849	$	53,498,324

F-201

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 31			Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	69,913,592		$	70,376,444	$	58,830,811
Construction in progress	—			—		—
Land	4,509,212			4,333,042		5,245,180
Other assets	8,171,235			5,914,818		3,688,274
	$	82,594,039		$	80,624,304	$	67,764,265
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	53,027,849		$	43,781,745	$	35,550,007
Accounts payable and accrued expenses	1,444,672			1,363,800		1,140,131
Other liabilities	6,579,779			6,123,815		2,912,698
	61,052,300			51,269,360		39,602,836
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	21,797,819			22,329,654		13,816,647
Other partners	(256,080		)	7,025,290		14,344,782
	21,541,739			29,354,944		28,161,429
	$	82,594,039		$	80,624,304	$	67,764,265

F-202

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 34		Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	63,594,885	$	52,800,589	$	47,875,412
Construction in progress	—		—		—
Land	5,358,490		3,734,936		2,883,167
Other assets	4,758,828		3,991,316		3,305,795
	$	73,712,203	$	60,526,841	$	54,064,374
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	45,966,405	$	27,753,457	$	34,211,311
Accounts payable and accrued expenses	1,446,156		914,965		899,453
Other liabilities	4,700,051		6,722,005		3,443,327
	52,112,612		35,390,427		38,554,091
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	18,156,499		17,099,753		10,369,906
Other partners	3,443,092		8,036,661		5,140,377
	21,599,591		25,136,414		15,510,283
	$	73,712,203	$	60,526,841	$	54,064,374

F-203

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 37		Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	48,419,657	$	37,368,214	$	32,105,376
Construction in progress	—		—		—
Land	2,423,561		2,253,007		1,909,789
Other assets	3,454,711		1,864,328		1,482,802
	$	54,297,929	$	41,485,549	$	35,497,967
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	30,585,562	$	18,312,277	$	14,180,904
Accounts payable and accrued expenses	984,799		557,441		423,930
Other liabilities	2,552,954		1,710,794		1,644,887
	34,123,315		20,580,512		16,249,721
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	14,654,275		14,344,003		12,749,221
Other partners	5,520,339		6,561,034		6,499,025
	20,174,614		20,905,037		19,248,246
	$	54,297,929	$	41,485,549	$	35,497,967

F-204

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	74,557,352	$	113,221,701	$	83,485,599
Construction in progress	—		—		—
Land	5,081,041		11,710,484		7,474,107
Other assets	3,111,287		7,222,422		7,322,343
	$	82,749,680	$	132,154,607	$	98,282,049
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	49,674,047	$	93,183,723	$	56,689,237
Accounts payable and accrued expenses	858,620		1,399,470		1,315,462
Other liabilities	9,318,112		16,170,800		14,356,344
	59,850,779		110,753,993		72,361,043
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	15,723,765		12,982,080		15,701,645
Other partners	7,175,136		8,418,534		10,219,361
	22,898,901		21,400,614		25,921,006
	$	82,749,680	$	132,154,607	$	98,282,049

F-205

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 43		Series 44		Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	80,451,102	$	45,741,730	$	70,684,955
Construction in progress	—		—		9,870,895
Land	6,567,632		3,387,804		6,065,549
Other assets	6,768,018		4,314,770		4,861,322
	$	93,786,752	$	53,444,304	$	91,482,721
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	52,552,637	$	33,870,396	$	60,520,443
Accounts payable and accrued expenses	1,152,682		503,598		904,716
Other liabilities	12,677,040		5,914,673		6,349,505
	66,382,359		40,288,667		67,774,664
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	20,178,126		11,925,870		15,167,450
Other partners	7,226,267		1,229,767		8,540,607
	27,404,393		13,155,637		23,708,057
	$	93,786,752	$	53,444,304	$	91,482,721

F-206

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	35,860,172
Construction in progress	2,085,703
Land	2,086,064
Other assets	3,871,406
	$	43,903,345
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	24,879,674
Accounts payable and accrued expenses	355,304
Other liabilities	5,308,413
��
	30,543,391
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	12,338,589
Other partners	1,021,365
	13,359,954
	$	43,903,345

F-207

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20		Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,589,611,860	$	66,943,136	$	25,096,579
Construction in progress	15,372,231		—		—
Land	118,158,605		6,345,961		2,837,606
Other assets	130,128,546		5,929,117		2,267,217
	$	1,853,271,242	$	79,218,214	$	30,201,402
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	1,093,893,247	$	55,613,986	$	27,356,402
Accounts payable and accrued expenses	42,338,940		2,953,719		2,261,617
Other liabilities	160,167,255		6,611,447		4,891,830
	1,296,399,442		65,179,152		34,509,849
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	384,643,263		9,719,159		(5,496,065		)
Other partners	172,228,537		4,319,903		1,187,618
	556,871,800		14,039,062		(4,308,447		)
	$	1,853,271,242	$	79,218,214	$	30,201,402

F-208

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 22		Series 23		Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	65,300,031	$	62,088,310	$	50,214,904
Construction in progress	—		—		—
Land	4,242,201		3,957,131		3,941,855
Other assets	4,806,263		4,405,049		4,850,729
	$	74,348,495	$	70,450,490	$	59,007,488
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	52,023,234	$	41,778,217	$	38,518,116
Accounts payable and accrued expenses	3,891,983		4,218,452		1,297,889
Other liabilities	3,444,821		5,286,103		4,359,294
	59,360,038		51,282,772		44,175,299
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	7,423,714		14,748,242		7,408,778
Other partners	7,564,743		4,419,476		7,423,411
	14,988,457		19,167,718		14,832,189
	$	74,348,495	$	70,450,490	$	59,007,488

F-209

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 25		Series 26		Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	53,068,122	$	79,013,403	$	66,989,834
Construction in progress	—		—		—
Land	3,701,408		5,310,128		6,005,394
Other assets	6,533,291		8,093,711		6,372,008
	$	63,302,821	$	92,417,242	$	79,367,236
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	36,087,397	$	60,186,091	$	51,297,566
Accounts payable and accrued expenses	2,213,777		1,667,962		980,877
Other liabilities	6,769,557		4,425,300		6,629,041
	45,070,731		66,279,353		58,907,484
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	12,540,089		22,000,503		12,890,420
Other partners	5,692,001		4,137,386		7,569,332
	18,232,090		26,137,889		20,459,752
	$	63,302,821	$	92,417,242	$	79,367,236

F-210

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 28		Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	68,065,123	$	59,532,012	$	48,534,592
Construction in progress	—		—		—
Land	5,523,586		2,841,806		2,658,139
Other assets	5,065,254		4,368,158		3,765,861
	$	78,653,963	$	66,741,976	$	54,958,592
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	42,846,717	$	39,818,909	$	29,691,711
Accounts payable and accrued expenses	2,702,212		1,525,104		953,296
Other liabilities	3,146,675		3,750,269		3,923,303
	48,695,604		45,094,282		34,568,310
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	22,764,722		20,486,898		15,194,326
Other partners	7,193,637		1,160,796		5,195,956
	29,958,359		21,647,694		20,390,282
	$	78,653,963	$	66,741,976	$	54,958,592

F-211

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 31		Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	72,609,770	$	73,457,704	$	61,300,164
Construction in progress	—		—		—
Land	4,509,212		4,333,042		5,245,180
Other assets	7,713,341		5,099,857		3,721,416
	$	84,832,323	$	82,890,603	$	70,266,760
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	53,180,088	$	44,215,656	$	35,947,653
Accounts payable and accrued expenses	1,559,822		1,243,675		896,949
Other liabilities	6,324,596		5,739,543		3,202,856
	61,064,506		51,198,874		40,047,458
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	23,735,300		24,338,533		14,719,316
Other partners	32,517		7,353,196		15,499,986
	23,767,817		31,691,729		30,219,302
	$	84,832,323	$	82,890,603	$	70,266,760

F-212

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 34		Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	66,975,769	$	55,607,058	$	49,766,375
Construction in progress	—		—		—
Land	5,358,490		3,734,936		2,883,167
Other assets	4,211,758		3,212,805		2,909,078
	$	76,546,017	$	62,554,799	$	55,558,620
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	46,271,797	$	27,983,180	$	34,190,903
Accounts payable and accrued expenses	1,096,348		828,762		851,842
Other liabilities	4,671,506		6,760,893		3,391,537
	52,039,651		35,572,835		38,434,282
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	20,099,617		18,303,850		11,255,272
Other partners	4,406,749		8,678,114		5,869,066
	24,506,366		26,981,964		17,124,338
	$	76,546,017	$	62,554,799	$	55,558,620

F-213

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 37		Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	50,660,827	$	38,950,145	$	33,557,852
Construction in progress	—		—		—
Land	2,423,561		2,253,007		1,909,789
Other assets	3,195,908		1,816,479		1,462,057
	$	56,280,296	$	43,019,631	$	36,929,698
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	30,840,655	$	18,506,149	$	14,306,855
Accounts payable and accrued expenses	1,209,032		648,541		436,274
Other liabilities	2,431,464		1,657,851		1,685,801
	34,481,151		20,812,541		16,428,930
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	15,357,084		15,220,571		13,598,535
Other partners	6,442,061		6,986,519		6,902,233
	21,799,145		22,207,090		20,500,768
	$	56,280,296	$	43,019,631	$	36,929,698

F-214

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	77,348,928	$	119,685,764	$	74,656,047
Construction in progress	—		—		—
Land	5,081,041		11,710,484		5,557,777
Other assets	3,506,052		7,222,876		7,421,296
	$	85,936,021	$	138,619,124	$	87,635,120
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	50,108,317	$	84,764,677	$	45,192,660
Accounts payable and accrued expenses	1,201,059		1,910,204		1,314,341
Other liabilities	9,619,745		19,302,063		13,186,172
	60,929,121		105,976,944		59,693,173
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	16,579,114		16,649,457		15,989,827
Other partners	8,427,786		15,992,723		11,952,120
	25,006,900		32,642,180		27,941,947
	$	85,936,021	$	138,619,124	$	87,635,120

F-215

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 43		Series 44		Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	72,041,797	$	40,043,561	$	52,062,018
Construction in progress	4,686,939		3,721,010		5,362,719
Land	6,552,632		3,121,556		5,389,192
Other assets	7,966,890		4,323,173		7,055,562
	$	91,248,258	$	51,209,300	$	69,869,491
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	50,651,284	$	33,829,479	$	40,854,683
Accounts payable and accrued expenses	2,495,170		745,185		1,030,068
Other liabilities	15,051,614		5,216,779		7,380,964
	68,198,068		39,791,443		49,265,715
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	17,050,440		9,644,128		10,651,410
Other partners	5,999,750		1,773,729		9,952,366
	23,050,190		11,417,857		20,603,776
	$	91,248,258	$	51,209,300	$	69,869,491

F-216

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	6,042,035
Construction in progress	1,601,563
Land	730,324
Other assets	2,833,340
	$	11,207,262
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	7,830,865
Accounts payable and accrued expenses	204,780
Other liabilities	1,306,231
	9,341,876
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund IV L.P.	1,770,023
Other partners	95,363
	1,865,386
	$	11,207,262

F-217

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	208,018,639		$	12,301,305		$	5,389,189
Interest and other	11,217,902			1,052,558			116,709
	219,236,541			13,353,863			5,505,898
Expenses
Interest	65,215,364			3,918,486			1,967,702
Depreciation and amortization	70,503,754			3,597,561			920,468
Taxes and insurance	29,950,692			1,696,897			854,003
Repairs and maintenance	34,957,326			2,562,980			1,171,009
Operating expenses	67,615,459			3,772,400			2,301,147
Other expenses	8,375,290			300,014			120,972
	276,617,885			15,848,338			7,335,301
NET LOSS	$	(57,381,344	)	$	(2,494,475	)	$	(1,829,403	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(39,539,594	)	$	(1,288,444	)	$	(1,645,494	)
Net loss allocated to other partners	$	(17,841,750	)	$	(1,206,031	)	$	(183,909	)

*Amounts include $211,180, $1,236,295, $469,201, $21,337, $200,485, $324,649, $189,760, $178,124, $1,063,313, $43,274, $85,631, $180,859 and $142,878 for Series 20, 21, 22, 23, 24, 25, 26, 27, 29, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-218

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	9,301,262		$	8,569,976		$	9,092,682
Interest and other	609,124			458,561			153,157
	9,910,386			9,028,537			9,245,839
Expenses
Interest	3,082,071			2,693,999			2,111,235
Depreciation and amortization	2,856,520			2,379,167			2,447,276
Taxes and insurance	1,486,349			1,346,984			1,346,357
Repairs and maintenance	2,271,805			1,781,620			1,774,518
Operating expenses	3,275,147			3,332,952			2,922,863
Other expenses	241,956			256,537			123,382
	13,213,848			11,791,259			10,725,631
NET LOSS	$	(3,303,462	)	$	(2,762,722	)	$	(1,479,792	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,344,442	)	$	(1,427,364	)	$	(921,262	)
Net income (loss) allocated to other partners	$	(1,959,020	)	$	(1,335,358	)	$	(558,530	)

*Amounts include $211,180, $1,236,295, $469,201, $21,337, $200,485, $324,649, $189,760, $178,124, $1,063,313, $43,274, $85,631, $180,859 and $142,878 for Series 20, 21, 22, 23, 24, 25, 26, 27, 29, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-219

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	11,929,284		$	10,796,426		$	9,212,700
Interest and other	207,024			431,501			328,148
	12,136,308			11,227,927			9,540,848
Expenses
Interest	2,346,845			2,634,289			2,974,085
Depreciation and amortization	2,708,405			3,182,227			2,769,721
Taxes and insurance	1,620,349			1,872,195			1,293,968
Repairs and maintenance	2,417,200			1,724,309			1,034,543
Operating expenses	3,931,962			3,329,589			2,355,151
Other expenses	78,200			288,591			304,119
	13,102,961			13,031,200			10,731,587
NET LOSS	$	(966,653	)	$	(1,803,273	)	$	(1,190,739	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(844,351	)	$	(1,459,920	)	$	(743,525	)
Net loss allocated to other partners	$	(122,302	)	$	(343,353	)	$	(447,214	)

*Amounts include $211,180, $1,236,295, $469,201, $21,337, $200,485, $324,649, $189,760, $178,124, $1,063,313, $43,274, $85,631, $180,859 and $142,878 for Series 20, 21, 22, 23, 24, 25, 26, 27, 29, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-220

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	9,324,032		$	6,543,133		$	5,908,860
Interest and other	347,919			535,740			222,099
	9,671,951			7,078,873			6,130,959
Expenses
Interest	2,957,455			1,959,393			1,524,372
Depreciation and amortization	2,977,717			2,880,780			1,893,135
Taxes and insurance	1,222,409			1,107,273			911,510
Repairs and maintenance	1,552,599			834,526			1,052,917
Operating expenses	2,720,904			2,257,767			2,332,148
Other expenses	301,918			2,932,011			299,463
	11,733,002			11,971,750			8,013,545
NET LOSS	$	(2,061,051	)	$	(4,892,877	)	$	(1,882,586	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,561,585	)	$	(4,806,448	)	$	(1,318,364	)
Net loss allocated to other partners	$	(499,466	)	$	(86,429	)	$	(564,222	)

*Amounts include $211,180, $1,236,295, $469,201, $21,337, $200,485, $324,649, $189,760, $178,124, $1,063,313, $43,274, $85,631, $180,859 and $142,878 for Series 20, 21, 22, 23, 24, 25, 26, 27, 29, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-221

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	10,171,173		$	8,158,972		$	6,805,392
Interest and other	331,913			295,763			252,468
	10,503,086			8,454,735			7,057,860
Expenses
Interest	2,104,073			2,321,558			2,219,943
Depreciation and amortization	3,372,462			3,435,212			2,782,918
Taxes and insurance	1,612,653			1,496,203			1,155,478
Repairs and maintenance	1,586,338			1,186,214			958,807
Operating expenses	3,593,498			2,546,855			2,008,539
Other expenses	413,855			244,319			76,575
	12,682,879			11,230,361			9,202,260
NET LOSS	$	(2,179,793	)	$	(2,775,626	)	$	(2,144,400	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,942,262	)	$	(2,125,250	)	$	(900,536	)
Net loss allocated to other partners	$	(237,531	)	$	(650,376	)	$	(1,243,864	)

*Amounts include $211,180, $1,236,295, $469,201, $21,337, $200,485, $324,649, $189,760, $178,124, $1,063,313, $43,274, $85,631, $180,859 and $142,878 for Series 20, 21, 22, 23, 24, 25, 26, 27, 29, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-222

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	7,133,302		$	5,756,805		$	5,846,890
Interest and other	319,966			268,602			564,240
	7,453,268			6,025,407			6,411,130
Expenses
Interest	2,501,530			1,888,719			2,135,513
Depreciation and amortization	3,033,104			2,145,307			2,057,756
Taxes and insurance	1,200,176			928,318			710,905
Repairs and maintenance	1,035,898			881,064			1,025,630
Operating expenses	2,199,625			1,801,711			1,928,089
Other expenses	203,387			216,842			100,046
	10,173,720			7,861,961			7,957,939
NET LOSS	$	(2,720,452	)	$	(1,836,554	)	$	(1,546,809	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(2,003,128	)	$	(1,202,299	)	$	(881,494	)
Net loss allocated to other partners	$	(717,324	)	$	(634,255	)	$	(665,315	)

*Amounts include $211,180, $1,236,295, $469,201, $21,337, $200,485, $324,649, $189,760, $178,124, $1,063,313, $43,274, $85,631, $180,859 and $142,878 for Series 20, 21, 22, 23, 24, 25, 26, 27, 29, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-223

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	5,701,690		$	4,003,893		$	3,067,801
Interest and other	518,105			203,191			178,691
	6,219,795			4,207,084			3,246,492
Expenses
Interest	1,573,690			1,219,243			883,877
Depreciation and amortization	2,304,390			1,611,055			1,476,198
Taxes and insurance	814,640			627,036			373,932
Repairs and maintenance	739,434			717,710			439,951
Operating expenses	1,812,307			1,216,512			1,221,828
Other expenses	67,824			65,286			104,212
	7,312,285			5,456,842			4,499,998
NET LOSS	$	(1,092,490	)	$	(1,249,758	)	$	(1,253,506	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(666,386	)	$	(875,622	)	$	(856,990	)
Net loss allocated to other partners	$	(426,104	)	$	(374,136	)	$	(396,516	)

*Amounts include $211,180, $1,236,295, $469,201, $21,337, $200,485, $324,649, $189,760, $178,124, $1,063,313, $43,274, $85,631, $180,859 and $142,878 for Series 20, 21, 22, 23, 24, 25, 26, 27, 29, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-224

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	7,885,676		$	13,615,599		$	9,715,216
Interest and other	737,058			808,219			575,125
	8,622,734			14,423,818			10,290,341
Expenses
Interest	3,213,516			5,932,695			3,731,620
Depreciation and amortization	2,911,005			4,851,854			3,400,710
Taxes and insurance	1,036,212			1,565,554			1,143,022
Repairs and maintenance	1,171,645			2,141,159			1,577,590
Operating expenses	2,129,473			3,880,592			2,991,035
Other expenses	140,818			319,545			213,970
	10,602,669			18,691,399			13,057,947
NET LOSS	$	(1,979,935	)	$	(4,267,581	)	$	(2,767,606	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(924,404	)	$	(4,302,226	)	$	(1,150,391	)
Net loss allocated to other partners	$	(1,055,531	)	$	34,645		$	(1,617,215	)

*Amounts include $211,180, $1,236,295, $469,201, $21,337, $200,485, $324,649, $189,760, $178,124, $1,063,313, $43,274, $85,631, $180,859 and $142,878 for Series 20, 21, 22, 23, 24, 25, 26, 27, 29, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-225

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	7,540,993		$	5,008,683		$	6,983,665
Interest and other	735,304			255,354			676,499
	8,276,297			5,264,037			7,660,164
Expenses
Interest	2,901,617			1,761,670			2,001,049
Depreciation and amortization	3,282,051			1,851,874			2,855,530
Taxes and insurance	853,679			517,461			873,409
Repairs and maintenance	1,220,868			673,540			1,100,052
Operating expenses	2,931,453			1,691,039			2,365,720
Other expenses	339,010			252,874			235,903
	11,528,678			6,748,458			9,431,663
NET LOSS	$	(3,252,381	)	$	(1,484,421	)	$	(1,771,499	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(2,028,092	)	$	(866,298	)	$	(1,067,071	)
Net loss allocated to other partners	$	(1,224,289	)	$	(618,123	)	$	(704,428	)

*Amounts include $211,180, $1,236,295, $469,201, $21,337, $200,485, $324,649, $189,760, $178,124, $1,063,313, $43,274, $85,631, $180,859 and $142,878 for Series 20, 21, 22, 23, 24, 25, 26, 27, 29, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-226

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	2,254,040
Interest and other	34,864
	2,288,904
Expenses
Interest	655,119
Depreciation and amortization	519,351
Taxes and insurance	283,720
Repairs and maintenance	323,400
Operating expenses	765,153
Other expenses	133,661
	2,680,404
NET LOSS	$	(391,500	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(385,946	)
Net loss allocated to other partners	$	(5,554	)

*Amounts include $211,180, $1,236,295, $469,201, $21,337, $200,485, $324,649, $189,760, $178,124, $1,063,313, $43,274, $85,631, $180,859 and $142,878 for Series 20, 21, 22, 23, 24, 25, 26, 27, 29, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-227

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2003 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	193,259,931		$	12,303,905		$	5,021,702
Interest and other	9,415,483			702,801			92,273
	202,675,414			13,006,706			5,113,975
Expenses
Interest	63,825,849			4,019,418			1,986,206
Depreciation and amortization	66,544,933			3,568,167			919,244
Taxes and insurance	28,702,536			1,708,500			795,988
Repairs and maintenance	30,510,189			2,462,365			1,121,422
Operating expenses	61,066,483			3,631,931			1,757,589
Other expenses	5,286,538			200,603			104,691
	255,936,528			15,590,984			6,685,140
NET LOSS	$	(53,261,114	)	$	(2,584,278	)	$	(1,571,165	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(34,045,116	)	$	(1,872,487	)	$	(1,418,365	)
Net loss allocated to other partners	$	(19,215,998	)	$	(711,791	)	$	(152,800	)

*Amounts include $163,357, $679,706, $200,281, $27,231, $109,967, $446,181, $76,231, $264,175, $40,695, $47,692, $147,671 and $3,078 for Series 20, 21, 22, 23, 24, 25, 26, 27, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-228

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2003 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	9,413,557		$	8,407,910		$	8,464,182
Interest and other	715,965			578,314			825,582
	10,129,522			8,986,224			9,289,764
Expenses
Interest	3,118,999			2,789,476			2,249,953
Depreciation and amortization	2,777,872			2,405,238			2,522,106
Taxes and insurance	1,518,910			1,322,195			1,230,903
Repairs and maintenance	1,925,557			1,584,427			1,568,220
Operating expenses	3,024,184			3,031,035			2,442,743
Other expenses	412,703			221,887			156,033
	12,778,225			11,354,258			10,169,958
NET LOSS	$	(2,648,703	)	$	(2,368,034	)	$	(880,194	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,386,422	)	$	(1,354,020	)	$	(797,561	)
Net income (loss) allocated to other partners	$	(1,262,281	)	$	(1,014,014	)	$	(82,633	)

*Amounts include $163,357, $679,706, $200,281, $27,231, $109,967, $446,181, $76,231, $264,175, $40,695, $47,692, $147,671 and $3,078 for Series 20, 21, 22, 23, 24, 25, 26, 27, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-229

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2003 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	11,140,501		$	10,659,375		$	9,015,583
Interest and other	263,802			556,754			319,608
	11,404,303			11,216,129			9,335,191
Expenses
Interest	2,557,397			2,710,505			3,089,716
Depreciation and amortization	2,711,954			3,244,358			2,567,466
Taxes and insurance	1,630,653			1,768,772			1,161,734
Repairs and maintenance	2,381,452			1,716,310			1,126,958
Operating expenses	3,477,247			3,164,108			2,196,267
Other expenses	122,177			275,938			264,719
	12,880,880			12,879,991			10,406,860
NET LOSS	$	(1,476,577	)	$	(1,663,862	)	$	(1,071,669	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,283,881	)	$	(1,408,910	)	$	(868,921	)
Net loss allocated to other partners	$	(192,696	)	$	(254,952	)	$	(202,748	)

*Amounts include $163,357, $679,706, $200,281, $27,231, $109,967, $446,181, $76,231, $264,175, $40,695, $47,692, $147,671 and $3,078 for Series 20, 21, 22, 23, 24, 25, 26, 27, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-230

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2003 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	9,192,308		$	6,996,473		$	6,157,457
Interest and other	216,866			272,096			221,348
	9,409,174			7,268,569			6,378,805
Expenses
Interest	2,874,073			1,965,974			1,596,330
Depreciation and amortization	3,018,124			2,650,050			1,937,968
Taxes and insurance	1,255,416			1,088,512			924,619
Repairs and maintenance	1,428,991			815,397			924,485
Operating expenses	2,704,175			2,332,226			2,238,230
Other expenses	113,870			188,797			262,956
	11,394,649			9,040,956			7,884,588
NET LOSS	$	(1,985,475	)	$	(1,772,387	)	$	(1,505,783	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,408,334	)	$	(1,722,156	)	$	(1,092,908	)
Net loss allocated to other partners	$	(577,141	)	$	(50,231	)	$	(412,875	)

*Amounts include $163,357, $679,706, $200,281, $27,231, $109,967, $446,181, $76,231, $264,175, $40,695, $47,692, $147,671 and $3,078 for Series 20, 21, 22, 23, 24, 25, 26, 27, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-231

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2003 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	9,970,491		$	8,042,130		$	6,918,149
Interest and other	282,673			337,282			264,888
	10,253,164			8,379,412			7,183,037
Expenses
Interest	2,046,035			2,266,637			2,283,594
Depreciation and amortization	3,248,833			3,493,730			2,831,424
Taxes and insurance	1,580,752			1,422,416			1,093,149
Repairs and maintenance	1,571,337			1,035,955			850,789
Operating expenses	3,242,143			2,474,575			1,872,693
Other expenses	480,739			246,650			76,121
	12,169,839			10,939,963			9,007,770
NET LOSS	$	(1,916,675	)	$	(2,560,551	)	$	(1,824,733	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,884,623	)	$	(1,995,346	)	$	(824,241	)
Net loss allocated to other partners	$	(32,052	)	$	(565,205	)	$	(1,000,492	)

*Amounts include $163,357, $679,706, $200,281, $27,231, $109,967, $446,181, $76,231, $264,175, $40,695, $47,692, $147,671 and $3,078 for Series 20, 21, 22, 23, 24, 25, 26, 27, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-232

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2003 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	7,424,248		$	5,775,071		$	5,643,147
Interest and other	420,010			362,487			492,981
	7,844,258			6,137,558			6,136,128
Expenses
Interest	2,447,678			1,805,734			2,335,228
Depreciation and amortization	3,090,341			2,215,964			2,049,983
Taxes and insurance	1,200,656			927,232			808,303
Repairs and maintenance	944,509			865,391			989,314
Operating expenses	2,059,590			1,700,199			1,910,557
Other expenses	118,468			148,174			135,979
	9,861,242			7,662,694			8,229,364
NET LOSS	$	(2,016,984	)	$	(1,525,136	)	$	(2,093,236	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,572,623	)	$	(1,116,553	)	$	(1,102,744	)
Net loss allocated to other partners	$	(444,361	)	$	(408,583	)	$	(990,492	)

*Amounts include $163,357, $679,706, $200,281, $27,231, $109,967, $446,181, $76,231, $264,175, $40,695, $47,692, $147,671 and $3,078 for Series 20, 21, 22, 23, 24, 25, 26, 27, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-233

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2003 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	5,611,289		$	3,961,438		$	3,081,678
Interest and other	139,220			132,272			115,270
	5,750,509			4,093,710			3,196,948
Expenses
Interest	1,479,116			1,215,309			892,650
Depreciation and amortization	2,306,070			1,768,419			1,547,143
Taxes and insurance	873,081			557,397			548,275
Repairs and maintenance	628,199			612,488			414,623
Operating expenses	1,776,745			1,260,230			1,229,834
Other expenses	57,288			100,099			143,458
	7,120,499			5,513,942			4,775,983
NET LOSS	$	(1,369,990	)	$	(1,420,232	)	$	(1,579,035	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(901,089	)	$	(960,018	)	$	(1,120,343	)
Net loss allocated to other partners	$	(468,901	)	$	(460,214	)	$	(458,692	)

*Amounts include $163,357, $679,706, $200,281, $27,231, $109,967, $446,181, $76,231, $264,175, $40,695, $47,692, $147,671 and $3,078 for Series 20, 21, 22, 23, 24, 25, 26, 27, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-234

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2003 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	7,724,711		$	12,759,963		$	7,535,858
Interest and other	309,358			633,653			294,082
	8,034,069			13,393,616			7,829,940
Expenses
Interest	3,367,859			6,035,976			3,076,528
Depreciation and amortization	2,939,012			4,756,280			2,792,146
Taxes and insurance	1,048,978			1,718,625			810,748
Repairs and maintenance	737,532			1,905,114			1,173,933
Operating expenses	1,973,525			3,662,988			2,597,670
Other expenses	102,621			289,517			190,564
	10,169,527			18,368,500			10,641,589
NET LOSS	$	(2,135,458	)	$	(4,974,884	)	$	(2,811,649	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(864,601	)	$	(1,732,129	)	$	(1,617,204	)
Net loss allocated to other partners	$	(1,270,857	)	$	(3,242,755	)	$	(1,194,445	)

*Amounts include $163,357, $679,706, $200,281, $27,231, $109,967, $446,181, $76,231, $264,175, $40,695, $47,692, $147,671 and $3,078 for Series 20, 21, 22, 23, 24, 25, 26, 27, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-235

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2003 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	5,176,352		$	2,839,623		$	3,585,984
Interest and other	219,440			468,527			169,135
	5,395,792			3,308,150			3,755,119
Expenses
Interest	2,808,152			1,359,574			1,286,000
Depreciation and amortization	2,305,442			1,286,928			1,530,800
Taxes and insurance	697,814			369,608			574,553
Repairs and maintenance	773,851			420,430			460,296
Operating expenses	2,542,078			1,471,443			1,122,428
Other expenses	288,859			530,781			52,807
	9,416,196			5,438,764			5,026,884
NET LOSS	$	(4,020,404	)	$	(2,130,614	)	$	(1,271,765	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(2,285,966	)	$	(1,113,620	)	$	(258,419	)
Net loss allocated to other partners	$	(1,734,438	)	$	(1,016,994	)	$	(1,013,346	)

*Amounts include $163,357, $679,706, $200,281, $27,231, $109,967, $446,181, $76,231, $264,175, $40,695, $47,692, $147,671 and $3,078 for Series 20, 21, 22, 23, 24, 25, 26, 27, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-236

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2003 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2003 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	436,846
Interest and other	8,796
	445,642
Expenses
Interest	161,732
Depreciation and amortization	59,871
Taxes and insurance	64,747
Repairs and maintenance	70,844
Operating expenses	170,050
Other expenses	39
	527,283
NET LOSS	$	(81,641	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(81,632	)
Net loss allocated to other partners	$	(9	)

*Amounts include $163,357, $679,706, $200,281, $27,231, $109,967, $446,181, $76,231, $264,175, $40,695, $47,692, $147,671 and $3,078 for Series 20, 21, 22, 23, 24, 25, 26, 27, 31, 32, 36 and 41, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-237

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2002 for operating limited partnerships in which Series 20 through Series 43 had an interest as of December 31, 2002 are as follows (Series 44 invested in operating limited partnerships subsequent to December 31, 2002):

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	159,657,657		$	11,875,880		$	5,191,301
Interest and other	11,991,803			884,867			179,797
	171,649,460			12,760,747			5,371,098
Expenses
Interest	52,642,294			4,004,170			1,972,676
Depreciation and amortization	57,582,248			3,649,676			927,204
Taxes and insurance	24,334,714			1,727,929			731,811
Repairs and maintenance	25,529,365			2,512,591			1,171,291
Operating expenses	50,883,653			3,448,337			1,594,189
Other expenses	4,709,802			181,316			132,083
	215,682,076			15,524,019			6,529,254
NET LOSS	$	(44,032,616	)	$	(2,763,272	)	$	(1,158,156	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(28,300,735	)	$	(2,139,319	)	$	(1,043,573	)
Net loss allocated to other partners	$	(15,731,881	)	$	(623,953	)	$	(114,583	)

*Amounts include $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and $84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-238

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2002 for operating limited partnerships in which Series 20 through Series 43 had an interest as of December 31, 2002 are as follows (Series 44 invested in operating limited partnerships subsequent to December 31, 2002):

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	9,101,750		$	8,265,969		$	8,030,634
Interest and other	667,058			406,342			2,277,606
	9,768,808			8,672,311			10,308,240
Expenses
Interest	2,893,491			2,734,917			2,656,741
Depreciation and amortization	2,816,716			2,434,323			2,517,117
Taxes and insurance	1,443,086			1,332,880			1,198,374
Repairs and maintenance	1,857,612			1,579,772			1,234,854
Operating expenses	2,893,929			2,670,273			2,550,939
Other expenses	366,827			276,039			177,688
	12,271,661			11,028,204			10,335,713
NET LOSS	$	(2,502,853	)	$	(2,355,893	)	$	(27,473	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,285,468	)	$	(1,347,032	)	$	(145,447	)
Net income (loss) allocated to other partners	$	(1,217,385	)	$	(1,008,861	)	$	117,974

*Amounts include $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and $84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-239

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2002 for operating limited partnerships in which Series 20 through Series 43 had an interest as of December 31, 2002 are as follows (Series 44 invested in operating limited partnerships subsequent to December 31, 2002):

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	10,275,291		$	10,177,213		$	8,771,639
Interest and other	1,188,355			1,226,006			263,322
	11,463,646			11,403,219			9,034,961
Expenses
Interest	2,919,200			2,737,264			3,265,331
Depreciation and amortization	2,739,574			3,308,517			2,589,974
Taxes and insurance	1,388,435			1,687,688			1,128,860
Repairs and maintenance	2,112,745			1,582,311			997,516
Operating expenses	3,264,286			3,238,445			2,189,846
Other expenses	251,719			260,750			243,361
	12,675,959			12,814,975			10,414,888
NET LOSS	$	(1,212,313	)	$	(1,411,756	)	$	(1,379,927	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,121,397	)	$	(1,157,861	)	$	(917,180	)
Net loss allocated to other partners	$	(90,916	)	$	(253,895	)	$	(462,747	)

*Amounts include $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and $84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-240

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2002 for operating limited partnerships in which Series 20 through Series 43 had an interest as of December 31, 2002 are as follows (Series 44 invested in operating limited partnerships subsequent to December 31, 2002):

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	8,486,736		$	6,916,360		$	6,093,622
Interest and other	206,739			254,894			232,249
	8,693,475			7,171,254			6,325,871
Expenses
Interest	2,585,777			2,016,026			1,651,323
Depreciation and amortization	3,058,539			2,660,961			1,932,302
Taxes and insurance	1,129,167			1,058,777			879,856
Repairs and maintenance	1,235,518			944,152			974,599
Operating expenses	2,574,230			2,108,889			2,065,548
Other expenses	62,127			216,579			302,038
	10,645,358			9,005,384			7,805,666
NET LOSS	$	(1,951,883	)	$	(1,834,130	)	$	(1,479,795	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,131,178	)	$	(1,671,213	)	$	(1,158,391	)
Net loss allocated to other partners	$	(820,705	)	$	(162,917	)	$	(321,404	)

*Amounts include $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and $84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-241

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2002 for operating limited partnerships in which Series 20 through Series 43 had an interest as of December 31, 2002 are as follows (Series 44 invested in operating limited partnerships subsequent to December 31, 2002):

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	9,511,763		$	7,838,059		$	6,671,896
Interest and other	365,343			347,191			281,177
	9,877,106			8,185,250			6,953,073
Expenses
Interest	2,190,584			2,332,271			2,452,538
Depreciation and amortization	3,267,440			3,520,220			2,860,373
Taxes and insurance	1,527,741			1,334,762			1,022,065
Repairs and maintenance	1,447,899			1,116,747			826,282
Operating expenses	3,137,043			2,224,261			1,724,977
Other expenses	369,390			232,666			96,445
	11,940,097			10,760,927			8,982,680
NET LOSS	$	(2,062,991	)	$	(2,575,677	)	$	(2,029,607	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(2,057,441	)	$	(1,978,906	)	$	(892,301	)
Net loss allocated to other partners	$	(5,550	)	$	(596,771	)	$	(1,137,306	)

*Amounts include $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and $84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-242

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2002 for operating limited partnerships in which Series 20 through Series 43 had an interest as of December 31, 2002 are as follows (Series 44 invested in operating limited partnerships subsequent to December 31, 2002):

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	7,346,400		$	5,478,443		$	5,470,468
Interest and other	445,961			653,548			601,614
	7,792,361			6,131,991			6,072,082
Expenses
Interest	2,571,682			1,703,764			2,146,344
Depreciation and amortization	3,107,186			2,200,417			2,102,933
Taxes and insurance	1,135,143			860,745			706,599
Repairs and maintenance	955,051			742,081			979,200
Operating expenses	2,033,084			1,848,842			1,836,621
Other expenses	113,280			485,790			96,246
	9,915,426			7,841,639			7,867,943
NET LOSS	$	(2,123,065	)	$	(1,709,648	)	$	(1,795,861	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,610,062	)	$	(1,198,689	)	$	(982,302	)
Net loss allocated to other partners	$	(513,003	)	$	(510,959	)	$	(813,559	)

*Amounts include $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and $84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-243

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2002 for operating limited partnerships in which Series 20 through Series 43 had an interest as of December 31, 2002 are as follows (Series 44 invested in operating limited partnerships subsequent to December 31, 2002):

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	5,031,297		$	3,629,047		$	2,667,994
Interest and other	206,123			87,921			123,888
	5,237,420			3,716,968			2,791,882
Expenses
Interest	1,495,327			998,016			689,415
Depreciation and amortization	2,374,926			1,727,277			1,623,446
Taxes and insurance	785,869			557,976			461,375
Repairs and maintenance	608,312			475,393			300,498
Operating expenses	1,771,196			1,335,337			1,092,425
Other expenses	107,696			67,696			238,214
	7,143,326			5,161,695			4,405,373
NET LOSS	$	(1,905,906	)	$	(1,444,727	)	$	(1,613,491	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,337,643	)	$	(892,478	)	$	(1,093,075	)
Net loss allocated to other partners	$	(568,263	)	$	(552,249	)	$	(520,416	)

*Amounts include $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and $84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-244

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2002 for operating limited partnerships in which Series 20 through Series 43 had an interest as of December 31, 2002 are as follows (Series 44 invested in operating limited partnerships subsequent to December 31, 2002):

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	5,401,479		$	3,865,359		$	1,924,942
Interest and other	293,117			342,820			96,908
	5,694,596			4,208,179			2,021,850
Expenses
Interest	2,570,774			2,127,638			841,461
Depreciation and amortization	2,542,183			2,326,576			767,987
Taxes and insurance	941,898			820,093			230,567
Repairs and maintenance	704,363			596,930			286,010
Operating expenses	1,981,469			1,940,501			759,601
Other expenses	103,478			129,535			123,749
	8,844,165			7,941,273			3,009,375
NET LOSS	$	(3,149,569	)	$	(3,733,094	)	$	(987,525	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(986,508	)	$	(1,443,650	)	$	(404,748	)
Net loss allocated to other partners	$	(2,163,061	)	$	(2,289,444	)	$	(582,777	)

*Amounts include $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and $84,382 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-245

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2002 for operating limited partnerships in which Series 20 through Series 43 had an interest as of December 31, 2002 are as follows (Series 44 invested in operating limited partnerships subsequent to December 31, 2002):

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43
Revenue
Rent	$	1,634,115
Interest and other	358,957
	1,993,072
Expenses
Interest	1,085,564
Depreciation and amortization	526,381
Taxes and insurance	243,018
Repairs and maintenance	287,638
Operating expenses	599,385
Other expenses	75,090
	2,817,076
NET LOSS	$	(824,004	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(304,873	)
Net loss allocated to other partners	$	(519,131	)

*Amounts include $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and $84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-246

NOTE D - NOTES RECEIVABLE

Notes receivable at March 31, 2005 and 2004 consist of advance installments $4,919,220 and $8,182,738, respectively, of capital contributions to operating limited partnerships.  The notes are comprised of noninterest bearing and interest bearing notes with rates ranging from prime to prime + 1%.  Prime was 5.75% and 4.00% as of March 31, 2005 and 2004, respectively.  These notes will be applied against future payments of capital contributions or paid upon demand.  The carrying value of the notes receivable at March 31, 2005 and 2004 approximates fair value.  The notes at March 31, 2005 and 2004 by series are as follows:

	2005		2004
Series 20	$	—	$	—
Series 21	457,639		457,639
Series 22	450,981		450,981
Series 23	—		—
Series 24	155,478		155,478
Series 25	—		—
Series 26	135,822		135,822
Series 27	—		—
Series 28	350,913		605,000
Series 29	20,935		20,935
Series 30	51,842		273,842
Series 31	641,362		655,675
Series 32	129,908		536,581
Series 33	58,877		74,696
Series 34	3,547		3,547
Series 35	322,784		322,784
Series 36	322,784		322,784
Series 37	122,562		155,490
Series 38	—		—
Series 39	—		—
Series 40	—		—
Series 41	—		50,000
Series 42	591,011		1,065,305
Series 43	1,102,775		1,317,945
Series 44	—		747,691
Series 45	—		830,543
Series 46	—		—
	$	4,919,220	$	8,182,738

F-247

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	(79,815,141	)	$	(3,083,177	)	$	(976,644	)
Operating limited partnership rents received in advance	346,045			16,299			38
Partnership fund management fee	4,434,551			(750,180		)	200,840
Other	3,935,268			(443,617		)	397,765
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(4,471,072		)	(335,266		)	(1,236,295		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(7,876,753		)	213,469			(223,400		)
Impairment loss not recognized for tax purposes	36,127,368			1,627,527			322,225
Difference due to fiscal year for book purposes and calendar year for tax purposes	(325,032		)	(261,694		)	(1,114		)
Income (loss) for tax return purposes, December 31, 2004	$	(47,644,766	)	$	(3,016,639	)	$	(1,516,585	)

F-248

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	(4,469,581	)	$	(5,725,483	)	$	(2,435,902	)
Operating limited partnership rents received in advance	(17,517		)	1,159			8,817
Partnership fund management fee	209,592			240,264			225,840
Other	263,990			258,882			185,895
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(469,201		)	(21,337		)	(200,485		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(176,849		)	(329,489		)	(127,250		)
Impairment loss not recognized for tax purposes	3,307,138			4,045,618			1,461,411
Difference due to fiscal year for book purposes and calendar year for tax purposes	755			13,164			15,604
Income (loss) for tax return purposes, December 31, 2004	$	(1,351,673	)	$	(1,517,222	)	$	(866,070	)

F-249

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(2,599,663	)	$	(5,623,588	)	$	(2,241,006	)
Operating limited partnership rents received in advance	15,536			4,879			8,341
Partnership fund management fee	272,676			335,754			215,204
Other	(550,420		)	52,119			30,210
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(324,649		)	(189,760		)	(178,124		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(190,353		)	(496,202		)	(513,249		)
Impairment loss not recognized for tax purposes	1,884,342			3,887,714			1,329,625
Difference due to fiscal year for book purposes and calendar year for tax purposes	(99,792		)	54,727			(91,320		)
Income (loss) for tax return purposes, December 31, 2004	$	(1,592,323	)	$	(1,974,357	)	$	(1,440,319	)

F-250

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(4,547,831	)	$	(5,923,465	)	$	(3,119,175	)
Operating limited partnership rents received in advance	7,877			33,539			2,024
Partnership fund management fee	—			287,980			220,920
Other	201,506			2,899,837			66,086
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			(1,063,313		)	—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(288,923		)	(252,550		)	(199,783		)
Impairment loss not recognized for tax purposes	2,671,850			1,835,208			1,535,995
Difference due to fiscal year for book purposes and calendar year for tax purposes	44,379			57,773			18,352
Income (loss) for tax return purposes, December 31, 2004	$	(1,911,142	)	$	(2,124,991	)	$	(1,475,581	)

F-251

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	(5,478,385	)	$	(5,505,848	)	$	(1,899,660	)
Operating limited partnership rents received in advance	39,063			14,905			(7,309		)
Partnership fund management fee	—			331,572			173,964
Other	(103,697		)	(107,569		)	(57,417		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(43,274		)	(85,631		)	—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(507,201		)	(174,308		)	(165,601		)
Impairment loss not recognized for tax purposes	3,207,446			3,092,662			777,932
Difference due to fiscal year for book purposes and calendar year for tax purposes	65,406			17,853			13,593
Income (loss) for tax return purposes, December 31, 2004	$	(2,820,642	)	$	(2,416,364	)	$	(1,164,498	)

F-252

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	(4,711,184	)	$	(2,444,443	)	$	(1,389,889	)
Operating limited partnership rents received in advance	21,691			229			12,340
Partnership fund management fee	293,196			208,060			160,596
Other	171,164			35,885			375,439
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			—			(180,859		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(278,436		)	(299,493		)	(291,313		)
Impairment loss not recognized for tax purposes	2,354,965			890,742			420,059
Difference due to fiscal year for book purposes and calendar year for tax purposes	15,675			8,434			(8,140		)
Income (loss) for tax return purposes, December 31, 2004	$	(2,132,929	)	$	(1,600,586	)	$	(901,767	)

F-253

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(1,596,304	)	$	(1,546,835	)	$	(1,315,746	)
Operating limited partnership rents received in advance	84,698			25,145			42,236
Partnership fund management fee	204,865			164,400			136,800
Other	(702,242		)	64,288			5,130
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			—			—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(226,076		)	(282,996		)	(213,894		)
Impairment loss not recognized for tax purposes	606,030			398,536			205,047
Difference due to fiscal year for book purposes and calendar year for tax purposes	(4,009		)	(28,128		)	(9,755		)
Income (loss) for tax return purposes, December 31, 2004	$	(1,633,038	)	$	(1,205,590	)	$	(1,150,182	)

F-254

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(1,528,930	)	$	(4,583,407	)	$	(1,521,554	)
Operating limited partnership rents received in advance	(679		)	29,517			1,858
Partnership fund management fee	200,004			259,360			259,122
Other	(163,162		)	1,270,532			(299,168		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			(142,878		)	—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(259,440		)	(534,124		)	(318,175		)
Impairment loss not recognized for tax purposes	265,296			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(34,882		)	(29,419		)	39,146
Income (loss) for tax return purposes, December 31, 2004	$	(1,521,793	)	$	(3,730,419	)	$	(1,838,771	)

F-255

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(2,493,942	)	$	(1,113,681	)	$	(1,314,735	)
Operating limited partnership rents received in advance	193			(366		)	1,532
Partnership fund management fee	300,950			211,548			—
Other	116,474			(492,728		)	469,607
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			—			—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(794,532		)	(118,634		)	(294,120		)
Impairment loss not recognized for tax purposes	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(7,942		)	(39,910		)	(54,717		)
Income (loss) for tax return purposes, December 31, 2004	$	(2,878,799	)	$	(1,553,771	)	$	(1,192,433	)

F-256

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(625,083)
Operating limited partnership rents received in advance	—
Partnership fund management fee	71,224
Other	(9,521)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(533,831)
Impairment loss not recognized for tax purposes	—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(19,071		)
Income (loss) for tax return purposes, December 31, 2004	$	(1,116,282	)

F-257

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	(47,864,097	)	$	(2,481,376	)	$	(1,333,928	)
Operating limited partnership rents received in advance	(87,851		)	(2,836		)	6,241
Partnership fund management fee	5,542,514			—			—
Other	2,977,039			(111,559		)	918,802
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(2,109,881		)	(162,357		)	(679,706		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(8,128,273		)	(88,514		)	(255,113		)
Impairment loss not recognized for tax purposes	7,631,525			414,749			315,862
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	79,754			594,824			134,496
Income (loss) for tax return purposes, December 31, 2003	$	(41,959,270	)	$	(1,837,069	)	$	(893,346	)

F-258

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	(1,825,424	)	$	(2,378,745	)	$	(967,714	)
Operating limited partnership rents received in advance	5,617			(7,703		)	(8,863		)
Partnership fund management fee	368,242			225,840			254,591
Other	40,134			93,800			260,701
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(200,281		)	(27,231		)	(109,967		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(187,189		)	(419,093		)	(114,315		)
Impairment loss not recognized for tax purposes	342,983			770,873			55,652
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	90,607			85,809			(289,257		)
Income (loss) for tax return purposes, December 31, 2003	$	(1,365,311	)	$	(1,656,450	)	$	(919,172	)

F-259

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(1,564,406	)	$	(1,910,450	)	$	(1,076,184	)
Operating limited partnership rents received in advance	3,544			(7,400		)	(6,854		)
Partnership fund management fee	272,676			436,639			215,205
Other	240,141			38,613			(53,209		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(446,181		)	(76,231		)	(264,175		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(112,492		)	(501,424		)	(492,995		)
Impairment loss not recognized for tax purposes	414,773			152,937			130,435
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(263,931		)	(279,747		)	(152,782		)
Income (loss) for tax return purposes, December 31, 2003	$	(1,455,876	)	$	(2,147,063	)	$	(1,700,559	)

F-260

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(1,734,215	)	$	(3,277,673	)	$	(1,541,998	)
Operating limited partnership rents received in advance	(884		)	(26,584		)	(395		)
Partnership fund management fee	—			337,980			184,098
Other	265,486			159,254			(75,887		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			—			—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(344,594		)	(349,842		)	(250,588		)
Impairment loss not recognized for tax purposes	—			1,242,572			210,417
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(37,806		)	(148,858		)	(73,010		)
Income (loss) for tax return purposes, December 31, 2003	$	(1,852,013	)	$	(2,063,151	)	$	(1,547,363	)

F-261

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	(3,457,342	)	$	(3,466,460	)	$	(2,208,535	)
Operating limited partnership rents received in advance	(12,267		)	(9,671		)	(7,475		)
Partnership fund management fee	264,960			333,130			173,964
Other	(62,655		)	24,465			(52,762		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(40,695		)	47,692			—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(319,258		)	(185,332		)	(151,637		)
Impairment loss not recognized for tax purposes	1,210,401			1,155,289			1,155,289
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(76,506		)	(110,010		)	(52,972		)
Income (loss) for tax return purposes, December 31, 2003	$	(2,493,362	)	$	(2,210,897	)	$	(1,144,128	)

F-262

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	(1,986,784	)	$	(1,486,287	)	$	(1,216,341	)
Operating limited partnership rents received in advance	(13,696		)	(2,797		)	41,542
Partnership fund management fee	293,195			228,360			160,597
Other	75,632			(49,208		)	167,412
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			—			(147,671		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(235,784		)	(392,291		)	(320,508		)
Impairment loss not recognized for tax purposes	59,293			—			—
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(30,411		)	(152,609		)	(5,501		)
Income (loss) for tax return purposes, December 31, 2003	$	(1,838,555	)	$	(1,854,832	)	$	(1,320,470	)

F-263

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(1,213,997	)	$	(1,287,891	)	$	(1,400,093	)
Operating limited partnership rents received in advance	(1,519		)	(3,662		)	(15,807		)
Partnership fund management fee	204,873			164,401			136,800
Other	437,235			(11,023		)	67,548
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			—			—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(246,413		)	(364,648		)	(306,740		)
Impairment loss not recognized for tax purposes	—			—			—
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(18,945		)	(18,495		)	(4,386		)
Income (loss) for tax return purposes, December 31, 2003	$	(838,766	)	$	(1,521,318	)	$	(1,522,678	)

F-264

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(1,283,501	)	$	(2,189,363	)	$	(1,802,657	)
Operating limited partnership rents received in advance	2,777			185			(19,096		)
Partnership fund management fee	200,008			283,227			382,620
Other	(241,026		)	883,010			183,402
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			(3,078		)	—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(298,318		)	(545,475		)	(295,937		)
Impairment loss not recognized for tax purposes	—			—			—
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(13,870		)	(38,134		)	(219,790		)
Income (loss) for tax return purposes, December 31, 2003	$	(1,633,930	)	$	(1,609,628	)	$	(1,771,458	)

F-265

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:

		Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes		$	(2,679,274	)	$	(1,342,776	)	$	(544,382	)
Operating limited partnership rents received in advance		(248		)	—			—
Partnership fund management fee		298,470			110,223			—
Other		71,221			(158,326		)	(217,602		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		—			—			—
Excess of tax depreciation over book depreciation on operating limited partnership assets		(881,599		)	(83,721		)	(350,807		)
Impairment loss not recognized for tax purposes		—			—			—
Tax exempt interest income		—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	��	852,048			25,366			168,524
Income (loss) for tax return purposes, December 31, 2003		$	(2,339,382	)	$	(1,449,234	)	$	(944,267	)

F-266

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(206,301	)
Operating limited partnership rents received in advance	—
Partnership fund management fee	12,415
Other	83,440
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(33,646		)
Impairment loss not recognized for tax purposes	—
Tax exempt interest income	—
Difference due to fiscal year for book purposes and calendar year for tax purposes	115,100
Income (loss) for tax return purposes, December 31, 2003	$	(28,992	)

F-267

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2003 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	(34,363,004	)	$	(2,384,789	)	$	(658,405	)
Operating limited partnership rents received in advance	219,131			64,063			203
Partnership fund management fee	5,001,131			379,247			225,840
Other	(14,085		)	(49,180		)	283,607
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(1,460,461		)	(134,276		)	(589,657		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(9,191,601		)	(86,976		)	(263,375		)
Impairment loss not recognized for tax purposes	770,199			—			—
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(1,662,203		)	(5,102		)	(8,839		)
Income (loss) for tax return purposes, December 31, 2002	$	(40,700,893	)	$	(2,217,013	)	$	(1,010,626	)

F-268

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2003 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	(1,825,108	)	$	(1,611,679	)	$	(206,100	)
Operating limited partnership rents received in advance	874			(5,915		)	6,419
Partnership fund management fee	179,592			240,263			233,352
Other	(254,793		)	281,369			(356,644		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(130,691		)	—			(82,684		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(259,869		)	(506,660		)	(72,599		)
Impairment loss not recognized for tax purposes	404,691			—			—
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	15,105			(65,116		)	(72,129		)
Income (loss) for tax return purposes, December 31, 2002	$	(1,870,199	)	$	(1,667,738	)	$	(550,385	)

F-269

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2003 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(1,063,014	)	$	(1,428,884	)	$	(1,080,803	)
Operating limited partnership rents received in advance	17,631			56,919			4,649
Partnership fund management fee	272,676			437,580			315,205
Other	(177,945		)	(389,879		)	119,890
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(199,865		)	(103,502		)	(135,104		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(96,603		)	(545,162		)	(482,932		)
Impairment loss not recognized for tax purposes	—			—			—
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(119,020		)	(93,226		)	38,709
Income (loss) for tax return purposes, December 31, 2002	$	(1,366,140	)	$	(2,066,154	)	$	(1,220,386	)

F-270

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2003 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(1,443,856	)	$	(2,395,108	)	$	(1,425,215	)
Operating limited partnership rents received in advance	(306		)	27,763			(83		)
Partnership fund management fee	—			337,980			—
Other	700,402			(43,404		)	(1,372		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			—			—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(311,447		)	(354,808		)	(324,143		)
Impairment loss not recognized for tax purposes	—			365,508			—
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	2,146			(9,112		)	32,102
Income (loss) for tax return purposes, December 31, 2002	$	(1,053,061	)	$	(2,071,181	)	$	(1,718,711	)

F-271

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2003 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	(2,409,358	)	$	(2,292,954	)	$	(1,118,654	)
Operating limited partnership rents received in advance	4,339			10,345			105
Partnership fund management fee	—			332,904			173,964
Other	(75,321		)	16,382			(94,700		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			(84,682		)	—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(566,728		)	(305,709		)	(243,884		)
Impairment loss not recognized for tax purposes	—			—			—
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	7,581			(206,276		)	(1,064,156		)
Income (loss) for tax return purposes, December 31, 2002	$	(3,039,487	)	$	(2,529,990	)	$	(2,347,325	)

F-272

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2003 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	(1,986,319	)	$	(1,530,349	)	$	(1,250,570	)
Operating limited partnership rents received in advance	17,004			1,692			13,301
Partnership fund management fee	293,194			228,358			160,603
Other	(216,422		)	(118,958		)	(690		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			—			—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(363,539		)	(491,657		)	(524,864		)
Impairment loss not recognized for tax purposes	—			—			—
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(20,499		)	(182,960		)	(14,573		)
Income (loss) for tax return purposes, December 31, 2002	$	(2,276,581	)	$	(2,093,874	)	$	(1,616,793	)

F-273

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2003 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(1,643,835	)	$	(1,170,974	)	$	(1,340,819	)
Operating limited partnership rents received in advance	(1,629		)	—			—
Partnership fund management fee	176,944			164,404			136,800
Other	(237,432		)	55,511			14,805
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			—			—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(295,306		)	(459,238		)	(424,944		)
Impairment loss not recognized for tax purposes	—			—			—
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(19,944		)	(4,741		)	(25,070		)
Income (loss) for tax return purposes, December 31, 2002	$	(2,021,202	)	$	(1,415,038	)	$	(1,639,228	)

F-274

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2003 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(1,121,025	)	$	(1,848,385	)	$	(521,411	)
Operating limited partnership rents received in advance	1,344			21			392
Partnership fund management fee	192,002			270,837			145,722
Other	310,347			130,484			56,442
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			—			—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(352,572		)	(1,389,778		)	(435,214		)
Impairment loss not recognized for tax purposes	—			—			—
Tax exempt interest income	—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(116,239		)	(31,082		)	(1,892		)
Income (loss) for tax return purposes, December 31, 2002	$	(1,086,143	)	$	(2,867,903	)	$	(755,961	)

F-275

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2003 is reconciled as follows:

	Series 43			Series 44
Net income (loss) for financial reporting purposes	$	(490,370	)	$	(115,020	)
Operating limited partnership rents received in advance	—			—
Partnership fund management fee	97,417			6,247
Other	33,416			—
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(33,594		)	—
Impairment loss not recognized for tax purposes	—			—
Tax exempt interest income	—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	199,443			102,687
Income (loss) for tax return purposes, December 31, 2002	$	(193,688	)	$	(6,086	)

F-276

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2005 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2004	$	369,246,704		$	6,048,126		$	2,016,030
Operating limited partnerships acquired during the three month period ended March 31, 2005	—			—			—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	16,452,989			1,042,436			8,952,023
Impairment loss in investment in operating limited partnerships	(44,529,081		)	(2,042,276		)	(638,087		)
Historic tax credits - cumulative	978,267			570,617			—
Less share of loss - three months ended March 31, 2005	(2,775,473		)	(404,710		)	(651,466		)
Other	31,974,778			(1,222,047		)	(8,882,412		)
��
Investments in operating limited partnerships - as reported	$	371,348,184		$	3,992,146		$	796,088

F-277

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2005 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2004	$	5,185,005		$	10,377,532		$	6,136,311
Operating limited partnerships acquired during the three month period ended March 31, 2005	—			—			—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	965,290			48,568			403,987
Impairment loss in investment in operating limited partnerships	(4,054,802		)	(4,816,490		)	(1,517,063		)
Historic tax credits - cumulative	223,537			—			—
Less share of loss - three months ended March 31, 2005	(259,228		)	(179,850		)	(95,695		)
Other	1,716,382			3,379,160			736,333
Investments in operating limited partnerships - as reported	$	3,776,184		$	8,808,920		$	5,663,873

F-278

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2005 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2004	$	11,110,555		$	16,444,848		$	6,844,685
Operating limited partnerships acquired during the three month period ended March 31, 2005	—			—			—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,523,998			594,531			898,270
Impairment loss in investment in operating limited partnerships	(2,299,115		)	(4,040,651		)	(1,460,060		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2005	(335,542		)	(123,194		)	(205,532		)
Other	1,624,626			4,172,041			5,923,672
Investments in operating limited partnerships - as reported	$	11,624,522		$	17,047,575		$	12,001,035

F-279

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2005 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2004	$	20,887,048		$	17,504,990		$	11,995,557
Operating limited partnerships acquired during the three month period ended March 31, 2005	—			—			—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			1,063,313			—
Impairment loss in investment in operating limited partnerships	(2,671,850		)	(3,443,287		)	(1,746,412		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2005	(129,668		)	(265,241		)	—
Other	1,380,391			(962,857		)	2,226,600
Investments in operating limited partnerships - as reported	$	19,465,921		$	13,896,918		$	12,475,745

F-280

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2005 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2004	$	18,309,934		$	25,100,917		$	14,523,105
Operating limited partnerships acquired during the three month period ended March 31, 2005	—			—			—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	83,969			402,118			—
Impairment loss in investment in operating limited partnerships	(4,417,847		)	(4,247,951		)	(1,933,222		)
Historic tax credits - cumulative	—			184,113			—
Less share of loss - three months ended March 31, 2005	(125,347		)	—			—
Other	3,633,778			1,401,438			1,480,428
Investments in operating limited partnerships - as reported	$	17,484,487		$	22,840,635		$	14,070,311

F-281

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2005 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2004	$	16,775,666		$	15,257,560		$	9,625,082
Operating limited partnerships acquired during the three month period ended March 31, 2005	—			—			—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			—			328,530
Impairment loss in investment in operating limited partnerships	(2,414,258		)	(890,742		)	(420,059		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2005	—			—			—
Other	1,882,982			2,175,790			864,489
Investments in operating limited partnerships - as reported	$	16,244,390		$	16,542,608		$	10,398,042

F-282

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2005 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2004	$	13,344,395		$	13,454,587		$	11,822,622
Operating limited partnerships acquired during the three month period ended March 31, 2005	—			—			—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			—			—
Impairment loss in investment in operating limited partnerships	(606,030		)	(398,536		)	(205,047		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2005	—			—			—
Other	1,130,664			1,221,785			835,597
Investments in operating limited partnerships - as reported	$	13,869,029		$	14,277,836		$	12,453,172

F-283

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2005 are as follows:

	Series 40			Series 41		Series 42
Investments in operating limited partnerships - tax return December 31, 2004	$	14,928,837		$	13,226,461	$	15,283,160
Operating limited partnerships acquired during the three month period ended March 31, 2005	—			—		—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			145,956		—
Impairment loss in investment in operating limited partnerships	(265,296		)	—		—
Historic tax credits - cumulative	—			—		—
Less share of loss - three months ended March 31, 2005	—			—		—
Other	1,398,499			582,519		1,129,558
Investments in operating limited partnerships - as reported	$	16,062,040		$	13,954,936	$	16,412,718

F-284

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2005 are as follows:

	Series 43		Series 44		Series 45
Investments in operating limited partnerships - tax return December 31, 2004	$	21,314,971	$	12,933,378	$	22,520,535
Operating limited partnerships acquired during the three month period ended March 31, 2005	—		—		—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—		—		—
Impairment loss in investment in operating limited partnerships	—		—		—
Historic tax credits - cumulative	—		—		—
Less share of loss - three months ended March 31, 2005	—		—		—
Other	535,550		376,896		2,691,946
Investments in operating limited partnerships - as reported	$	21,850,521	$	13,310,274	$	25,212,481

F-285

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2005 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2004	$	16,274,807
Operating limited partnerships acquired during the three month period ended March 31, 2005	—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—
Impairment loss in investment in operating limited partnerships	—
Historic tax credits - cumulative	—
Less share of loss - three months ended March 31, 2005	—
Other	540,970
Investments in operating limited partnerships - as reported	$	16,815,777

F-286

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2004 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2003	$	407,055,813		$	9,365,351		$	3,487,121
Operating limited partnerships acquired during the three month period ended March 31, 2004	5,422,306			—			—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	11,999,720			719,823			7,715,728
Impairment loss in investment in operating limited partnerships	(7,631,525		)	(414,749		)	(315,862		)
Historic tax credits - cumulative	978,267			570,617			—
Less share of loss - three months ended March 31, 2004	(2,775,473		)	(404,710		)	(651,466		)
Other	21,692,196			115,626			(8,708,009		)
Investments in operating limited partnerships - as reported	$	436,741,304		$	9,951,958		$	1,527,512

F-287

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2004 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2003	$	6,468,406		$	11,884,923		$	6,994,485
Operating limited partnerships acquired during the three month period ended March 31, 2004	—			—			—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	501,239			27,231			203,502
Impairment loss in investment in operating limited partnerships	(342,983		)	(770,873		)	(55,652		)
Historic tax credits - cumulative	223,537			—			—
Less share of loss - three months ended March 31, 2004	(259,228		)	(179,850		)	(95,695		)
Other	1,392,869			3,309,713			816,270
Investments in operating limited partnerships - as reported	$	7,983,840		$	14,271,144		$	7,862,910

F-288

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2004 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2003	$	12,680,159		$	18,370,357		$	11,086,103
Operating limited partnerships acquired during the three month period ended March 31, 2004	—			—			—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,199,349			404,771			720,146
Impairment loss in investment in operating limited partnerships	(414,773		)	(152,937		)	(130,435		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2004	(335,542		)	(123,194		)	(205,532		)
Other	921,848			3,726,207			2,434,940
Investments in operating limited partnerships - as reported	$	14,051,041		$	22,225,204		$	13,905,222

F-289

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2004 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2003	$	22,544,600		$	19,636,111		$	13,464,600
Operating limited partnerships acquired during the three month period ended March 31, 2004	—			—			—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			—			—
Impairment loss in investment in operating limited partnerships	—			(1,242,572		)	(210,417		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2004	(129,668		)	(265,241		)	—
Other	1,332,757			1,346,963			2,089,630
Investments in operating limited partnerships - as reported	$	23,747,689		$	19,475,261		$	15,343,813

F-290

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2004 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2003	$	20,830,880		$	27,661,743		$	15,660,433
Operating limited partnerships acquired during the three month period ended March 31, 2004	—			—			—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	40,695			316,487			—
Impairment loss in investment in operating limited partnerships	(1,210,401		)	(1,155,289		)	(1,155,289		)
Historic tax credits - cumulative	—			184,113			—
Less share of loss - three months ended March 31, 2004	(125,347		)	—			—
Other	3,060,498			972,189			1,244,268
Investments in operating limited partnerships - as reported	$	22,596,325		$	27,979,243		$	15,749,412

F-291

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2004 are as follows:

	Series 34			Series 35		Series 36
Investments in operating limited partnerships - tax return December 31, 2003	$	18,971,494		$	16,874,528	$	10,510,548
Operating limited partnerships acquired during the three month period ended March 31, 2004	—			—		—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			—		147,671
Impairment loss in investment in operating limited partnerships	(59,293		)	—		—
Historic tax credits - cumulative	—			—		—
Less share of loss - three months ended March 31, 2004	—			—		—
Other	1,693,578			1,777,398		867,619
Investments in operating limited partnerships - as reported	$	20,605,779		$	18,651,926	$	11,525,838

F-292

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2004 are as follows:

	Series 37		Series 38		Series 39
Investments in operating limited partnerships - tax return December 31, 2003	$	15,003,165	$	14,598,292	$	12,910,940
Operating limited partnerships acquired during the three month period ended March 31, 2004	—		—		—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—		—		—
Impairment loss in investment in operating limited partnerships	—		—		—
Historic tax credits - cumulative	—		—		—
Less share of loss - three months ended March 31, 2004	—		—		—
Other	177,043		1,068,963		610,398
Investments in operating limited partnerships - as reported	$	15,180,208	$	15,667,255	$	13,521,338

F-293

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2004 are as follows:

	Series 40		Series 41		Series 42
Investments in operating limited partnerships - tax return December 31, 2003	$	16,567,485	$	17,621,211	$	17,111,030
Operating limited partnerships acquired during the three month period ended March 31, 2004	—		—		—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—		3,078		—
Impairment loss in investment in operating limited partnerships	—		—		—
Historic tax credits - cumulative	—		—		—
Less share of loss - three months ended March 31, 2004	—		—		—
Other	695,587		897,781		469,052
Investments in operating limited partnerships - as reported	$	17,263,072	$	18,522,070	$	17,580,082

F-294

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2004 are as follows:

	Series 43		Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2003	$	24,069,938	$	16,489,989		$	19,993,526
Operating limited partnerships acquired during the three month period ended March 31, 2004	—		—			5,422,306
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—		—			—
Impairment loss in investment in operating limited partnerships	—		—			—
Historic tax credits - cumulative	—		—			—
Less share of loss - three months ended March 31, 2004	—		—			—
Other	38,282		(1,726,346		)	(3,066,214		)
Investments in operating limited partnerships - as reported	$	24,108,220	$	14,763,643		$	22,349,618

F-295

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2004 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2003	$	6,198,395
Operating limited partnerships acquired during the three month period ended March 31, 2004	—
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—
Impairment loss in investment in operating limited partnerships	—
Historic tax credits - cumulative	—
Less share of loss - three months ended March 31, 2004	—
Other	4,133,286
Investments in operating limited partnerships - as reported	$	10,331,681

F-296

NOTE F - INVESTMENTS AVAILABLE-FOR-SALE

At March 31, 2005, the amortized cost and fair value of investments available-for-sale are as follows:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Tax-exempt municipal bonds	$	16,149,794	$	—	$	(127,119	)	$	16,022,675
	$	16,149,794	$	—	$	(127,119	)	$	16,022,675

The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 2005 is shown below:

	Amortized cost		Fair value
Due in one year or less	$	11,708,302	$	11,616,143
Due in one year through five years	4,441,492		4,406,532
	$	16,149,794	$	16,022,675

Proceeds from sales and maturities of investments during the year ended March 31, 2005 were $18,101,543, resulting in a realized loss of $461,254, included in interest income.

The tax-exempt coupon rates for the investments held during the year ranged from 1.80% to 7.50%.

F-297

At March 31, 2004, the amortized cost and fair value of investments available-for-sale are as follows:

	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Tax-exempt municipal bonds	$	20,566,620	$	33,800	$	—	$	20,600,420
	$	20,566,620	$	33,800	$	—	$	20,600,420

The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 2004 is shown below:

	Amortized cost		Fair value
Due in one year or less	$	902,194	$	896,504
Due in one year through five years	18,839,093		18,878,260
Due in more than 10 years	825,333		825,656
	$	20,566,620	$	20,600,420

Proceeds from sales and maturities of investments during the year ended March 31, 2004 were $2,066,000, resulting in a realized loss of $31,614, included in interest income.

The tax-exempt coupon rates for the investments held during the year ranged from 1.00% to 6.25%.

F-298

NOTE G - CASH EQUIVALENTS

On March 31, 2005 and 2004, the fund purchased $9,050,000 and $16,750,000 of bonds and preferred stock under agreements for resale on April 1, 2005 and April 1, 2004, respectively.  Interest is earned at rates ranging from 0.4% to 0.6% per annum.

Cash equivalents of $9,287,170 and $16,256,045 as of March 31, 2005 and 2004, respectively, include tax-exempt sweep accounts and money market accounts with interest rates ranging from 0.40% to 1.76% per annum.

NOTE H - LINE OF CREDIT

During the year ended March 31, 2004 the partnership had a line of credit with a bank in the amount of $40,000,000, of which $0  was outstanding as of March 31, 2004.  The partnership drew down the line and repaid it within the fiscal year.  The line bore interest at the prime rate (4.00% at March 31, 2004) plus .25%.  Interest was payable monthly.  During the year ended March 31, 2004 $22,544 of interest was incurred and paid.  As of March 31, 2004 interest of $22,544 is included in investments in operating limited partnerships.  The line was guaranteed by Boston Capital Holdings, L.P. and various affiliates.  As of March 31, 2004, the partnership was no longer a party to the line.

NOTE I - CONTINGENCIES

M.R.H., L.P., an operating limited partnership, received a 60-day letter issued by the IRS proposing to reduce the amount of low-income housing tax credits allowable because it asserts that certain fees and other expenditures were not includible in the eligible basis of the property.  The 60-day letter was the result of an IRS audit of the operating limited partnership’s books and records.  As a result of their audit, the IRS has proposed an adjustment that would disallow approximately 18% of past and future tax credits.  The adjustment will also include interest.  The Investment General Partner and its counsel, along with the Operating General Partner and its counsel, filed an appeal on June 30, 2003 which was denied on March 24, 2004.  The Investment General Partner and the Operating General Partner have petitioned the tax court, and are in continued negotiations with the IRS appeals office.  Consequently, the ultimate impact to the fund for this matter cannot be determined and no adjustment has been made in the accompanying financial statements.

F-299

The fund has invested in nine operating partnerships in which the general partner of the operating limited partnerships has been found guilty of wire fraud and conspiracy to commit equity skimming in connection with the cost certifications of these properties.  The investment balances in these properties total $4,042,595 and $4,503,994 at March 31, 2005 and  2004, respectively.  The fund has recorded tax credit adjusters totaling $455,575 at March 31, 2005 for what it believes is the impact of this matter.  The tax credit adjuster receivable is expected to be funded from an escrow provided to an affiliate of the fund by the general partner of the operating limited partnerships but there can be no assurance that there will be sufficient funds in the escrow account to satisfy all receivables.  The Internal Revenue Service is in the process of reviewing the revised cost certifications at the operating partnership level.  Consequently, the ultimate impact to the fund for this matter cannot be determined and no additional provision has been made in the accompanying financial statements.

Martinsville-I, Ltd., an operating limited partnership, is involved in several lawsuits with various former subcontractors over construction-related issues.  The Investment General Partner continues to monitor this situation and does not anticipate an outcome that will have a material adverse effect on the financial statements.  Accordingly, no adjustment has been made in the accompanying financial statements.

San Diego /Fox Hollow LP (Hollywood Palms Apts.) and its Limited Partner, BCP/Fox Hollow LLC (Plaintiff) filed a lawsuit against the former Operating General Partner and its affiliates for breaches of various agreements.  In December of 2004, a judgment was filed in the Superior Court of the State of California (San Diego County) awarding the Plaintiffs the amount of $3,507,426 plus post judgment interest at an annual rate of 10%.  In addition, attorneys fees for the Plaintiff were awarded in the amount of $1,125,000 plus $123,697 in costs.  The Investment General Partner is currently pursuing payment of the aforementioned judgments.

In the first quarter of 2005, six families were temporarily relocated for two weeks from one building as a precaution while repairs were undertaken to stabilize hillside soils due to the movement of a retaining wall.  The retaining wall may not have been constructed properly and an  investigation is ongoing to determine the cause and potential responsible party to cover the costs incurred for the remodel work necessary.  The property continues to operate above breakeven.

F-300

NOTE J - QUARTERLY FINANCIAL INFORMATION - UNAUDITED

The following is a summary of the results of operations for each of the four quarters for the years indicated:

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2005
Total revenue	$	245,733		$	327,847		$	307,547		$	274,408
Loss from operations	(1,877,719		)	(2,424,869		)	(2,102,658		)	(38,217,288		)
Share of losses from operating limited partnerships	(6,411,458		)	(6,026,011		)	(5,963,455		)	(16,667,597		)
Net loss	(8,289,177		)	(8,450,880		)	(8,066,113		)	(54,884,885		)
Net loss per unit of limited partnership interest	(0.10		)	(0.10		)	(0.10		)	(0.65		)
2004
Total revenue	$	104,622		$	228,235		$	414,942		$	450,112
Loss from operations	(1,697,226		)	(2,199,077		)	(2,211,198		)	(9,676,622		)
Share of losses from operating  limited partnerships	(6,002,081		)	(5,511,450		)	(5,414,083		)	(15,152,360		)
Net loss	(7,699,307		)	(7,710,527		)	(7,625,281		)	(24,828,982		)
Net loss per unit of limited partnership interest	(0.09		)	(0.09		)	(0.09		)	(0.29		)
2003
Total revenue	$	259,474		$	142,336		$	294,586		$	414,838
Loss from operations	(1,453,307		)	(1,923,525		)	(1,698,902		)	(2,446,996		)
Share of losses from operating limited partnerships	(5,771,092		)	(6,486,339		)	(6,148,954		)	(8,433,889		)
Net loss	(7,224,399		)	(8,409,864		)	(7,847,856		)	(10,880,885		)
Net loss per unit of limited partnership interest	(0.09		)	(0.11		)	(0.10		)	(0.14		)

F-301

Exhibit 13

Boston Capital Tax Credit Fund IV LP - Series 20
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005

(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
2730 LAFFERTY ST	4,844,567	435,550	3,717,895	4,299,746		435,550	8,017,641	8,453,191	3,714,022	09/95	06/94	5-27.5
ASHBURY APTS	1,229,655	148,007	2,158,237	165,618		148,007	2,323,855	2,471,862	803,693	06/94	04/94	5-27.5
BENNETS PT	1,318,108	71,749	1,557,622	23,380		71,749	1,581,002	1,652,751	644,647	08/94	03/94	5-27.5
BRADLEY ELDERLY	784,306	4,000	986,204	(5,353	)	4,000	980,851	984,851	369,815	03/95	08/94	5-27.5
BREEZE COVE	1,800,215	128,751	5,333,835	39,265		128,751	5,373,100	5,501,851	2,242,822	10/94	05/94	5-27.5
CASCADES COMMONS	22,945,147	5,131,293	2,743,532	23,885,534		3,375,809	26,629,066	30,004,875	8,347,971	10/95	06/94	5-27.5
CLARKESVILLE ESTATES	678,988	28,550	838,235	36,891		28,550	875,126	903,676	414,941	09/94	06/94	5-27.5
COLLEGE GREEN	3,676,802	225,000	6,813,536	71,497		225,000	6,885,033	7,110,033	2,581,739	08/95	03/95	5-27.5
CONCORDIA HOUSING	1,440,585	0	1,997,510	2,493		0	2,000,003	2,000,003	544,366	07/95	08/94	10-40
COUSHATTA SR II	698,296	25,700	904,920	2,640		25,700	907,560	933,260	251,243	03/94	05/94	5-27.5
CYNTHIANA HOUSING	700,217	32,117	1,016,135	678,695		32,117	1,694,830	1,726,947	687,853	04/95	10/94	5-27.5
EAST DOUGLAS	2,009,055	23,913	2,593,259	1,464,185		23,913	4,057,444	4,081,357	1,359,364	12/95	07/94	5-27.5
EDISON LANE	708,037	6,900	951,249	845		6,900	952,094	958,994	341,512	10/95	09/94	5-27.5
EVERGREEN HILLS	2,687,190	157,537	4,337,312	574,887		157,537	4,912,199	5,069,736	2,155,083	01/95	08/94	5-27.5
FAIR OAKS	1,392,505	123,600	1,767,207	1,919		125,000	1,769,126	1,894,126	659,903	05/95	07/94	5-27.5
FLORAL ACRES	1,014,613	148,672	1,187,134	28,441		148,672	1,215,575	1,364,247	309,076	08/94	05/94	5-27.5
FOREST GLEN	1,308,117	84,800	1,663,592	30,607		84,800	1,694,199	1,778,999	659,253	02/95	07/94	5-27.5
FRANKLINTON ELDERLY	1,661,730	64,300	2,074,319	17,010		64,300	2,091,329	2,155,629	540,685	10/94	04/94	5-50
GOLDENROD LTD	7,135,683	800,000	13,425,210	144,172		770,000	13,569,382	14,339,382	4,998,261	06/95	04/94	5-27.5
HARRISONBURG	672,861	10,160	877,026	0		10,160	877,026	887,186	251,583	01/94	05/94	7-40
NORTHFIELD	2,749,768	192,208	4,326,388	2,235,456		193,208	6,561,844	6,755,052	2,402,545	05/95	06/94	5-27.5

F-302

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
PARKSIDE HOUSING	626,322	80,000	943,917	51,750	80,000	995,667	1,075,667	404,771	01/94	12/94	5-27.5
SHADY LANE	922,329	60,000	1,157,181	174,280	60,000	1,331,461	1,391,461	355,273	10/93	05/94	5-27.5
VIRGINIA AVENUE	1,215,057	121,238	3,510,339	10,060	121,238	3,520,399	3,641,637	1,363,974	10/94	10/94	5-27.5
	64,220,153	8,104,045	66,881,794	33,934,018	6,320,961	100,815,812	107,136,773	36,404,395

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-303

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 20

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/94			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	47,152,331
Improvements, etc	0
Other	0
			$	47,152,331
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/95			$	47,152,331
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	6,999,847
Improvements, etc	50,521,023
Other	0
			$	57,520,870
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/96			$	104,673,201
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	718,412
Other	0
			$	718,412
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/97			$	105,391,613

F-304

Balance at close of period - 3/31/97			$	105,391,613
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	286,982
Other	0
			$	286,982
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/98			$	105,678,595
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	152,834
Other	0
			$	152,834
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	105,831,429
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	55,995
Other	0
			$	55,995
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	105,887,424

F-305

Balance at close of period - 3/31/00			$	105,887,424
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	90,819
Other	0
			$	90,819
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	105,978,243
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	124,625
Other	0
			$	124,625
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	106,102,868
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	277,236
Other	0
			$	277,236
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	106,380,104

F-306

Balance at close of period - 3/31/03			$	106,380,104
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	112,540
Other	0
			$	112,540
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	106,492,644
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	644,129
Other	0
			$	644,129
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	107,136,773

F-307

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/94			$	0
Current year expense	$	509,226
Balance at close of period - 3/31/95			$	509,226
Current year expense	$	2,750,192
Balance at close of period - 3/31/96			$	3,259,418
Current year expense	$	3,936,515
Balance at close of period - 3/31/97			$	7,195,933
Current year expense	$	3,837,060
Balance at close of period - 3/31/98			$	11,032,933
Current year expense	$	3,805,824
Balance at close of period - 3/31/99			$	14,838,817
Current year expense	$	3,729,052
Balance at close of period - 3/31/99			$	18,567,869
Current year expense	$	3,774,641
Balance at close of period - 3/31/01			$	22,342,510
Current year expense	$	3,752,932
Balance at close of period - 3/31/02			$	26,095.442
Current year expense	$	3,598,241
Balance at close of period - 3/31/03			$	29,693,683
Current year expense	$	3,509,864
Balance at close of period - 3/31/04			$	33,203,547
Current year expense	$	3,200,848
Balance at close of period - 3/31/05			$	36,404,395

F-308

Boston Capital Tax Credit Fund II Limited Partnership - Series 21
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
ATLANTIC CITY	5,175,000	100,000	8,334,766	(8,334,766	)	0	0	0	0	10/95	09/94	5-27.5
BLACK RIVER RUN	1,139,142	15,000	2,171,360	20,773		15,000	2,192,133	2,207,133	630,816	12/94	10/94	5-27.5
CAMPTON HOUSING	999,670	74,511	1,256,245	63,241		74,511	1,319,486	1,393,997	369,739	10/94	08/94	5-40
CATTARAGUS MANOR	1,072,594	56,630	1,238,241	131,606		58,230	1,369,847	1,428,077	374,956	04/95	08/94	5-27.5
CENTRUM FAIRFAX	5,577,160	1,160,250	7,247,614	(142,692	)	1,160,250	7,104,922	8,265,172	1,660,319	09/95	11/94	5-30
CENTRUM FREDERICK	4,625,481	1,380,000	6,922,259	(54,668	)	1,080,000	6,867,591	7,947,591	1,650,205	09/95	10/94	5-27.5
FORT HALIFAX	1,077,580	120,000	1,324,762	280,993		121,200	1,605,755	1,726,955	515,272	01/95	09/94	5-27.5
HAVELOCK MANOR	1,808,726	120,000	2,194,078	16,121		120,000	2,210,199	2,330,199	617,406	10/95	12/94	5-27.5
HOLLY VILLAGE	702,079	15,270	962,236	9,022		15,270	971,258	986,528	363,922	06/95	08/94	5-27.5
LIVE OAK VILLAGE	748,646	63,210	899,606	29,036		63,210	928,642	991,852	241,077	07/95	10/94	6-40
LOOKOUT RIDGE	584,279	62,000	1,639,096	0		62,000	1,639,096	1,701,096	596,030	12/94	12/94	5-27.5
PINEDALE II	1,277,977	27,906	2,876,158	8,568		12,906	2,884,726	2,897,632	812,720	12/94	10/94	5-27.5
PUMPHOUSE CROSSING	1,163,004	10,000	2,431,087	17,320		10,000	2,448,407	2,458,407	706,399	12/94	10/94	5-27.5
TOWERVIEW	1,105,292	46,629	1,571,026	89,090		46,629	1,660,116	1,706,745	444,288	05/95	11/94	5-27.5
	27,056,630	3,251,406	41,068,534	(7,866,356	)	2,839,206	33,202,178	36,041,384	8,983,149

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-309

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 21

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/94				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	14,011,014
Improvements, etc	0
Other	0
				$	14,011,014
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/95				$	14,011,014
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	31,821,601
Improvements, etc	693,221
Other	0
				$	32,514,822
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/96				$	46,525,836
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	102,815
Other	0
				$	102,815
Deductions during period:
Cost of real estate sold	$	(1,512,675	)
Other	(193,671		)
				$	(1,706,346	)
Balance at close of period - 3/31/97				$	44,922,305

F-310

Balance at close of period - 3/31/97			$	44,922,305
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	108,749
Other	0
			$	108,749
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/98			$	45,031,054
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	77,404
Other	0
			$	77,404
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	45,108,458
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	135,007
Other	0
			$	135,007
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	45,243,465

F-311

Balance at close of period - 3/31/00				$	45,243,465
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	38,153
Other	0
				$	38,153
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$
Balance at close of period - 3/31/01				$	45,281,618
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	46,621
Other	0
				$	46,621
Deductions during period:
Cost of real estate sold	$	0
Other	(9,396,711		)
				$	(9,396,711	)
Balance at close of period - 3/31/02				$	35,931,528
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	49,741
Other	0
				$	49,741
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/03				$	35,981,269

F-312

Balance at close of period - 3/31/03			$	35,981,269
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	60,060
Other	0
			$	60,060
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	36,041,329
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	55
Other	0
			$	55
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	36,041,384

F-313

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/94				$	0
Current year expense	$	117,569
Balance at close of period - 3/31/95				$	117,569
Current year expense	$	790,213
Balance at close of period - 3/31/96				$	907,782
Current year expense	$	1,104,203
Balance at close of period - 3/31/97				$	2,011,985
Current year expense	$	1,204,163
Balance at close of period - 3/31/98				$	3,216,148
Current year expense	$	1,204,255
Balance at close of period - 3/31/99				$	4,420,403
Current year expense	$	1,205,452
Balance at close of period - 3/31/00				$	5,625,855
Current year expense	$	1,193,549
Balance at close of period - 3/31/01				$	6,819,404
Current year expense	$	(503,421	)
Balance at close of period - 3/31/02				$	6,315,983
Current year expense	$	899,792
Balance at close of period - 3/31/03				$	7,215,775
Current year expense	$	891,369
Balance at close of period - 3/31/04				$	8,107,144
Current year expense	$	876,005
Balance at close of period - 3/31/05				$	8,983,149

F-314

Boston Capital Tax Credit Fund IV Limited Partnership - Series 22
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
ALBAMARLE VILLAGE	1,413,735	91,280	1,720,443	23,286		91,280	1,743,729	1,835,009	708,064	09/94	09/94	5-27.5
BAYOU CROSSING	8,530,658	867,209	16,061,472	74,388		857,500	16,135,860	16,993,360	4,030,324	01/96	11/94	12-39
BELLWOOD LP	1,226,469	64,715	1,505,852	91,733		64,715	1,597,585	1,662,300	411,561	07/95	09/95	5-27.5
BIRCH RIDGE	2,800,000	178,000	0	5,689,786		178,000	5,689,786	5,867,786	1,380,267	03/96	01/95	5-40
BLACK RIVER RUN	1,139,142	15,000	2,171,360	20,773		15,000	2,192,133	2,207,133	630,816	12/94	04/95	5-27.5
CLARENDON COURT	1,425,453	41,930	1,799,906	4,553		41,930	1,804,459	1,846,389	672,055	04/95	10/94	7-27.5
COBBLESTONE	1,390,945	79,567	1,679,627	7,902		79,567	1,687,529	1,767,096	684,410	05/94	01/95	5-27.5
CONCORDIA II	1,470,622	169,820	1,854,563	4,213		179,040	1,858,776	2,037,816	522,109	11/95	01/95	10-40
CONCORDIA III	1,457,518	0	0	1,905,932		172,090	1,905,932	2,078,022	517,517	12/95	02/95	10-40
CRYSTAL CITY FESTUS	1,299,539	120,732	3,137,651	58,825		120,732	3,196,476	3,317,208	1,143,821	11/95	01/95	5-27.5
DRAKES BRANCH	1,244,705	75,473	1,511,490	(49,106	)	75,473	1,462,384	1,537,857	556,307	06/95	01/95	5-27.5
EDMOND PROP	3,663,803	160,000	0	7,037,006		160,000	7,037,006	7,197,006	1,882,435	03/96	11/94	5-27.5
ELKS TOWER	793,771	10,000	1,344,357	304,288		10,000	1,648,645	1,658,645	431,869	12/96	10/95	27.5
FONDA LP	1,000,540	25,000	1,310,014	73,354		25,000	1,383,368	1,408,368	561,166	10/94	12/94	5-27.5
GOLDENROD	7,135,683	770,000	13,323,746	245,636		770,000	13,569,382	14,339,382	4,998,261	06/95	03/95	7-27.5
KIMBARK 1200	1,939,052	495,120	3,102,192	72,433		495,120	3,174,625	3,669,745	735,007	12/95	09/95	40
LAKE STREET	1,338,799	20,000	1,846,543	84,363		20,000	1,930,906	1,950,906	510,152	09/95	04/95	5-27.5
LAKE CITY	1,267,404	111,455	1,534,442	0		111,455	1,534,442	1,645,897	396,002	08/98	06/98	5-27.5
LOST TREE	1,504,307	85,000	4,510,201	24,859		85,000	4,535,060	4,620,060	1,247,061	06/95	04/95	5-27.5
MARKSVILLE SQUARE	942,360	66,000	250,449	1,004,869		66,000	1,255,318	1,321,318	291,900	01/96	01/95	5-40
PHILADELPHIA HOUSING I	535,560	13,750	757,989	40,787		13,750	798,776	812,526	157,950	08/95	07/95	5-27.5

F-315

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
PHILADELPHIA HOUSING II	836,812	25,000	1,219,579	44,494		25,000	1,264,073	1,289,073	247,889	08/95	07/95	5-27.5
QUANKEY HILLS	990,905	51,368	1,189,397	6,021		51,368	1,195,418	1,246,786	453,860	03/95	01/95	5-27.5
RICHMOND HARDIN	796,159	55,000	2,143,538	49,920		55,232	2,193,458	2,248,690	849,741	02/95	12/94	5-27.5
ROXBURY VETERANS	715,700	0	0	1,252,740		27,956	1,252,740	1,280,696	305,656	05/97	12/96	5-27.5
SACRAMENTO APTS	427,126	18,000	575,442	0		18,000	575,442	593,442	203,872	09/95	08/95	5-27.5
SALEM LP	922,688	33,093	1,132,389	6,022		33,093	1,138,411	1,171,504	440,096	12/94	01/95	5-27.5
SWEDESBORO HOUSING	1,447,976	168,295	1,814,291	(22,821	)	168,295	1,791,470	1,959,765	475,738	06/95	07/95	5-27.5
TROY VILLA	1,746,407	231,605	4,084,841	98,814		231,605	4,183,655	4,415,260	1,599,291	06/95	12/94	5-27.5
	51,403,838	4,042,412	71,581,774	18,155,070		4,242,201	89,736,844	93,979,045	27,045,197

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2004.

There we no carrying costs as of December 31, 2004. The Column has been omitted for presentation purposes.

F-316

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 22

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/94				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	2,699,758
Improvements, etc	0
Other	0
				$	2,699,758
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/95				$	2,699,758
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	75,121,060
Improvements, etc	15,793
Other	0
				$	75,136,853
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/96				$	77,836,611
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	16,438,316
Other	0
				$	16,438,316
Deductions during period:
Cost of real estate sold	(3,852,006		)
Other	0
				$	(3,852,006	)
Balance at close of period - 3/31/97				$	90,422,921

F-317

Balance at close of period - 3/31/97			$	90,422,921
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	1,217,148
Other	0
			$	1,217,148
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/98			$	91,640,069
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	1,515,875
Improvements, etc	64,662
Other	0
			$	1,580,537
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	93,220,606
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	186,728
Other	0
			$	186,728
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	93,407,334

F-318

Balance at close of period - 3/31/00			$	93,407,334
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	5,064
Other	0
			$	5,064
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	93,412,398
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	122,651
Other	0
			$	122,651
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	93,535,049
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	47,075
Other	0
			$	47,075
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	93,582,124

F-319

Balance at close of period - 3/31/03			$	93,582,124
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	340,272
Other	0
			$	340,272
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	93,922,396
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	56,649
Other	0
			$	56,649
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	93,979,045

F-320

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/94			$	0
Current year expense	$	16,389
Balance at close of period - 3/31/95			$	16,389
Current year expense	$	1,685,278
Balance at close of period - 3/31/96			$	1,701,667
Current year expense	$	2,638,228
Balance at close of period - 3/31/97			$	4,339,895
Current year expense	$	2,931,844
Balance at close of period - 3/31/98			$	7,271,739
Current year expense	$	2,937,708
Balance at close of period - 3/31/99			$	10,209,447
Current year expense	$	2,916,355
Balance at close of period - 3/31/00			$	13,125,802
Current year expense	$	2,896,137
Balance at close of period - 3/31/01			$	16,021,939
Current year expense	$	2,866,482
Balance at close of period - 3/31/02			$	18,888,421
Current year expense	$	2,767,150
Balance at close of period - 3/31/03			$	21,655,571
Current year expense	$	2,724,593
Balance at close of period - 3/31/04			$	24,380,164
Current year expense	$	2,665,033
Balance at close of period - 3/31/05			$	27,045,197

F-321

Boston Capital Tax Credit Fund II Limited Partnership - Series 23
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
BARLEE PROPERTIES	778,189	64,000	1,641,754	8,395	64,000	1,650,149	1,714,149	550,587	11/95	07/95	5-30
BAYOU CROSSING	8,530,658	857,500	16,061,472	74,388	857,500	16,135,860	16,993,360	4,030,324	01/96	02/95	12-39
BIRCH RIDGE	2,800,000	178,000	0	5,689,786	178,000	5,689,786	5,867,786	1,380,267	03/96	01/95	5-40
BRODERICK HOUSING	1,939,086	275,037	4,540,011	93,141	275,037	4,633,152	4,908,189	1,110,123	06/96	08/95	7-27.5
COLONNA REDEVELOPMENT	1,026,250	374,310	3,470,813	19,650	374,310	3,490,463	3,864,773	908,752	05/94	05/95	7-40
CONCORDIA II	1,470,622	169,820	1,854,563	4,213	179,040	1,858,776	2,037,816	522,109	11/95	01/95	10-40
CONCORDIA III	1,457,518	0	0	1,905,932	172,090	1,905,932	2,078,022	517,517	12/95	02/95	7-27.5
CRYSTAL CITY FESTUS	1,299,539	120,732	3,137,651	58,825	120,732	3,196,476	3,317,208	1,143,821	11/95	02/95	5-40
EDMOND PROP	3,663,803	160,000	0	7,037,006	160,000	7,037,006	7,197,006	1,882,435	03/96	11/94	5-40
HALLS FERRY APTS.	1,132,852	5,064	2,984,978	197,648	5,064	3,182,626	3,187,690	786,164	12/95	08/95	5-40
HURLEYVILLE	1,141,085	143,182	1,549,696	35,562	143,182	1,585,258	1,728,440	400,515	12/95	07/95	5-15
ITHACA I APTS.	618,441	37,945	808,775	11,363	37,945	820,138	858,083	228,708	07/95	11/95	7-27.5
KIMBARK 1200	1,939,052	495,120	3,102,192	72,433	495,120	3,174,625	3,669,745	735,007	12/95	09/95	5-40
MATHIS APTS.	892,075	25,819	1,176,999	34,988	25,819	1,211,987	1,237,806	304,359	01/95	01/95	5-40
MID CITY ASSOC	2,699,343	15,058	6,616,466	0	15,058	6,616,466	6,631,524	2,515,867	06/94	09/95	5-27.5
ORANGE GROVE	653,205	43,180	824,814	24,713	43,180	849,527	892,707	219,027	02/95	01/95	5-40
PHILMONT	1,472,965	40,000	1,885,476	59,794	40,000	1,945,270	1,985,270	735,969	05/95	05/95	5-40
SACRAMENTO SRO	2,418,747	0	0	5,399,016	133,000	5,399,016	5,532,016	1,234,542	12/96	09/95	7-39
SOUTH HILLS	1,791,267	131,000	1,261,754	2,640,295	131,000	3,902,049	4,033,049	986,047	02/96	06/95	5-40
ST. PETERS VILLA	1,658,747	425,974	0	3,495,618	425,974	3,495,618	3,921,592	1,233,383	03/96	07/95	5-27.5
VILLAGE WOODS	1,481,758	51,080	3,637,023	349,239	51,080	3,986,262	4,037,342	954,167	12/95	05/95	5-40
WOODLAND PROP	355,140	30,000	593,884	2,722	30,000	596,606	626,606	200,974	06/95	07/95	7-30
	41,220,342	3,642,821	55,148,321	27,214,727	3,957,131	82,363,048	86,320,179	22,580,664

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-322

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 23

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/95				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	58,791,142
Improvements, etc	0
Other	0
				$	58,791,142
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/96				$	58,791,142
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	25,651,522
Improvements, etc	0
Other	0
				$	25,651,522
Deductions during period:
Cost of real estate sold	$	0
Other	(21,382		)
				$	(21,382	)
Balance at close of period - 3/31/97				$	84,421,282
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	874,764
Other	0
				$	874,764
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/98				$	85,296,046

F-323

Balance at close of period - 3/31/98				$	85,296,046
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	800,197
Other	0
				$	800,197
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/99				$	86,096,243
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	62,167
Other	0
				$	62,167
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/00				$	86,158,410
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	24,036
Other	0
				$	24,036
Deductions during period:
Cost of real estate sold	$	0
Other	(222,349		)
				$	(222,349	)
Balance at close of period - 3/31/01				$	85,960,097

F-324

Balance at close of period - 3/31/01			$	85,960,097
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	197,306
Other	0
			$	197,306
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	86,157,403
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	56,280
Other	0
			$	56,280
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	86,213,683
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	58,691
Other	0
			$	58,691
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	86,272,374

F-325

Reconciliation of Land, Building & Improvements current year changes

Balance at close of period - 3/31/04			$	86,272,374
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	47,805
Other	0
			$	47,805
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	86,320,179

F-326

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/95			$	0
Current year expense	$	693,729
Balance at close of period - 3/31/96			$	693,729
Current year expense	$	2,288,171
Balance at close of period - 3/31/97			$	2,981,900
Current year expense	$	2,505,105
Balance at close of period - 3/31/98			$	5,487,005
Current year expense	$	2,518,829
Balance at close of period - 3/31/99			$	8,005,834
Current year expense	$	2,486,449
Balance at close of period - 3/31/00			$	10,492,283
Current year expense	$	2,490,673
Balance at close of period - 3/31/01			$	12,982,956
Current year expense	$	2,454,712
Balance at close of period - 3/31/02			$	15,437,668
Current year expense	$	2,423,093
Balance at close of period - 3/31/03			$	17,860,761
Current year expense	$	2,366,172
Balance at close of period - 3/31/04			$	20,226,933
Current year expense	$	2,353,731
Balance at close of period - 3/31/05			$	22,580,664

F-327

Boston Capital Tax Credit Fund IV LP-Series 24
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
AUTUMN RIDGE	1,515,491	125,347	0	1,769,308		125,347	1,769,308	1,894,655	544,181	01/97	07/96	5-27.5
BROOKS SUMMIT APTS.	1,098,862	44,000	0	1,460,088		44,000	1,460,088	1,504,088	479,264	11/97	12/95	5-27.5
BROWNSVILLE ASSOC	1,182,598	58,945	1,476,197	(203,628	)	58,945	1,272,569	1,331,514	335,981	0.09	09/95	5-40
CENTENARY HOUSING	2,330,000	57,760	3,697,046	95,630		57,760	3,792,676	3,850,436	1,069,138	12/97	05/97	5-27.5
CENTURY EAST IV	596,507	90,000	984,989	35,582		90,000	1,020,571	1,110,571	290,634	08/95	08/95	5-40
CENTURY EAST V	596,507	90,000	982,504	42,085		90,000	1,024,589	1,114,589	288,582	09/95	11/95	5-40
COMMERCE PKWY	1,707,489	242,000	1,579,251	2,773,238		242,000	4,352,489	4,594,489	1,573,433	04/97	09/95	5-27.5
COOLIDGE PINAL	1,112,144	40,000	1,363,991	25,044		40,000	1,389,035	1,429,035	324,164	04/96	04/96	5-27.5
EDENFIELD	1,221,540	10,280	1,709,535	38,267		10,280	1,747,802	1,758,082	602,404	12/96	01/96	28
ELM STREET	1,633,936	183,547	3,715,562	132,425		183,547	3,847,987	4,031,534	831,854	01/96	01/96	5-27.5
JEREMY ASSOC	3,392,623	522,890	6,954,516	682,036		522,890	7,636,552	8,159,442	2,035,447	12/95	06/96	5-40
LAKE I APTS.	581,523	85,000	1,012,730	45,753		85,000	1,058,483	1,143,483	307,491	07/95	08/95	5-40
LAURELWOOD PARK	2,248,689	230,000	5,379,607	9,047		230,000	5,388,654	5,618,654	1,692,512	10/96	02/96	5-27.5
LOS LUNAS	215,000	150,000	2,280,094	(38,848	)	150,000	2,241,246	2,391,246	740,090	06/96	08/96	5-27.5
NEW HILLTOP	1,639,513	54,366	2,145,934	6,228		52,591	2,152,162	2,204,753	762,612	11/95	11/95	5-40
NEW MADISON PARK IV	7,111,499	541,624	11,606,586	752,297		541,624	12,358,883	12,900,507	3,907,785	03/97	05/96	5-27.5
NORTH HAMPTON PLACE	716,966	207,550	2,230,062	5,619		0	2,235,681	2,235,681	798,899	03/96	11/95	5-27.5
NORTHFIELD HOUSING	173,380	70,000	446,355	5,522		70,000	451,877	521,877	149,332	09/96	12/96	5-27.5
OVERTON ASSOC	1,208,049	130,000	1,529,213	73,884		130,000	1,603,097	1,733,097	346,861	09/96	06/96	5-40
PAHRUMP VALLEY	1,373,829	63,000	1,757,158	1,198		63,000	1,758,356	1,821,356	582,367	07/96	07/96	7-27.5
STANTON ASSOC	1,193,187	85,971	1,535,425	(198,774	)	85,971	1,336,651	1,422,622	348,502	09/95	09/95	5-40

F-328

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
SG WYANDOTTE	3,153,436	950,000	0	6,629,680	950,000	6,629,680	7,579,680	2,058,830	02/97	04/96	5-27.5
WOODLAND ASSOCIATES	1,118,260	108,900	1,437,608	108,075	108,900	1,545,683	1,654,583	374,551	09/95	11/95	5-50
ZWOLLE APTS.	844,742	10,000	930,782	188,315	10,000	1,119,097	1,129,097	306,353	04/96	11/95	5-40
	37,965,770	4,151,180	54,755,145	14,438,071	3,941,855	69,193,216	73,135,071	20,751,267

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-329

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 24

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/95				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	15,269,744
Improvements, etc	0
Other	0
				$	15,269,744
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/96				$	15,269,744
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	44,018,168
Improvements, etc	1,703,291
Other	0
				$	45,721,459
Deductions during period:
Cost of real estate sold	$	(4,136,393	)
Other	(550,346		)
				$	(4,686,739	)
Balance at close of period - 3/31/97				$	56,304,464
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	3,754,806
Improvements, etc	10,437,670
Other	0
				$	14,192,476
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/98				$	70,496,940

F-330

Balance at close of period - 3/31/98			$	70,496,940
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	435,029
Other	0
			$	435,029
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	70,931,969
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	422,139
Other	0
			$	422,139
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	71,354,108
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	83,882
Other	0
			$	83,882
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	71,437,990

F-331

Balance at close of period - 3/31/01			$	71,437,990
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	269,565
Other	0
			$	269,565
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	71,707,555
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	301,758
Other	0
			$	301,758
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	72,009,313
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	518,114
Other	0
			$	518,114
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	72,527,427

F-332

Balance at close of period - 3/31/04			$	72,527,427
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	607,644
Other	0
			$	607,644
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	73,135,071

F-333

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/95			$	0
Current year expense	$	176,661
Balance at close of period - 3/31/96			$	176,661
Current year expense	$	1,093,319
Balance at close of period - 3/31/97			$	1,269,980
Current year expense	$	2,321,086
Balance at close of period - 3/31/98			$	3,591,066
Current year expense	$	2,545,309
Balance at close of period - 3/31/99			$	6,136,375
Current year expense	$	2,475,802
Balance at close of period - 3/31/00			$	8,612,177
Current year expense	$	2,442,201
Balance at close of period - 3/31/01			$	11,054,378
Current year expense	$	2,435,488
Balance at close of period - 3/31/02			$	13,489,866
Current year expense	$	2,456,369
Balance at close of period - 3/31/03			$	15,946,235
Current year expense	$	2,424,433
Balance at close of period - 3/31/04			$	18,370,668
Current year expense	$	2,380,599
Balance at close of period - 3/31/05			$	20,751,267

F-334

Boston Capital Tax Credit Fund II Limited Partnership - Series 25
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
352 LENOX AVE	645,080	6,250	167,568	1,667,400		6,250	1,834,968	1,841,218	492,710	09/97	10/96	5-27.5
CENTURY EAST II	501,622	70,000	888,314	40,153		70,000	928,467	998,467	253,209	06/96	08/96	5-27.5
DOGWOOD PARK	2,469,845	235,000	0	6,513,485		241,948	6,513,485	6,755,433	2,053,586	10/96	12/95	5-27.5
DUBLIN HOUSING TWO	669,350	15,000	0	816,370		15,000	816,370	831,370	262,869	12/96	09/96	5-27.5
ETHEL HOUSING	801,018	18,600	1,058,460	128,001		18,600	1,186,461	1,205,061	261,793	12/96	06/96	5-27.5
HORSE CAVE	832,338	75,000	1,053,944	5,561		75,000	1,059,505	1,134,505	252,354	11/96	05/96	5-27.5
HURRICANE HILLS	1,205,219	150,000	416,357	3,243,817		248,816	3,660,174	3,908,990	737,183	04/97	09/96	5-27.5
LAURELWOOD PARK	2,248,689	230,000	5,379,607	9,047		230,000	5,388,654	5,618,654	1,692,512	10/96	02/96	5-27.5
MAIN EVERETT	585,712	95,786	1,378,380	4,979		95,786	1,383,359	1,479,145	431,839	06/96	01/97	27.5
MAPLE HILL	948,852	182,000	1,560,386	(27,288	)	182,000	1,533,098	1,715,098	293,918	02/98	02/97	5-27.5
MOKEAPOKE	1,203,749	60,000	1,907,937	0		60,000	1,907,937	1,967,937	429,664	04/96	02/96	5-27.5
MRH LP	0	105,726	3,610,331	288,458		105,726	3,898,789	4,004,515	1,256,510	06/96	01/97	5-27.5
NEW MADISON	7,111,499	541,624	11,606,586	752,297		541,624	12,358,883	12,900,507	3,907,785	03/97	05/96	5-27.5
OHIO INVESTORS	1,563,141	31,650	2,354,099	203,798		31,650	2,557,897	2,589,547	928,178	09/95	02/96	5-27.5
OSBORNE HOUSING	404,508	50,667	1,099,730	58,504		50,667	1,158,234	1,208,901	342,765	12/96	06/96	27.5
ROSE SQUARE	383,532	106,942	615,913	21,573		106,942	637,486	744,428	126,671	02/97	10/96	5-27.5
SANDSTONE VILLAGE	1,306,806	96,047	0	2,609,079		96,047	2,609,079	2,705,126	788,112	08/96	11/95	5-27.5
SHANNON HOUSING	1,243,208	34,800	1,466,352	189,484		34,800	1,655,836	1,690,636	373,958	01/97	04/96	40.7
SMITH HOUSE	1,593,025	107,284	5,108,688	322,361		107,284	5,431,049	5,538,333	1,769,569	03/97	04/96	5-275
SG WAYNDOTTE	3,153,436	950,000	1,254,765	5,374,915		950,000	6,629,680	7,579,680	2,058,830	02/97	04/96	5-27.5
SUTTON PLACE	5,780,000	352,500	7,055,577	1,258,052		358,268	8,313,629	8,671,897	3,085,123	10/97	11/96	5-27.5
WEST POINT HOUSING	988,590	75,000	1,188,623	518,342		75,000	1,706,965	1,781,965	384,840	04/96	09/96	40.7
	35,639,219	3,589,876	49,171,617	23,998,388		3,701,408	73,170,005	76,871,413	22,183,978

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-335

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 25

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/95				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	331,047
Improvements, etc	0		��
Other	0
				$	331,047
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/96				$	331,047
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	43,624,585
Improvements, etc	9,149,104
Other	0
				$	52,773,689
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/97				$	53,104,736
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	5,458,443
Improvements, etc	15,277,130
Other	0
				$	20,735,573
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/98				$	73,840,309

F-336

Balance at close of period - 3/31/98			$	73,840,309
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	651,749
Other	0
			$	651,749
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	74,492,058
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	282,521
Other	0
			$	282,521
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	74,774,579
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	572,576
Other	0
			$	572,576
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	75,347,155

F-337

Balance at close of period - 3/31/01			$	75,347,155
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	293,218
Other	0
			$	293,218
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	75,640,373
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	238,339
Other	0
			$	238,339
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	75,878,712
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	468,282
Other	0
			$	468,282
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	76,346,994

F-338

Balance at close of period - 3/31/04			$	76,346,994
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	524,419
Other	0
			$	524,419
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	76,871,413

F-339

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/95			$	0
Current year expense	$	20,636
Balance at close of period - 3/31/96			$	20,636
Current year expense	$	1,056,849
Balance at close of period - 3/31/97			$	1,077,485
Current year expense	$	2,388,275
Balance at close of period - 3/31/98			$	3,465,760
Current year expense	$	2,657,320
Balance at close of period - 3/31/99			$	6,123,080
Current year expense	$	2,661,938
Balance at close of period - 3/31/00			$	8,785,018
Current year expense	$	2,765,041
Balance at close of period - 3/31/01			$	11,550,059
Current year expense	$	2,682,797
Balance at close of period - 3/31/02			$	14,232,856
Current year expense	$	2,680,709
Balance at close of period - 3/31/03			$	16,913,565
Current year expense	$	2,663,899
Balance at close of period - 3/31/04			$	19,577,464
Current year expense	$	2,606,514
Balance at close of period - 3/31/05			$	22,183,978

F-340

Boston Capital Tax Credit Fund IV LP-Series 26

Schedule III - Real Estate and Accumulated Depreciation

March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and improvements	Total	Accumulated depreciation	Date of construction	Date acquired	Depreciation is computed
200 EAST AVE LP	8,916,766	61,000	7,896,816	2,264,221		61,000	10,161,037	10,222,037	1,607,374	07/00	01/99	12-40
AVA LP	1,260,770	82,757	914,666	648,921		82,757	1,563,587	1,646,344	299,904	04/98	11/97	5-27.5
BEAUREGARD APTS	809,123	70,000	1,640,768	0		70,000	1,640,768	1,710,768	376,240	09/96	08/96	7-40
BECKWOOD MANOR ONE	1,024,134	20,000	1,335,215	2,420		20,000	1,337,635	1,357,635	440,609	10/96	08/96	5-27.5
BRADLEY PHASE I	1,461,545	290,000	3,476,912	4,136		290,000	3,481,048	3,771,048	665,531	12/97	02/97	20-40
BRADLEY PHASE II	834,979	190,000	2,405,548	(73,893	)	190,000	2,331,655	2,521,655	449,228	12/97	02/97	20-40
BROOKHAVEN APTS	1,018,718	52,272	1,800,921	0		52,272	1,800,921	1,853,193	386,706	01/97	02/97	7-40
BUTLER APTS	161,004	2,908	314,128	0		2,908	314,128	317,036	65,566	10/96	08/96	40
CALGORY APTS I	593,471	100,000	985,781	29,534		100,000	1,015,315	1,115,315	272,856	12/95	02/96	5-27.5
CALGORY APTS II	597,526	100,000	988,294	34,979		100,000	1,023,273	1,123,273	274,986	12/95	02/96	5-27.5
CALGORY APTS III	589,008	100,000	983,301	38,669		100,000	1,021,970	1,121,970	274,987	12/95	02/96	5-27.5
CAMERON HOUSING	741,764	74,000	1,736,306	0		74,000	1,736,306	1,810,306	408,319	10/96	08/96	40
COUNTRY EDGE	1,004,759	140,000	2,258,924	51,390		140,000	2,310,314	2,450,314	479,117	12/97	07/97	5-27.5
DECRO NORDOFF	1,943,929	555,000	3,240,184	153,391		555,000	3,393,575	3,948,575	865,789	07/97	09/96	5-27.5
EAST PARK II	534,145	35,000	1,120,448	38,268		35,000	1,158,716	1,193,716	299,502	08/96	08/96	5-27.5
EDGEWOOD ESTATES	596,862	27,000	759,092	22,660		27,000	781,752	808,752	185,711	11/96	06/97	7-40
EDGEWOOD PARK	1,500,000	125,000	2,943,474	26,345		125,000	2,969,819	3,094,819	870,667	01/97	05/96	5-27.5
ESCHER STREET	2,164,893	100,000	356,532	6,218,128		100,000	6,574,660	6,674,660	1,624,620	05/98	04/97	5-27.5
GRANDVIEW APTS	1,106,856	180,000	2,198,865	56,168		180,000	2,255,033	2,435,033	560,927	08/96	08/96	5-27.5
GRAYSON MANOR	1,028,947	80,000	1,733,403	(8,114	)	80,000	1,725,289	1,805,289	471,420	11/98	03/98	5-27.5
GVA LP	1,134,971	54,946	1,445,428	5,244		54,946	1,450,672	1,505,618	321,269	11/97	04/97	5-27.5
HANOVER TOWERS	4,281,125	580,000	7,092,714	(13,689	)	580,000	7,079,025	7,659,025	1,351,297	11/97	02/97	5-27.5
HOLLY HILLS	1,195,927	60,000	1,685,727	0		60,000	1,685,727	1,745,727	343,174	08/97	05/97	5-27.5

F-341

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and improvements	Total	Accumulated depreciation	Date of construction	Date acquired	Depreciation is computed
JACKSON BOND	5,000,000	536,323	952,071	6,935,980	536,323	7,888,051	8,424,374	1,761,835	12/99	11/98	5-27.5
LAKE IV APTS	611,868	85,000	1,016,090	25,497	85,000	1,041,587	1,126,587	279,918	12/95	02/96	5-27.5
LAKE V APTS	586,571	85,000	1,018,755	32,806	85,000	1,051,561	1,136,561	285,045	12/95	02/96	5-27.5
LIBERTY VILLAGE	1,724,779	43,085	2,165,569	21,378	44,000	2,186,947	2,230,947	659,380	05/97	01/97	5-27.5
LITTLE VALLEY ESTATES	1,133,920	44,000	1,453,331	104,628	44,000	1,557,959	1,601,959	334,445	04/97	01/97	5-27.5
MASON LP	916,401	14,000	1,195,375	62,461	14,000	1,257,836	1,271,836	418,454	01/96	02/96	5-27.5
MAXTON GREEN	949,106	30,500	1,264,803	1,496	30,500	1,266,299	1,296,799	410,343	12/96	09/96	5-27.5
MB APTS	1,064,800	350,000	2,321,961	146,685	350,000	2,468,646	2,818,646	662,516	06/97	03/96	5-27.5
MERIDIAN HOUSING	1,080,057	72,000	1,137,270	436,880	72,000	1,574,150	1,646,150	263,227	05/99	12/98	7-40
MOSBY FOREST	635,206	31,275	1,342,190	43,925	31,275	1,386,115	1,417,390	438,819	10/96	10/96	5-27.5
NEW DEVONSHILRE II	746,446	76,211	904,064	32,858	76,211	936,922	1,013,133	296,549	12/96	01/97	5-27.5
NEW DEVONSHIRE WEST	519,766	31,000	628,776	27,295	31,000	656,071	687,071	204,979	01/97	01/97	5-27.5
POWELL VALLEY	705,102	78,947	2,310,346	10,322	78,947	2,320,668	2,399,615	610,803	12/98	03/98	5-27.5
SG HAZELTINE	1,341,497	464,955	2,934,870	306,620	464,955	3,241,490	3,706,445	995,577	01/97	06/96	5-27.5
SOUTHWIND APTS	826,296	32,000	1,607,903	0	32,000	1,607,903	1,639,903	349,373	12/96	08/96	40
TR BOBB APTS	671,326	75,000	1,530,233	0	75,000	1,530,233	1,605,233	354,585	01/96	08/96	40
TIMMONSVILLE GREEN	1,055,250	41,000	1,427,096	12,085	41,000	1,439,181	1,480,181	455,113	02/97	10/96	5-27.5
TREMONT STATION	1,137,123	35,803	1,633,750	162,295	35,803	1,796,045	1,831,848	389,212	11/96	05/96	5-27.5
THE WILLOWS	785,708	13,000	1,067,939	38,801	13,000	1,106,740	1,119,740	259,412	05/96	05/96	5-27.5
VVA LP	1,140,272	21,861	935,951	571,240	21,861	1,507,191	1,529,052	295,875	10/98	04/97	7-40

F-342

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and improvements	Total	Accumulated depreciation	Date of Construction	Date acquired	Depreciation is computed
WARRENSBURG HEIGHTS	1,095,696	23,370	1,397,872	11,556	23,370	1,409,428	1,432,798	477,407	11/96	12/96	5-27.5
WPVA LP	1,147,910	45,000	929,628	546,701	45,000	1,476,329	1,521,329	304,854	03/98	04/97	5-27.5
	59,376,322	5,309,213	80,489,290	19,030,287	5,310,128	99,519,577	104,829,705	23,403,520

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2004.

There we no carrying costs as of December 31, 2004.  The Column has been omitted for presentation purposes.

F-343

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 26

Balance at beginning of period - 4/1/96			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	32,787,138
Improvements, etc	0
Other	0
			$	32,787,138
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/97			$	32,787,138
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	31,051,915
Improvements, etc	7,109,210
Other	0
			$	38,161,125
Deductions during period:
Cost of real estate sold	$	0
Other	0
			0
Balance at close of period - 3/31/98			$	70,948,263
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	6,900,360
Improvements, etc	7,109,210
Other	0
			$	15,122,103
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	86,070,366

F-344

Balance at close of period - 3/31/99			$	86,070,366
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	7,957,816
Improvements, etc	7,497,422
Other	0
			$	15,455,238
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	101,525,604
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	2,480,794
Other	0
			$	2,480,794
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	104,006,398
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	101,734
Other	0
			$	101,734
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	104,108,132

F-345

Balance at close of period - 3/31/02			$	104,108,132
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	20,899
Other	0
			$	20,899
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	104,129,031
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	496,152
Other	0
			$	496,152
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	104,625,183
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	204,522
Other	0
			$	204,522
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	104,829,705

F-346

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/96			$	0
Current year expense	$	361,387
Balance at close of period - 3/31/97			$	361,387
Current year expense	$	1,764,231
Balance at close of period - 3/31/98			$	2,125,618
Current year expense	$	2,289,241
Balance at close of period - 3/31/99			$	4,414,859
Current year expense	$	2,753,759
Balance at close of period - 3/31/00			$	7,168,618
Current year expense	$	3,295,505
Balance at close of period - 3/31/01			$	10,464,123
Current year expense	$	3,360,613
Balance at close of period - 3/31/02			$	13,824,736
Current year expense	$	3,241,530
Balance at close of period - 3/31/03			$	17,066,266
Current year expense	$	3,235,386
Balance at close of period - 3/31/04			$	20,301,652
Current year expense	$	3,101,868
Balance at close of period - 3/31/05			$	23,403,520

F-347

Boston Capital Tax Credit Fund IV LP - Series 27
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2002
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
AHAB PROJ #1	473,602	2,850	1,253,094	8,325	2,850	1,261,419	1,264,269	260,117	11/97	06/97	5-27.5
ANGELOU COURT	961,359	3	2,685,763	0	3	2,685,763	2,685,766	523,105	08/99	10/97	5-27.5
CASA ROSA	740,981	0	2,487,701	713,866	0	3,201,567	3,201,567	732,387	04/98	09/97	5-27.5
CANISTEO MANOR	887,445	46,553	1,567,499	16,183	46,553	1,583,682	1,630,235	431,110	04/98	04/98	5-27.5
CENTRUM FAIRFAX II	6,270,736	1,054,099	0	7,431,128	1,054,099	7,431,128	8,485,227	1,445,538	06/97	08/96	5-27.5
HARBOR LP	10,699,229	1,250,000	14,491,429	155,166	1,250,000	14,646,595	15,896,595	2,790,902	11/97	02/97	5-40
HARRISSONVILLE	1,190,670	102,637	3,021,382	1,305	102,637	3,022,687	3,125,324	931,357	12/96	01/98	5-27.5
HOLLY HEIGHTS	484,326	31,914	0	1,780,662	31,914	1,780,662	1,812,576	317,730	08/98	04/97	5-27.5
KIEHL PARTNERS	9,200,000	747,825	13,193,825	242,606	747,825	13,436,431	14,184,256	3,182,109	06/99	11/99	5-27.5
LAKE APTS II	581,866	80,000	930,841	43,823	80,000	974,664	1,054,664	244,879	12/95	01/97	5-27.5
MAGNOLIA PLACE LP	850,506	150,000	0	1,596,432	160,500	1,596,432	1,756,932	339,395	01/98	11/97	5-27.5
NORTHROCK HOUSING	2,432,594	250,478	1,356,518	3,304,851	250,478	4,661,369	4,911,847	596,663	05/00	05/99	10-40
PEAR VILLAGE	483,698	50,000	512,155	545,102	50,000	1,057,257	1,107,257	303,888	02/97	08/96	5-27.5
RANDOLPH VILLAGE	5,525,048	1,168,500	0	9,252,092	1,168,500	9,252,092	10,420,592	1,874,661	08/97	09/96	5-27.5
SUNDAY SUN	825,583	156,600	1,638,376	0	156,600	1,638,376	1,794,976	500,810	12/96	10/96	5-27.5
WAYNE HOUSING	8,788,784	1,200,000	0	13,350,231	903,435	13,350,231	14,253,666	2,444,343	04/98	11/96	5-27.5
	50,396,427	6,291,459	43,138,583	38,441,772	6,005,394	81,580,355	87,585,749	16,918,994

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-348

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 27

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/96			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	5,779,730
Improvements, etc	0
Other	0
			$	5,779,730
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/97			$	5,779,730
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	20,677,829
Other	17,177,150
			$	37,854,979
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/98			$	43,634,709
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	4,738,071
Improvements, etc	17,179,919
Other	0
			$	21,917,990
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	65,552,699

F-349

Balance at close of period - 3/31/99			$	65,552,699
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	15,548,646
Improvements, etc	2,444,640
Other	0
			$	17,993,286
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	83,545,985
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	3,502,518
Other	0
			$	3,502,518
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	87,048,503
Additions during period:
Acquisitions through foreclosure	$
Other acquisitions
Improvements, etc	27,925
Other
			$	27,925
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	87,076,428

F-350

Balance at close of period - 3/31/02			$	87,076,428
Additions during period:
Acquisitions through foreclosure	$
Other acquisitions
Improvements, etc	292,612
Other
			$	292,612
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	87,369,040
Additions during period:
Acquisitions through foreclosure	$
Other acquisitions
Improvements, etc	58,825
Other
			$	58,825
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	87,427,865
Additions during period:
Acquisitions through foreclosure	$
Other acquisitions
Improvements, etc	157,884
Other
			$	157,884
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	87,585,749

F-351

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/96			$	0
Current year expense	$	10,734
Balance at close of period - 3/31/97			$	10,734
Current year expense	$	594,951
Balance at close of period - 3/31/98			$	605,685
Current year expense	$	1,573,377
Balance at close of period - 3/31/99			$	2,179,062
Current year expense	$	2,071,362
Balance at close of period - 3/31/00			$	4,250,424
Current year expense	$	2,690,062
Balance at close of period - 3/31/01			$	6,940,486
Current year expense	$	2,499,683
Balance at close of period - 3/31/02			$	9,440,169
Current year expense	$	2,497,526
Balance at close of period - 3/31/03			$	11,937,695
Current year expense	$	2,494,942
Balance at close of period - 3/31/04			$	14,432,637
Current year expense	$	2,486,357
Balance at close of period - 3/31/05			$	16,918,994

F-352

Boston Capital Tax Credit Fund IV LP- Series 28
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
1374 BOSTON POST ROAD	416,737	100,000	1,086,670	69,441		100,000	1,156,111	1,256,111	338,301	06/97	02/97	5-27.5
ASHBERRY MANOR	631,416	100,500	1,192,737	0		100,500	1,192,737	1,293,237	246,738	03/97	02/97	5-27.5
ATHENS PARTNERS	1,167,412	327,639	2,978,391	2,256,828		342,639	5,235,219	5,577,858	1,256,901	6/99	10/98	5-27.5
BIENVILLE, L.P.	949,722	20,300	1,194,688	45,729		20,300	1,240,417	1,260,717	261,859	02/97	02/97	7-40
BLANCHARD APTS	899,325	20,000	807,233	353,314		46,728	1,160,547	1,207,275	234,703	07/97	07/97	7-40
CHANDLER VILLAGE	895,369	32,000	1,249,842	0		32,000	1,249,842	1,281,842	338,596	07/97	04/97	5-30
COTTONWOOD	725,742	20,000	0	964,795		20,000	964,795	984,795	192,678	07/97	07/97	5-27.5
EVANGELINE APTS	959,920	20,000	1,364,939	0		20,000	1,364,939	1,384,939	301,607	01/98	11/97	7-40
EVERGREEN III	918,997	6,000	1,250,781	14,710		6,000	1,265,491	1,271,491	398,673	04/97	02/97	5-27.5
FAIRWAY II LP	1,002,765	48,000	1,277,751	54,963		48,000	1,332,714	1,380,714	283,388	03/97	12/96	7-40
FORT BEND	3,018,495	538,500	0	7,474,269		538,500	7,474,269	8,012,769	2,045,447	10/99	04/98	12-40
JACKSON PLACE	987,097	74,943	2,095,999	(57,061	)	74,943	2,038,938	2,113,881	436,853	10/97	07/97	5-27.5
MAPLEWOOD APTS	894,438	47,125	1,923,321	0		47,125	1,923,321	1,970,446	373,078	08/98	03/98	5-27.5
MILTON SENIOR LP	1,167,648	51,400	2,385,863	56,248		51,400	2,442,111	2,493,511	721,242	06/97	02/97	5-27.5
NEIGHBORHOOD RESTORATION VII	1,838,310	42,825	6,368,910	0		42,825	6,368,910	6,411,735	1,565,610	02/98	02/98	5-27.5
PIN OAK ELDERLY ASSOC.	10,229,288	832,000	7,701,570	7,633,573		2,024,000	15,335,143	17,359,143	3,374,716	01/96	11/97	5-27.5
RANDOLPH VILLAGE	5,225,048	1,168,500	9,187,147	64,945		1,168,500	9,252,092	10,420,592	1,874,661	08/97	12/97	5-27.5
RVKY,LP	1,324,685	65,582	1,315,622	373,066		75,232	1,688,688	1,763,920	354,307	04/98	11/97	5-27.5
SAND LANE MANOR	652,360	104,000	0	1,217,985		104,000	1,217,985	1,321,985	216,275	04/98	08/97	5-27.5
SENIOR SUITES CHICAGO	4,040,569	14,922	0	7,285,090		14,922	7,285,090	7,300,012	1,664,046	12/98	12/97	5-27.5

F-353

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
SUMNER HOUSE	1,083,696	62,370	3,451,950	30,170	62,370	3,482,120	3,544,490	734,604	07/98	01/98	5-27.5
TERRACEVIEW APTS	578,985	16,900	1,612,988	24,900	16,900	1,637,888	1,654,788	343,189	10/97	07/97	5-27.5
TILGHMAN SQ LP	742,683	60,314	1,108,725	7,461	60,314	1,116,186	1,176,500	313,788	10/97	11/97	5-27.5
WELLSTON VILLAGE	370,407	12,500	412,617	106,366	12,500	518,983	531,483	138,600	08/97	04/97	5-27.5
WEST MEMHIS (CLUBVIEW)	2,870,487	481,388	7,259,784	461,936	481,388	7,721,720	8,203,108	2,530,141	11/96	12/97	5-27.5
YALE VILLAGE	195,641	12,500	238,542	119,139	12,500	357,681	370,181	109,375	07/98	02/98	5-27.5
	43,787,242	4,280,208	57,466,070	28,557,867	5,523,586	86,023,937	91,547,523	20,649,376

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-354

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 28

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/96			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	647,230
Improvements, etc	0
Other	0
			$	647,230
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/97			$	647,230
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	45,106,975
Improvements, etc	0
Other	0
			$	45,106,975
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/98			$	45,754,205
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	15,992,073
Improvements, etc	19,183,519
Other	0
			$	35,175,592
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	80,929,797

F-355

Balance at close of period - 3/31/99			$	80,929,797
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	9,620,933
Improvements, etc	0
Other	0
			$	9,620,933
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	90,550,730
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	312,027
Other	0
			$	312,027
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	90,862,757
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	182,164
Other	0
			$	182,164
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	91,044,921

F-356

Balance at close of period - 3/31/02			$	91,044,921
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	64,515
Other	0
			$	64,515
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	91,109,436
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	253,909
Other	0
			$	253,909
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	91,363,345
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	184,178
Other	0
			$	184,178
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	91,547,523

F-357

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/96			$	0
Current year expense	$	8,223
Balance at close of period - 3/31/97			$	8,223
Current year expense	$	1,264,549
Balance at close of period - 3/31/98			$	1,272,772
Current year expense	$	1,834,970
Balance at close of period - 3/31/99			$	3,107,742
Current year expense	$	2,674,330
Balance at close of period - 3/31/00			$	5,782,072
Current year expense	$	3,196,013
Balance at close of period - 3/31/01			$	8,978,085
Current year expense	$	2,988,638
Balance at close of period - 3/31/02			$	11,966,723
Current year expense	$	2,889,062
Balance at close of period - 3/31/03			$	14,855,785
Current year expense	$	2,918,851
Balance at close of period - 3/31/04			$	17,774,636
Current year expense	$	2,874,740
Balance at close of period - 3/31/05			$	20,649,376

F-358

Boston Capital Tax Credit Fund II Limited Partnership - Series 29
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
BARRINGTON COVE	2,003,357	183,750	6,403,281	12,999	183,700	6,416,280	6,599,980	1,795,214	05/97	04/97	5-39
BRYSON APTS	370,310	10,728	269,886	265,186	10,728	535,072	545,800	136,342	01/98	08/97	5-27.5
COLLINS HOUSING	666,110	22,500	370,580	544,105	22,500	914,685	937,185	225,765	06/98	09/97	5-27.5
DOGWOOD RURAL ASSOC	1,351,740	56,332	1,616,052	478,806	56,332	2,094,858	2,151,190	421,472	05/99	10/98	5-27.5
EDGEWOOD EST	1,937,010	283,199	3,951,368	0	283,199	3,951,368	4,234,567	817,044	09/98	03/98	5-27.5
EMERALD TRACE	1,303,769	43,548	0	2,659,509	43,548	2,659,509	2,703,057	468,502	04/99	08/98	5-27.5
FORREST HILL APTS	2,791,582	191,250	0	0	221,250	0	221,250	0	11/98	07/97	5-27.5
GLENBROOK APTS	489,529	4,606	674,111	19,425	4,606	693,536	698,142	174,369	03/97	12/97	5-27.5
HARBOR POINTE	1,503,965	280,000	5,672,581	132,677	280,000	5,805,258	6,085,258	916,376	10/99	12/97	5-40
JACKSBORO APTS	581,114	31,893	268,583	505,596	31,893	774,179	806,072	202,230	01/98	12/97	5-27.5
JACKSON PARTNERS	5,560,000	300,067	6,039,223	3,767,697	315,352	9,806,920	10,122,272	2,661,133	06/98	12/96	5-27.5
KIEHL PARTNERS	9,200,000	747,825	9,410,576	4,025,855	747,825	13,436,431	14,184,256	3,182,109	06/99	02/98	5-27.5
LOMBARD PARTNERS	945,294	25,000	1,470,259	0	25,000	1,470,259	1,495,259	359,461	07/98	10/98	5-27.5
LUTKIN BAYOU ASSOC	811,931	25,000	878,839	113,378	25,000	992,217	1,017,217	222,217	06/97	11/97	5-27.5
THE LINCOLN HOTEL	806,522	0	1,454,115	113,161	0	1,567,276	1,567,276	373,625	07/97	02/97	5-27.5
NORTHFIELD APTS III	4,525,000	200,613	5,814,532	1,212,362	214,213	7,026,894	7,241,107	2,024,966	02/98	12/96	5-27.5
NORTHWAY DRIVE	1,511,982	280,849	1,480	4,794,044	280,849	4,795,524	5,076,373	882,320	03/98	04/97	5-45
OZARK ASSOC	451,102	13,750	511,269	56,213	13,750	567,482	581,232	125,262	07/97	10/97	5-27.5
PALMETTO PLACE	1,081,414	56,000	0	2,106,692	12,000	2,106,692	2,118,692	354,457	04/99	10/98	5-27.5
POPLARVILLE APTS	389,199	12,000	406,502	48,854	12,000	455,356	467,356	104,555	07/97	10/97	5-27.5
RHOME APTS	493,476	8,313	675,804	19,937	8,313	695,741	704,054	161,091	07/97	12/97	5-27.5
WESTFIELD APTS	782,306	49,748	1,773,153	0	49,748	1,773,153	1,822,901	360,092	08/98	11/97	5-27.5
	39,556,712	2,826,971	47,662,194	20,876,496	2,841,806	68,538,690	71,380,496	15,968,602

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-359

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 29

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/97			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	25,053,524
Improvements, etc	0
Other	0
			$	25,053,524
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/98			$	25,053,524
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	19,483,060
Improvements, etc	16,333,428
Other	0
			$	35,816,488
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	60,870,012
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	5,952,581
Improvements, etc	9,065,633
Other	0
			$	15,018,214
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	75,888,226

F-360

Balance at close of period - 3/31/00			$	75,888,226
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	191,162
Other	0
			$	191,162
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	76,079,388
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	180,150
Other	0
			$	180,150
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	76,259,538
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	229,921
Other	0
			$	229,921
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	76,489,459

F-361

Balance at close of period - 3/31/03				$	76,489,459
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	160,933
Other	0
				$	160,933
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/04				$	76,650,392
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	251,267
Other	0
				$	251,267
Deductions during period:
Cost of real estate sold	$	0
Other	(5,521,163		)
				$	(5,521,163	)
Balance at close of period - 3/31/05				$	71,380,496

F-362

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/97			$	0
Current year expense	$	271,480
Balance at close of period - 3/31/98			$	271,480
Current year expense	$	1,330,842
Balance at close of period - 3/31/99			$	1,602,322
Current year expense	$	2,247,040
Balance at close of period - 3/31/00			$	3,849,362
Current year expense	$	2,630,360
Balance at close of period - 3/31/01			$	6,479,722
Current year expense	$	2,600,798
Balance at close of period - 3/31/02			$	9,080,520
Current year expense	$	2,610,904
Balance at close of period - 3/31/03			$	11,691,424
Current year expense	$	2,585,150
Balance at close of period - 3/31/04			$	14,276,574
Current year expense	$	1,692,028
Balance at close of period - 3/31/05			$	15,968,602

F-363

Boston Capital Tax Credit Fund IV LP - Series 30
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
BELLWOOD FOUR	709,991	45,000	676,598	704,456		45,000	1,381,054	1,426,054	369,911	05/98	09/97	5-27.5
BOWIE APTS	1,066,758	32,714	267,955	1,208,269		32,714	1,476,224	1,508,938	362,651	10/98	08/97	5-27.5
BYAM LP	783,976	185,000	2,261,674	(28,934	)	185,000	2,232,740	2,417,740	429,353	02/98	02/97	5-27.5
CVVA LP	1,533,209	60,000	1,250,961	697,493		60,000	1,948,454	2,008,454	481,822	10/99	03/98	5-27.5
EMERALD TRACE II	362,103	20,500	1,322,164	0		20,500	1,322,164	1,342,664	227,819	12/98	07/98	5-27.5
FVA LP	882,772	36,000	668,440	426,716		36,000	1,095,156	1,131,156	187,570	07/99	03/98	5-27.5
GRAHAM  APARTMENTS	1,473,589	45,563	366,387	1,497,749		45,563	1,864,136	1,909,699	498,129	09/98	08/97	5-27.5
HILLSIDE TERRACE	1,806,058	369,421	4,812,286	1,661,174		330,000	6,473,460	6,803,460	897,811	07/00	04/99	12/40
JEFFRIES ASSOC	1,449,626	62,000	1,662,694	476,230		62,000	2,138,924	2,200,924	384,446	05/99	10/98	5-27.5
JMC LIMITED LIABILITY	768,371	50,000	0	1,711,748		11,000	1,711,748	1,722,748	312,153	03/98	08/97	5-27.5
KGVA LP	1,852,544	112,000	1,697,834	666,456		112,000	2,364,290	2,476,290	456,925	02/99	03/98	5-27.5
LINDEN PARTERS	935,861	4,848	1,819,922	0		4,848	1,819,922	1,824,770	304,411	06/99	07/98	7-40
MADISON PTRS LP	1,586,010	314,510	788,736	4,666,589		322,023	5,455,325	5,777,348	1,365,004	03/99	11/97	5-27.5
MESA GRANDE	1,941,403	0	4,153,914	31,697		117,000	4,185,611	4,302,611	661,229	12/98	02/98	5-27.5
MILLWOOD	7,971,287	892,181	0	11,506,043		869,681	11,506,043	12,375,724	1,762,616	11/99	12/98	10-40
NOCONA APTS	791,692	15,651	207,520	905,893		15,651	1,113,413	1,129,064	256,909	12/98	08/97	5-27.5
PYRAMID ONE	639,889	100,000	1,445,832	1,125		100,000	1,446,957	1,546,957	307,025	11/99	04/99	5-27.5
SUNRISE HOMES	988,471	0	2,679,914	209,756		134,259	2,889,670	3,023,929	460,568	12/98	02/98	5-27.5
TRINITY LIFE GARDENS	1,198,848	65,575	2,309,061	873,175		60,000	3,182,236	3,242,236	748,292	12/99	04/99	5-27.5
WEST SWANZEY	594,219	94,900	2,010,096	66,141		94,900	2,076,237	2,171,137	427,583	02/98	07/97	5-27.5
	29,336,677	2,505,863	30,401,988	27,281,776		2,658,139	57,683,764	60,341,903	10,902,227

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004. There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-364

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 30

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/97			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	7,362,304
Improvements, etc	0
Other	0
			$	7,362,304
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/98			$	7,362,304
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	14,618,602
Improvements, etc	9,868,994
Other	0
			$	24,487,596
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	31,849,900
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	9,102,175
Improvements, etc	16,227,330
Other	0
			$	25,329,505
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	57,179,405

F-365

Balance at close of period - 3/31/00			$	57,179,405
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	2,489,235
Other	0
			$	2,489,235
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	59,668,640
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	536,047
Other	0
			$	536,047
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	60,204,687
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	72,476
Other	0
			$	72,476
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	60,277,163

F-366

Balance at close of period - 3/31/03			$	60,277,163
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	7,269
Other	0
			$	7,269
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	60,284,432
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	57,471
Other	0
			$	57,471
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	60,341,903

F-367

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/97			$	0
Current year expense	$	49,478
Balance at close of period - 3/31/98			$	49,478
Current year expense	$	463,672
Balance at close of period - 3/31/99			$	513,150
Current year expense	$	945,532
Balance at close of period - 3/31/00			$	1,458,682
Current year expense	$	1,631,321
Balance at close of period - 3/31/01			$	3,090,003
Current year expense	$	2,263,225
Balance at close of period - 3/31/02			$	5,353,228
Current year expense	$	1,885,175
Balance at close of period - 3/31/03			$	7,238,403
Current year expense	$	1,853,298
Balance at close of period - 3/31/04			$	9,091,701
Current year expense	$	1,810,526
Balance at close of period - 3/31/05			$	10,902,227

F-368

Boston Capital Tax Credit Fund IV LP-Series 31
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	Depreciation is computed
BRITTNEY SQUARE	593,344	247,000	1,280,705	0	247,000	1,280,705	1,527,705	216,540	07/98	07/98	5-27.5
CANTON HOUSING I	2,211,076	99,900	2,245,160	695,913	99,900	2,941,073	3,040,973	766,349	07/98	11/97	5-27.5
CANTON HOUSING II	1,119,487	66,920	1,023,746	311,857	66,920	1,335,603	1,402,523	361,178	07/98	11/97	5-27.5
CANTON HOUSING III	831,794	38,205	799,913	262,083	38,205	1,061,996	1,100,201	280,669	07/98	11/97	5-27.5
CANTON HOUSING IV	801,813	40,500	784,923	269,762	40,500	1,054,685	1,095,185	281,647	07/98	11/97	5-27.5
CLEVELAND PTRS	1,537,092	244,500	1,941,969	3,531,349	265,000	5,473,318	5,738,318	1,491,250	06/98	11/97	5-27.5
DOUBLE SPRINGS	365,221	157,000	960,378	505,494	157,000	1,465,872	1,622,872	252,042	03/99	09/98	5-27.5
EAGLE’S RIDGE TERRACE	1,769,971	63,200	508,815	1,918,666	63,200	2,427,481	2,490,681	465,843	05/98	12/97	5-27.5
ELLISVILLE LP	642,974	31,000	723,650	217,992	31,000	941,642	972,642	180,689	06/98	12/97	5-27.5
G.A.V.A. LP	711,705	35,500	616,645	274,109	37,014	890,754	927,768	160,754	02/99	03/98	5-27.5
HATTIESBURG LP	817,926	15,000	979,143	256,771	15,000	1,235,914	1,250,914	231,213	06/98	12/97	5-27.5
HENDERSON TERRACE	507,558	22,000	221,549	478,258	22,000	699,807	721,807	132,914	09/98	11/97	5-27.5
HERITAGE I	878,642	46,000	522,601	830,596	46,014	1,353,197	1,399,211	327,902	05/98	10/97	5-27.5
HURRICANE HILLS	744,793	121,171	3,086,025	12,332	121,171	3,098,357	3,219,528	586,103	08/98	09/97	5-27.5
LAKEVIEW LITTLE ELM	433,120	28,750	255,929	338,481	28,750	594,410	623,160	136,584	01/99	11/97	5-27.5
LEVEL CREEK	12,790,000	1,120,908	0	13,523,350	1,120,908	13,523,350	14,644,258	4,050,560	05/99	05/98	5-27.5
MESQUITE TRAILS	664,894	10,860	240,143	710,517	10,860	950,660	961,520	218,916	11/98	11/97	5-27.5
MONFORT HOUSING	3,536,038	436,143	2,661,689	1,653,660	436,143	4,315,349	4,751,492	839,629	10/98	09/97	5-27.5
N.M.V.A. LP	852,579	44,114	679,817	417,233	44,114	1,097,050	1,141,164	191,340	04/99	03/98	5-27.5
PILOT POINT LP	746,701	65,570	339,377	614,939	65,570	954,316	1,019,886	232,173	02/99	11/97	5-27.5
RIVERBEND APTS	767,085	201,961	0	2,498,041	201,961	2,498,041	2,700,002	435,556	07/98	10/97	5-27.5

F-369

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
SAN ANGELO BENT TREE	2,586,538	294,023	0	6,601,796	300,841	6,601,796	6,902,637	1,146,417	07/99	12/97	5-27.5
SEAGRAVES APTS	441,315	25,200	537,944	22,391	25,200	560,335	585,535	81,741	05/00	09/00	5-27.5
SENCIT HAMPDEN	2,044,857	307,860	0	5,109,029	307,860	5,109,029	5,416,889	823,300	09/98	10/97	7-40
SILVER CREEK	3,254,501	175,000	0	9,048,768	175,000	9,048,768	9,223,768	1,671,792	08/99	03/98	5-27.5
SUMMERDALE PTRS	3,690,224	420,540	1,386,000	4,969,876	271,620	6,355,876	6,627,496	1,073,248	04/99	12/98	5-27.5
WINDSOR PARK PTRS	7,686,601	248,000	5,105,823	7,748,397	270,461	12,854,220	13,124,681	3,173,663	03/99	11/97	5-27.5
	53,027,849	4,606,825	26,901,945	62,821,659	4,509,212	89,723,604	94,232,816	19,810,012

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-370

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 31

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/97			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	20,789,823
Improvements, etc	0
Other	0
			$	20,789,823
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/98			$	20,789,823
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	10,155,803
Improvements, etc	23,622,080
Other	0
			$	33,777,883
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	54,567,706
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	37,773,041
Other	0
			$	37,773,041
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	92,340,747

F-371

Balance at close of period - 3/31/00			$	92,340,747
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	561,718
Improvements, etc	171,433
Other	0
			$	733,151
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	93,073,898
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	277,575
Other	0
			$	277,575
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	93,351,473
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	173,492
Other	0
			$	173,492
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	93,524,965

F-372

Balance at close of period - 3/31/03			$	93,524,965
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	299,763
Other	0
			$	299,763
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	93,824,728
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	408,088
Other	0
			$	408,088
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	94,232,816

F-373

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/97			$	0
Current year expense	$	41,619
Balance at close of period - 3/31/98			$	41,619
Current year expense	$	973,901
Balance at close of period - 3/31/99			$	1,015,520
Current year expense	$	2,743,105
Balance at close of period - 3/31/00			$	3,758,625
Current year expense	$	3,363,318
Balance at close of period - 3/31/01			$	7,121,943
Current year expense	$	3,254,509
Balance at close of period - 3/31/02			$	10,376,452
Current year expense	$	3,175,143
Balance at close of period - 3/31/03			$	13,551,595
Current year expense	$	3,175,143
Balance at close of period - 3/31/03			$	13,551,595
Current year expense	$	3,154,151
Balance at close of period - 3/31/04			$	16,705,746
Current year expense	$	3,104,266
Balance at close of period - 3/31/05			$	19,810,012

F-374

Boston Capital Tax Credit Fund IV LP - Series 32
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
200 EAST AVENUE	8,916,766	61,000	7,896,816	2,264,221		61,000	10,161,037	10,222,037	1,607,374	07/00	01/99	12-40
ATHENS PARTNERS	1,167,412	327,639	2,978,391	2,256,828		342,639	5,235,219	5,577,858	1,256,901	06/99	10/98	5/27.5
CHARDONNAY LP	65,023	5,200	586,804	35,691		5,200	622,495	627,695	183,810	01/97	01/98	5-27.5
COGIC VILLAGE	2,320,017	115,000	0	8,719,176		115,000	8,719,176	8,834,176	2,428,566	07/99	04/98	5-27.5
COURTSIDE	872,081	146,529	2,820,490	36,807		146,529	2,857,297	3,003,826	632,118	07/98	06/98	7-40
FFLM ASSOC	7,114,301	1,359,240	12,454,121	112,255		1,359,240	12,566,376	13,925,616	4,872,708	01/95	01/98	5-40
GRANDA ROSE	208,532	5,000	271,347	5,111		5,000	276,458	281,458	38,803	11/01	05/01	5-27.5
INDIANA DEV (CLEAR CREEK)	1,493,505	55,000	3,760,163	(109,376	)	55,000	3,650,787	3,705,787	688,007	09/99	07/98	5-27.5
JACKSON BOND	5,000,000	536,323	952,071	6,935,980		536,323	7,888,051	8,424,374	1,761,835	12/99	07/98	5-27.5
KEIST TOWNHOMES	3,516,789	622,558	0	12,156,078		622,558	12,156,078	12,778,636	1,693,371	12/99	11/98	10-40
MARTINSVILLE I	410,334	24,000	0	1,102,604		52,000	1,102,604	1,154,604	186,112	02/00	08/99	5-40
PARKSIDE PLAZA	1,338,507	0	0	4,158,733		0	4,158,733	4,158,733	593,101	05/01	07/99	5-27.5
PECAN MANOR	770,274	60,400	1,961,002	160,953		60,400	2,121,955	2,182,355	367,409	10/98	07/98	5-27.5
PEARL PARTNERS	8,000,000	599,461	2,248,687	9,413,110		615,788	11,661,797	12,277,585	2,660,973	12/99	06/98	5-27.5
PEARLWOOD LP	921,189	162,032	2,099,724	(300,770	)	162,032	1,798,954	1,960,986	477,000	05/98	02/98	5-27.5
PINE RIDGE	789,248	88,220	0	2,134,022		94,833	2,134,022	2,228,855	366,296	01/99	07/98	5-27.5
PYRAMID IV LP	877,767	99,500	368,780	3,420,238		99,500	3,789,018	3,888,518	709,229	05/00	05/98	5-27.5
	43,781,745	4,267,102	38,398,396	52,501,661		4,333,042	90,900,057	95,233,099	20,523,613

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-375

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 32

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/98			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	30,592,172
Improvements, etc	0
Other	0
			$	30,592,172
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	30,592,172
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	11,796,979
Improvements, etc	42,439,868
Other	0
			$	54,236,847
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	84,829,019
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	4,887,087
Other	0
			$	4,887,087
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	89,716,106

F-376

Balance at close of period - 3/31/01			$	89,716,106
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	276,347
Improvements, etc	4,688,499
Other	0
			$	4,964,846
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	94,680,952
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	57,677
Other	0
			$	57,677
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	94,738,629
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	231,615
Other	0
			$	231,615
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	94,970,244

F-377

Balance at close of period - 3/31/04			$	94,970,244
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	262,855
Other	0
			$	262,855
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	95,233,099

F-378

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/98			$	0
Current year expense	$	1,855,693
Balance at close of period - 3/31/99			$	1,855,693
Current year expense	$	1,533,304
Balance at close of period - 3/31/00			$	3,388,997
Current year expense	$	3,367,095
Balance at close of period - 3/31/01			$	6,756,092
Current year expense	$	3,601,011
Balance at close of period - 3/31/02			$	10,357,103
Current year expense	$	3,433,597
Balance at close of period - 3/31/03			$	13,790,700
Current year expense	$	3,388,798
Balance at close of period - 3/31/04			$	17,179,498
Current year expense	$	3,344,115
Balance at close of period - 3/31/05			$	20,523,613

F-379

Boston Capital Tax Credit Fund IV LP - Series 33
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
BRADFORD GROUP	1,035,123	101,388	0	2,695,584	101,388	2,695,584	2,796,972	515,184	09/99	10/98	5-27.5
FFLM ASSOC.	7,114,301	1,359,240	12,454,121	112,255	1,359,240	12,566,376	13,925,616	4,872,708	01/95	01/98	5-40
FOREST PARK	870,404	175,500	0	2,156,764	175,500	2,156,764	2,332,264	382,563	01/99	07/98	5-27.5
HARBOUR POINTE	1,503,965	280,000	5,672,581	132,677	280,000	5,805,258	6,085,258	916,376	10/99	01/99	5-40
KIEST TOWNHOMES	3,516,789	622,558	0	12,156,078	622,558	12,156,078	12,778,636	1,693,371	12/99	08/98	10-40
MERCHANT’S COURT	5,851,397	0	0	13,342,665	1,069,682	13,342,665	14,412,347	2,541,241	12/99	10/98	10-40
NHC #5	2,999,934	387,045	0	6,363,027	387,045	6,363,027	6,750,072	1,755,500	07/99	03/98	5-27.5
NORTHROCK HOUSING	2,432,594	250,478	1,356,518	3,304,851	250,478	4,661,369	4,911,847	596,663	05/00	05/99	10-40
SOUTHAVEN	9,790,000	974,288	1,815,504	10,866,672	999,288	12,682,176	13,681,464	2,942,924	12/99	10/98	5-27.5
STEARNS ASSITED LIVING	435,500	1	0	2,934,502	1	2,934,502	2,934,503	316,458	3/01	12/99	5-27.5
	35,550,007	4,150,498	21,298,724	54,065,075	5,245,180	75,363,799	80,608,979	16,532,988

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-380

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 33

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/98			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	17,889,644
Improvements, etc	0
Other	0
			$	17,889,644
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	17,889,644
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	7,559,577
Improvements, etc	37,620,253
Other	0
			$	45,179,830
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	63,069,474
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	13,783,067
Other	0
			$	13,783,067
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	76,852,541

F-381

Balance at close of period - 3/31/01			$	76,852,541
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	3,396,126
Other	0
			$	3,396,126
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	80,248,667
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	88,428
Other	0
			$	88,428
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	80,337,095
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	45,294
Other	0
			$	45,294
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	80,382,389

F-382

Balance at close of period - 3/31/04			$	80,382,389
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	226,590
Other	0
			$	226,590
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	80,608,979

F-383

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/98			$	0
Current year expense	$	1,694,284
Balance at close of period - 3/31/99			$	1,694,284
Current year expense	$	1,033,967
Balance at close of period - 3/31/00			$	2,728,251
Current year expense	$	2,717,698
Balance at close of period - 3/31/01			$	5,445,949
Current year expense	$	2,873,929
Balance at close of period - 3/31/02			$	8,319,878
Current year expense	$	2,781,889
Balance at close of period - 3/31/03			$	11,101,767
Current year expense	$	2,735,278
Balance at close of period - 3/31/04			$	13,837,045
Current year expense	$	2,695,943
Balance at close of period - 3/31/05			$	16,532,988

F-384

Boston Capital Tax Credit Fund IV LP - Series 34
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
ABBEY RIDGE	447,706	48,000	2,129,097	0	48,000	2,129,097	2,177,097	310,267	01/00	02/00	5-27.5
ALLISON APTS	810,057	208,000	0	1,733,194	208,000	1,733,194	1,941,194	309,332	01/99	11/98	5-27.5
BELMONT AFFORDABLE HOUSING	474,586	5,000	2,374,186	3,697	5,000	2,377,883	2,382,883	373,990	12/98	01/99	5-27.5
BOERNE CREEKSIDE	1,973,953	204,622	0	4,770,432	205,736	4,770,432	4,976,168	718,439	06/00	11/98	5-27.5
HIGHWAY 18 PARTNERS	10,550,000	766,286	7,424,418	5,740,205	797,823	13,164,623	13,962,446	2,664,820	06/00	10/99	5-27.5
HOWARD PARK	379,144	75,000	1,159,772	12,000	75,000	1,171,772	1,246,772	321,822	12/99	04/99	5-27.5
KERRVILLE MEADOWS	1,537,960	174,699	0	4,369,213	226,306	4,369,213	4,595,519	759,772	04/00	11/98	5-27.5
MERCHANT’S COURT	5,851,397	1,069,682	3,060,740	10,281,925	1,069,682	13,342,665	14,412,347	2,541,241	12/99	02/99	5-27.5
MILLWOOD PARK	7,971,287	892,181	0	11,506,043	869,681	11,506,043	12,375,724	1,762,616	11/99	12/98	10-40
MONTOUR FALLS VILLAGE	1,018,145	65,556	0	1,834,222	35,000	1,834,222	1,869,222	463,313	04/99	10/98	5-27.5
NORTHWOOD HOMES	750,114	96,000	1,953,479	0	96,000	1,953,479	2,049,479	334,056	06/99	04/99	5-27.5
RHP-96	1,638,355	142,576	0	3,647,061	142,576	3,647,061	3,789,637	605,560	12/99	10/98	5-27.5
SOUTHAVEN PTRS I	9,790,000	974,288	1,815,504	10,866,672	999,288	12,682,176	13,681,464	2,942,924	12/99	03/99	5-27.5
WASHINGTON COURTYARD	2,773,701	580,398	0	3,782,561	580,398	3,782,561	4,362,959	761,384	08/00	08/99	5-27.5
	45,966,405	5,302,288	19,917,196	58,547,225	5,358,490	78,464,421	83,822,911	14,869,536

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004. There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-385

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 34

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/98			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	4,477,426
Improvements, etc	0
Other	0
			$	4,477,426
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/99			$	4,477,426
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	14,434,539
Improvements, etc	36,399,836
Other	0
			$	50,834,375
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	55,311,801
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	28,731,541
Other	0
			$	28,731,541
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	84,043,342

F-386

Balance at close of period - 3/31/01			$	84,043,342
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	77,421
Other	0
			$	77,421
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	84,120,763
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	122,041
Other	0
			$	122,041
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	84,242,804
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	194,022
Other	0
			$	194,022
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	84,436,826

F-387

Balance at close of period - 3/31/04				$	84,436,826
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	145,196
Other	0
				$	145,196
Deductions during period:
Cost of real estate sold	$	0
Other	(759,111		)
				$	(759,111	)
Balance at close of period - 3/31/05				$	83,822,911

F-388

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/98			$	0
Current year expense	$	0
Balance at close of period - 3/31/99			$	0
Current year expense	$	496,969
Balance at close of period - 3/31/00			$	496,969
Current year expense	$	2,631,105
Balance at close of period - 3/31/01			$	3,128,074
Current year expense	$	3,040,893
Balance at close of period - 3/31/02			$	6,168,967
Current year expense	$	2,976,988
Balance at close of period - 3/31/03			$	9,145,955
Current year expense	$	2,956,612
Balance at close of period - 3/31/04			$	12,102,567
Current year expense	$	2,766,969
Balance at close of period - 3/31/05			$	14,869,536

F-389

Boston Capital Tax Credit Fund IV LP - Series 35
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
ASHTON COVE	1,900,805	315,041	0	4,499,526	315,041	4,499,526	4,814,567	556,960	04/00	01/00	7-40
BRAZOSWOOD	1,965,833	83,741	0	5,529,182	162,413	5,529,182	5,691,595	778,306	07/00	07/99	5-27.5
COLUMBIA WOODS	4,343,241	605,453	0	10,493,637	630,361	10,493,637	11,123,998	1,197,721	06/02	10/00	5-40
CYPRESS POINTE	1,563,789	247,810	3,148,052	2,436,848	247,810	5,584,900	5,832,710	1,036,927	03/00	04/99	5-27.5
GARDEN GATE II (NEW CANEY)	823,669	34,078	0	1,890,930	34,078	1,890,930	1,925,008	223,916	07/00	03/99	7-40
HILLSIDE TERRACE	1,789,168	369,421	4,812,286	1,661,174	330,000	6,473,460	6,803,460	897,811	07/00	04/99	12-40
MULVANE HOUSING	1,875,343	188,000	4,043,181	6,038	188,000	4,049,219	4,237,219	575,881	11/99	12/98	10-40
RIVERWALK APTS HOMES	401,184	44,380	1,699,925	2,976	44,380	1,702,901	1,747,281	382,541	07/99	12/98	5-27.5
TENNESSEE PARTNERS XII	5,000,000	390,100	6,182,403	82,287	390,100	6,264,690	6,654,790	1,382,204	12/99	04/99	5-27.5
WASHINGTON COURTYARD	2,773,701	580,398	0	3,782,561	580,398	3,782,561	4,362,959	761,384	08/00	08/99	5-27.5
WEDGEWOOD PARK	5,316,724	750,000	0	11,894,350	812,355	11,894,350	12,706,705	1,571,116	08/00	12/99	5-27.5
	27,753,457	3,608,422	19,885,847	42,279,509	3,734,936	62,165,356	65,900,292	9,364,767

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004. There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-390

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 35

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/99			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	22,888,816
Improvements, etc	0
Other	0
			$	22,888,816
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	22,888,816
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	605,453
Improvements, etc	32,788,341
Other	0
			$	33,393,794
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	56,282,610
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	10,256,693
Other	0
			$	10,256,693
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	66,539,303

F-391

Balance at close of period - 3/31/01				$	66,539,303
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	131,451
Other	0
				$	131,451
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/03				$	66,670,754
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	90,293
Other	0
				$	90,293
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/04				$	66,761,047
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	24,200
Other	0
				$	24,200
Deductions during period:
Cost of real estate sold	$	0
Other	(884,955		)
				$	(884,955	)
Balance at close of period - 3/31/05				$	65,900,292

F-392

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/99			$	0
Current year expense	$	109,873
Balance at close of period - 3/31/00			$	109,873
Current year expense	$	1,272,940
Balance at close of period - 3/31/01			$	1,382,813
Current year expense	$	1,810,098
Balance at close of period - 3/31/02			$	3,192,911
Current year expense	$	2,112,653
Balance at close of period - 3/31/03			$	5,305,564
Current year expense	$	2,113,489
Balance at close of period - 3/31/04			$	7,419,053
Current year expense	$	1,945,714
Balance at close of period - 3/31/05			$	9,364,767

F-393

Boston Capital Tax Credit Fund IV LP - Series 36
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which depreciation is computed
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired
ALOHA HOUSING	3,274,186	552,000	3,283,217	46,573	552,000	3,329,790	3,881,790	661,992	11/99	08/99	5-27.5
ANNADALE HOUSING	11,821,311	226,000	12,231,650	285,861	226,000	12,517,511	12,743,511	3,484,212	06/90	01/00	5-50
ASHTON RIDGE	2,602,326	300,500	9,547,932	276,176	300,500	9,824,108	10,124,608	2,198,876	12/00	02/00	5-27.5
NOWATA	1,248,571	35,000	859,081	735,636	30,000	1,594,717	1,624,717	291,161	02/00	08/99	5-30
PARIS PLACE	1,223,974	272,000	0	2,010,100	272,000	2,010,100	2,282,100	233,841	09/00	11/99	5-27.5
RIVERVIEW BEND	3,225,000	150,000	3,277,543	1,195,179	241,987	4,472,722	4,714,709	907,678	03/00	12/99	5-27.5
SR SUITES WASHINGTON HGTS	3,379,068	29,876	7,361,729	44,870	29,876	7,406,599	7,436,475	1,190,442	11/00	12/99	5-27.5
VALLEYVIEW EST	434,216	188,091	2,125,968	115,948	63,649	2,241,916	2,305,565	501,206	05/00	11/99	5-27.5
WEDGEWOOD PARK	5,316,724	750,000	0	11,894,350	812,355	11,894,350	12,706,705	1,571,116	08/00	12/99	5-27.5
WILLOWBROOK APTS	1,006,448	215,000	2,220,401	0	215,000	2,220,401	2,435,401	339,518	09/99	06/99	5-27.5
WINGFILED APTS	679,487	139,800	2,104,682	0	139,800	2,104,682	2,244,482	361,442	07/99	06/99	5-27.5
	34,211,311	2,858,267	43,012,203	16,604,693	2,883,167	59,616,896	62,500,063	11,741,484

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-394

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 36

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/99			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	13,858,724
Improvements, etc	0
Other	0
			$	13,858,724
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
			$	13,858,724
Balance at close of period - 3/31/00
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	22,306,082
Improvements, etc	25,593,908
Other	0
			$	47,899,990
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
			$	61,758,714
Balance at close of period - 3/31/01
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions
Improvements, etc	423,780
Other	0
			$	423,780
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	62,182,494

F-395

Balance at close of period - 3/31/02			$	62,181,494
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions
Improvements, etc	104,729
Other	0
			$	104,729
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
			$	62,287,223
Balance at close of period - 3/31/03
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions
Improvements, etc	101,156
Other	0
			$	101,156
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
			$	62,388,379
Balance at close of period - 3/31/04
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions
Improvements, etc	111,684
Other	0
			$	111,684
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	62,500,063

F-396

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/99			$	0
Current year expense	$	109,722
Balance at close of period - 3/31/00			$	109,722
Current year expense	$	3,420,983
Balance at close of period - 3/31/01			$	3,530,705
Current year expense	$	2,140,499
Balance at close of period - 3/31/02			$	5,671,204
Current year expense	$	2,060,370
Balance at close of period - 3/31/03			$	7,731,574
Current year expense	$	2,007,263
Balance at close of period - 3/31/04			$	9,738,837
Current year expense	$	2,002,647
Balance at close of period - 3/31/05			$	11,741,484

F-397

Boston Capital Tax Credit Fund IV LP - Series 37
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which depreciation is computed
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired
ASHTON RIDGE	2,602,326	300,500	9,547,932	276,176	300,500	9,824,108	10,124,608	2,198,876	12/00	02/00	5-27.5
BALDWIN VILLAS	4,833,000	200,000	0	7,889,883	325,000	7,889,883	8,214,883	1,142,542	7/01	10/99	5-27.5
COLUMBIA WOODS	4,343,241	605,453	0	10,493,637	630,361	10,493,637	11,123,998	1,197,721	06/02	10/00	5-40
HIGHWAY 18	10,550,000	766,286	7,424,418	5,740,205	797,823	13,164,623	13,962,446	2,664,820	06/00	10/99	5-27.5
SR SUITES WASHINTGON HGTS	3,379,068	29,876	7,361,729	44,870	29,876	7,406,599	7,436,475	1,190,442	11/00	12/99	5-27.5
SILVER POND	4,442,427	340,000	3,518,005	2,522,908	340,000	6,040,913	6,380,913	623,749	12/01	06/00	40
STEARNS ASSISTED LIVING	435,500	1	0	2,934,502	1	2,934,502	2,934,503	316,458	3/01	12/99	5-27.5
	30,585,562	2,242,116	27,852,084	29,902,181	2,423,561	57,754,265	60,177,826	9,334,608

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-398

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 37

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/99			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	8,390,705
Improvements, etc	0
Other	0
			$	8,390,705
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/00			$	8,390,705
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	10,519,032
Improvements, etc	19,144,384
Other	0
			$	29,663,416
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	38,054,121
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	21,802,305
Other	0
			$	21,802,305
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	59,856,426

F-399

Balance at close of period - 3/31/02				$	59,856,426
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	243,191
Other	0
				$	243,191
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/03				$	60,099,617
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	104,983
Other	0
				$	104,983
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/04				$	60,204,600
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	51,226
Other	0
				$	51,226
Deductions during period:
Cost of real estate sold	$	0
Other	(78,000		)
				$	(78,000	)
Balance at close of period - 3/31/05				$	60,177,826

F-400

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/99			$	0
Current year expense	$	0
Balance at close of period - 3/31/00			$	0
Current year expense	$	719,027
Balance at close of period - 3/31/01			$	719,027
Current year expense	$	1,847,312
Balance at close of period - 3/31/02			$	2,566,339
Current year expense	$	2,311,392
Balance at close of period - 3/31/03			$	4,877,731
Current year expense	$	2,242,481
Balance at close of period - 3/31/04			$	7,120,212
Current year expense	$	2,214,396
Balance at close of period - 3/31/05			$	9,334,608

F-401

Boston Capital Tax Credit Fund IV LP - Series 38
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which depreciation is computed
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired
ALDINE WESTFIELD	3,534,219	334,472	0	8,894,479		347,330	8,894,479	9,241,809	991,133	07/01	04/00	5-27.5
ANDOVER HOUSING	2,533,077	150,000	4,645,760	356,952		150,000	5,002,712	5,152,712	615,930	12/00	05/00	10-40
ARBORS AT EAGLE CREST	1,753,986	305,872	0	8,377,643		290,000	8,377,643	8,667,643	1,579,059	10/01	12/00	5-27.5
BRISTOW PLACE	1,231,366	32,500	896,311	906,749		32,500	1,803,060	1,835,560	249,297	12/00	06/00	5-30
COLUMBIA CREEK	5,518,912	1,068,040	0	11,864,910		1,070,161	11,864,910	12,935,071	1,466,308	11/01	08/00	5-27.5
CUSHING PLACE	1,098,190	0	1,358,355	207,052		30,000	1,565,407	1,595,407	294,699	10/00	03/00	5-27.5
EDNA VANDERBILT	318,056	10,000	502,555	2,558		10,000	505,113	515,113	61,239	10/01	05/01	5-27.5
HAMMOND PLACE	492,035	94,026	2,164,107	0		94,026	2,164,107	2,258,133	287,984	04/00	03/00	5-27.5
HERITAGE II	903,658	60,130	1,171,322	(11,257	)	60,130	1,160,065	1,220,195	220,858	06/00	06/00	5-27.5
WILLOWBROOK II	928,778	168,860	2,093,435	0		168,860	2,093,435	2,262,295	296,210	10/01	03/00	5-27.5
	18,312,277	2,223,900	12,831,845	30,599,086		2,253,007	43,430,931	45,683,938	6,062,717

��

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-402

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 38

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/00			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	14,543,190
Improvements, etc	0
Other	0
			$	14,543,190
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/01			$	14,543,190
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	512,555
Improvements, etc	30,124,847
Other	0
			$	30,637,402
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/02			$	45,180,592
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	499,234
Other	0
			$	499,234
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/03			$	45,679,826

F-403

Balance at close of period - 3/31/03			$	45,679,826
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	2,686
Other	0
			$	2,686
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	45,682,512
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	1,426
Other	0
			$	1,426
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	45,683,938

F-404

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/00			$	0
Current year expense	$	143,616
Balance at close of period - 3/31/01			$	143,616
Current year expense	$	1,011,977
Balance at close of period - 3/31/02			$	1,155,593
Current year expense	$	1,692,973
Balance at close of period - 3/31/03			$	2,848,566
Current year expense	$	1,630,794
Balance at close of period - 3/31/04			$	4,479,360
Current year expense	$	1,583,357
Balance at close of period - 3/31/05			$	6,062,717

F-405

Boston Capital Tax Credit Fund IV LP - Series 39
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which depreciation is computed
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired
ARBORS AT EAGLE CREST	1,753,986	305,872	0	8,377,643		290,000	8,377,643	8,667,643	1,579,059	10/01	12/00	5-27.5
ARBORS AT IRONWOOD	1,786,235	121,057	0	5,650,010		110,000	5,650,010	5,760,010	1,083,575	09/01	07/00	5-27.5
AUSTIN ACRES	859,293	128,000	0	2,045,772		128,000	2,045,772	2,173,772	184,057	09/01	11/00	5-27.5
COLUMBIA CREEK	5,518,912	1,068,040	0	11,864,910		1,070,161	11,864,910	12,935,071	1,466,308	11/01	08/00	5-27.5
DAYSTAR	785,516	155,028	0	1,800,059		155,028	1,800,059	1,955,087	185,329	01/01	02/01	5-27.5
GOUVERNEUR SR	1,185,584	0	0	4,170,493		66,600	4,170,493	4,237,093	393,095	10/01	12/00	12-40
HILLVIEW	904,324	10,000	1,201,246	0		10,000	1,201,246	1,211,246	141,632	12/01	05/01	5-27.5
TALLY HO II	573,742	30,000	1,131,775	(67,711	)	30,000	1,064,064	1,094,064	142,266	12/01	06/01	5-27.5
TIMEVER TRAILS I	813,312	50,000	1,280,757	(21,668	)	50,000	1,259,089	1,309,089	152,589	07/01	06/01	5-27.5
	14,180,904	1,867,997	3,613,778	33,819,508		1,909,789	37,433,286	39,343,075	5,327,910

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-406

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 39

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/00				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	4,376,035
Improvements, etc	0
Other	0
				$	4,376,035
Deductions during period:
Cost of real estate sold	$	0
Other	0
Other				$	0
Balance at close of period - 3/31/01				$	4,376,035
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	3,703,778
Improvements, etc	29,690,055
Other	0
				$	33,393,833
Deductions during period:
Cost of real estate sold	$	0
Other	(2,598,038		)
				$	(2,598,038	)
Balance at close of period - 3/31/02				$	35,171,830
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	4,159,308
Other	0
				$	4,159,308
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/03				$	39,331,138

F-407

Balance at close of period - 3/31/03			$	39,331,138
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	10,836
Other	0
			$	10,836
Deductions during period:	��
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	39,341,974
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	1,101
Other	0
			$	1,101
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	39,343,075

F-408

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/00			$	0
Current year expense	$	11,017
Balance at close of period - 3/31/01			$	11,017
Current year expense	$	735,243
Balance at close of period - 3/31/02			$	746,260
Current year expense	$	1,603,550
Balance at close of period - 3/31/03			$	2,349,810
Current year expense	$	1,524,523
Balance at close of period - 3/31/04			$	3,874,333
Current year expense	$	1,453,577
Balance at close of period - 3/31/05			$	5,327,910

F-409

Boston Capital Tax Credit Fund IV LP - Series 40
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which depreciation is computed
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired
ARBORS IRONWOOD II	889,912	115,000	2,665,008	12,820		115,000	2,677,828	2,792,828	467,145	11/01	02/01	5-27.5
AZLE FOUNTAINHEAD	1,206,738	52,400	782,639	1,108,321		52,400	1,890,960	1,943,360	192,323	05/02	10/01	5-27.5
BALDWIN VILLAS	4,833,000	325,000	7,838,615	51,268		325,000	7,889,883	8,214,883	1,142,542	07/01	07/01	5-27.5
CAPITAL FIVE	1,211,345	107,162	1,117,138	1,771,813		107,162	2,888,951	2,996,113	340,538	07/02	06/01	5-27.5
CARLISLE APTS	837,652	84,027	2,158,184	1,093		84,027	2,159,277	2,243,304	299,105	06/01	02/01	5-27.5
CENTER PLACE II	781,178	28,590	1,267,462	0		28,590	1,267,462	1,296,052	143,717	10/01	10/01	5-27.5
KC HOMES	3,780,725	275,100	4,764,685	51,569		275,100	4,816,254	5,091,354	580,825	11/01	08/01	5-27.5
LONDONTOWN HOMES	572,024	257,366	2,281,695	0		257,366	2,281,695	2,539,061	223,001	06/01	02/01	5-27.5
MA NO. 2	1,344,632	66,500	2,450,256	117,348		66,500	2,567,604	2,634,104	278,474	02/02	02/01	5-27.5
MEADOWSIDE ASSOC	1,577,002	0	0	3,306,862		51,725	3,306,862	3,358,587	324,100	12/01	05/01	5-27.5
NORTHROCK II	2,327,850	110,000	892,246	3,569,009		110,000	4,461,255	4,571,255	370,967	05/02	07/01	10-40
OAKLAND PSHP	1,241,388	40,000	2,017,047	(39,561	)	40,000	1,977,486	2,017,486	262,335	07/01	02/01	5-27.5
SEDGWICK SUNDANCE	366,178	5,000	2,176,106	0		5,000	2,176,106	2,181,106	190,531	10/01	09/01	5-27.5
SOUTHBROOK HOMES	517,515	240,000	2,272,500	0		240,000	2,272,500	2,512,500	189,191	11/01	04/01	5-27.5
SPRINGFIELD METRO	26,897,265	3,282,371	38,725,894	105,778		3,282,371	38,831,672	42,114,043	3,597,736	10/01	06/02	5-40
WESTERN GARDENS	1,289,643	40,800	2,086,305	(100,861	)	40,800	1,985,444	2,026,244	291,357	07/01	02/01	5-27.5
	49,674,047	5,029,316	73,495,780	9,955,459		5,081,041	83,451,239	88,532,280	8,893,887

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-410

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 40

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/01				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	36,516,831
Improvements, etc	0
Other	0
				$	36,516,831
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/02				$	36,516,831
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	42,008,265
Improvements, etc	10,001,536
Other	0
				$	52,009,801
Deductions during period:
Cost of real estate sold	$	0
Other	(140,422		)
				$	(140,422	)
Balance at close of period - 3/31/03				$	88,386,210
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	61,494
Other	0
				$	61,494
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/04				$	88,447,704

F-411

Balance at close of period - 3/31/04			$	88,447,704
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	84,576
Other	0
			$	84,576
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	88,532,280

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/01			$	0
Current year expense	$	584,300
Balance at close of period - 3/31/02			$	584,300
Current year expense	$	2,524,855
Balance at close of period - 3/31/03			$	3,109,155
Current year expense	$	2,908,580
Balance at close of period - 3/31/04			$	6,017,735
Current year expense	$	2,876,152
Balance at close of period - 3/31/05			$	8,893,887

F-412

Boston Capital Tax Credit Fund IV LP - Series 41
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which depreciation is computed
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired
BIENVILLE	804,266	16,500	1,309,576	0		16,500	1,309,576	1,326,076	173,655	11/01	12/01	5-27.5
BREEZE COVE	995,081	42,500	1,667,004	0		42,500	1,667,004	1,709,504	124,532	10/94	04/03	5-27.5
BREEZEWOOD	1,800,215	42,500	0	5,373,100		128,751	5,373,100	5,501,851	2,242,822	06/02	10/01	5-27.5
BROOKSTONE APTS II	2,441,248	223,150	0	2,891,055		222,750	2,891,055	3,113,805	644,273	08/02	08/01	5-27.5
CASCADES COMMONS	22,945,147	3,375,809	26,629,066	0		3,375,809	26,629,066	30,004,875	8,347,971	10/95	04/03	5-27.5
CEDAR GROVE	1,058,612	112,500	1,447,390	0		112,500	1,447,390	1,559,890	246,896	07/01	05/02	5-27.5
CRANBERRY COVE	994,309	134,400	1,475,984	9,836		134,400	1,485,820	1,620,220	206,998	01/02	05/02	5-27.5
DS HOUSING	1,833,217	330,720	1,652,898	592,803		332,624	2,245,701	2,578,325	150,990	12/03	07/02	30
FOREST GELN	1,308,117	84,800	1,694,199	0		84,800	1,694,199	1,778,999	659,253	12/95	04/03	5-27.5
HALFMOON BDC, LP	1,387,733	292,000	0	2,621,699		292,000	2,621,699	2,913,699	362,846	04/02	07/01	5-27.5
HARBOR POINT	1,665,307	440,000	0	5,370,046		440,126	5,370,046	5,810,172	367,179	10/02	08/01	5-27.5
HAWTHORNE	993,119	77,698	1,162,871	40,144		77,698	1,203,015	1,280,713	223,172	07/01	05/02	5-27.5
HOLLYWOOD PALMS	8,136,814	850,000	14,921,469	167,200		850,000	15,088,669	15,938,669	997,024	11/02	03/02	5-27.5
MADISON HOUSING II	1,547,627	35,000	3,953,209	0		35,000	3,953,209	3,988,209	360,335	05/02	09/01	10-40
MARWOOD SENIOR	13,043,509	2,011,263	12,393,753	(68,407	)	1,916,330	12,325,346	14,241,676	970,557	08/02	07/01	10-40
MEADOWSIDE ASSOC	1,577,002	51,725	3,287,878	18,984		51,725	3,306,862	3,358,587	324,100	12/01	05/01	5-27.5
RED HILL APTS	831,986	24,600	1,344,222	(35,817	)	24,600	1,308,405	1,333,005	183,694	06/01	11/01	5-27.5
RH-FRANKIN	381,546	36,000	620,928	0		36,000	620,928	656,928	93,722	09/01	05/02	5-27.5
RH-FULTON	542,832	42,500	839,311	18,496		27,000	857,807	884,807	130,744	09/01	05/02	5-27.5
RH-MENDOTA	720,071	42,500	1,142,673	929		42,500	1,143,602	1,186,102	183,158	06/01	05/02	5-27.5
RH-MT CARROLL	408,221	24,500	611,397	0		24,500	611,397	635,897	93,933	09/01	05/02	5-27.5
SPRINGFIELD METRO	26,897,265	3,282,371	38,725,894	105,778		3,282,371	38,831,672	42,114,043	3,597,736	10/01	06/02	5-40
SUNSHINE APTS	870,479	160,000	2,067,906	0		160,000	2,067,906	2,227,906	146,183	08/02	03/02	5-27.5
	93,183,723	11,733,036	116,947,628	17,105,846		11,710,484	134,053,474	145,763,958	20,831,773

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004

There were no carrying costs as of December 31, 2004  The column has been omitted for presentation purposes.

F-413

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 41

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/01				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	7,680,757
Improvements, etc	0
Other	0
				$	7,680,757
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/02				$	7,680,757
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	69,761,910
Improvements, etc	32,622,657
Other	0
				$	102,384,567
Deductions during period:
Cost of real estate sold	$	0
Other	(35,817		)
				$	(35,817	)
Balance at close of period - 3/31/03				$	110,029,507
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	33,133,187
Improvements, etc	4,442,923
Other	0
				$	37,576,110
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/04				$	147,605,617

F-414

Balance at close of period - 3/31/04				$	147,605,617
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	0
Improvements, etc	495,341
Other	0
				$	495,341
Deductions during period:
Cost of real estate sold	$	0
Other	(2,337,000		)
				$	(2,337,000	)
Balance at close of period - 3/31/05				$	145,763,958

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/01			$	0
Current year expense	$	104,810
Balance at close of period - 3/31/02			$	104,810
Current year expense	$	2,276,743
Balance at close of period - 3/31/03			$	2,381,553
Current year expense	$	13,827,816
Balance at close of period - 3/31/04			$	16,209,369
Current year expense	$	4,622,404
Balance at close of period - 3/31/05			$	20,831,773

F-415

Boston Capital Tax Credit Fund IV LP - Series 42
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which depreciation is computed
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired
BREEZEWOOD II	994,431	42,500	0	1,649,788	42,500	1,649,788	1,692,288	84,259	03/03	04/02	5-27.5
CC HOUSING	1,225,878	64,162	1,360,312	548,156	67,217	1,908,468	1,975,685	156,134	12/03	07/02	30
CENTENARY HSNG	2,330,000	57,760	3,768,874	23,802	57,760	3,792,676	3,850,436	1,069,138	12/97	04/03	5-27.5
COMMERCE PKWY	1,707,489	242,000	4,352,489	0	242,000	4,352,489	4,594,489	1,573,433	04/97	04/03	5-27.5
CT HOUSING	2,593,360	195,275	3,211,525	232,222	172,675	3,443,747	3,616,422	255,618	12/03	07/02	30
CRITTENDEN COUNTY	757,904	96,688	2,016,683	4,392	96,688	2,021,075	2,117,763	223,098	10/02	06/02	5-27.5
DORCHESTER CT	4,425,404	528,000	0	9,562,879	533,536	9,562,879	10,096,415	358,044	08/03	04/02	5-27.5
GREAT BRIDGE-DOVER	1,515,856	180,000	0	3,904,398	256,657	3,904,398	4,161,055	221,810	12/02	04/02	5-27.5
HARBOR PT II	1,662,470	440,126	5,361,554	8,492	440,126	5,370,046	5,810,172	367,179	10/02	04/02	5-27.5
HOLLYWOOD PALMS	8,136,814	850,000	14,921,469	167,200	850,000	15,088,669	15,938,669	997,024	11/02	08/02	5-27.5
HS HOUSING	2,614,832	456,889	1,593,468	585,994	461,353	2,179,462	2,640,815	146,336	12/03	07/02	30
JEREMY ASSOC	3,392,623	522,890	7,539,499	97,053	522,890	7,636,552	8,159,442	2,035,447	12/95	04/03	5-40
LOS LUNAS	215,000	150,000	2,241,246	0	150,000	2,241,246	2,391,246	740,090	06/96	04/03	5-27.5
LYNELLE LANDING	1,423,738	340,000	3,438,633	0	340,000	3,438,633	3,778,633	375,293	09/02	03/02	5-27.5
MARWOOD	13,043,509	1,916,330	12,325,346	0	1,916,330	12,325,346	14,241,676	970,557	08/02	09/04	10-40
NATCHEZ PLACE	834,500	35,864	1,507,640	0	35,864	1,507,640	1,543,504	207,670	11/01	08/02	5-27.5
NORTHFIELD HSNG	173,380	70,000	450,662	1,215	70,000	451,877	521,877	149,332	12/96	04/03	5-27.5
PARKHURST PLACE	3,534,151	767,254	3,320,955	9,231	767,254	3,330,186	4,097,440	306,739	09/02	01/02	5-27.5
SM HOUSING	1,648,406	73,780	2,263,816	490,152	70,238	2,753,968	2,824,206	196,399	12/03	07/02	30
STARWBERRY LANE	2,087,567	63,212	2,992,381	141,773	63,212	3,134,154	3,197,366	413,486	08/02	03/02	5-27.5
TS HOUSING	2,008,448	366,794	1,629,068	739,691	168,871	2,368,759	2,537,630	170,268	12/03	07/02	30
WINGFEILD APTS II	363,477	148,936	2,242,481	0	148,936	2,242,481	2,391,417	201,586	11/01	08/02	5-27.5
	56,689,237	7,608,460	76,538,101	18,166,438	7,474,107	94,704,539	102,178,646	11,218,940

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-416

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 42

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/02				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	52,317,521
Improvements, etc	0
Other	0
				$	52,317,521
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/03				$	52,317,521
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	19,395,420
Improvements, etc	17,750,281
Other	0
				$	37,145,701
Deductions during period:
Cost of real estate sold	$	0
Other	(1,808,056		)
				$	(1,808,056	)
Balance at close of period - 3/31/04				$	87,655,166
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	14,241,676
Improvements, etc	281,804
Other	0
				$	14,523,480
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/05				$	102,178,646

F-417

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/02			$	0
Current year expense	$	683,423
Balance at close of period - 3/31/03			$	683,423
Current year expense	$	6,757,919
Balance at close of period - 3/31/04			$	7,441,342
Current year expense	$	3,777,598
Balance at close of period - 3/31/05			$	11,218,940

F-418

Boston Capital Tax Credit Fund IV LP - Series 43
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which depreciation is computed
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired
AM HOUSING	3,657,081	1,010,088	4,887,737	662,345		833,522	5,550,082	6,383,604	396,720	12/03	09/02	5-27.5
AP HOUSING	2,468,167	723,530	2,147,588	566,725		734,057	2,714,313	3,448,370	192,804	12/03	09/02	5-27.5
BOHANNON PLACE	294,529	100,000	1,194,661	0		100,000	1,194,661	1,294,661	38,821	10/03	05/03	5-27.5
CARPENTER SCHOOL	1,494,437	47,500	2,412,532	0		47,500	2,412,532	2,460,032	140,655	12/03	01/03	40
CHARLEVOIX APTS	1,265,088	64,259	1,458,895	0		64,259	1,458,895	1,523,154	120,220	11/02	09/02	10-40
CLOVER LANE	463,607	36,194	834,077	0		36,194	834,077	870,271	74,238	10/02	09/02	10-40
DORCHESTER CT	4,425,404	528,000	0	9,562,879		533,536	9,562,879	10,096,415	358,044	08/03	09/02	5-27.5
GILBERT APTS	884,167	160,000	0	3,477,900		175,000	3,477,900	3,652,900	64,298	05/04	07/03	5-27.5
HENDERSON FOUNTAINHEAD	1,029,425	25,000	999,547	840,149		25,000	1,839,696	1,864,696	127,809	03/03	09/02	5-27.5
HOLLYWOOD PALMS	8,136,814	850,000	14,921,469	167,200		850,000	15,088,669	15,938,669	997,024	11/02	12/02	5-27.5
KP HOUSING	1,607,845	177,147	1,608,794	354,483		214,387	1,963,277	2,177,664	139,774	12/03	09/02	5-27.5
LAKEWOOD APTS	839,430	36,332	1,248,636	0		36,332	1,248,636	1,284,968	97,017	10/02	09/02	10-40
LAWRENCEVILLE	13,800,000	1,632,824	0	15,894,383		1,632,824	15,894,383	17,527,207	1,480,146	01/03	12/02	5-27.5
LYCEUM HOUSING	1,398,594	24,000	0	3,502,879		24,000	3,502,879	3,526,879	46,751	12/03	04/03	5-27.5
MDI LIMITED	2,236,792	302,827	4,462,245	0		302,827	4,462,245	4,765,072	247,717	08/03	09/03	5-27.5
PARKSIDE APTS-COLEMAN	976,669	65,119	650,632	1,119,125		65,119	1,769,757	1,834,876	161,940	12/02	09/02	10-40
PARKSIDE PLAZA	1,338,507	0	4,158,733	0		0	4,158,733	4,158,733	593,101	05/01	01/04	5-27.5
PYRAMID SEVEN	1,227,016	91,177	780,110	726,496		91,177	1,506,606	1,597,783	49,018	06/04	04/03	5-27.5
RIVERVIEW APTS-BLISSFIELD	746,858	51,214	664,606	579,131		51,214	1,243,737	1,294,951	102,192	02/02	09/02	10-40
SG HOUSING	2,072,512	618,589	1,899,538	696,382		616,571	2,595,920	3,212,491	181,861	12/03	09/02	5-27.5
STOTTVILLE LP	1,115,695	36,375	0	2,130,561		36,375	2,130,561	2,166,936	196,332	05/03	09/02	5-27.5
STRAWBERRY LAKE	1,074,000	426,685	2,150,765	(437,004	)	97,738	1,713,761	1,811,499	66,615	12/03	07/03	5-40
	52,552,637	7,006,860	46,480,565	39,843,634		6,567,632	86,324,199	92,891,831	5,873,097

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-419

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 43

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/02				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	39,753,640
Improvements, etc	0
Other	0
				$	39,753,640
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/03				$	39,753,640
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	11,372,896
Improvements, etc	32,394,237
Other	0
				$	43,767,133
Deductions during period:
Cost of real estate sold	$	0
Other	(2,577,450		)
				$	(2,577,450	)
Balance at close of period - 3/31/04				$	80,943,323
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	4,158,733
Improvements, etc	7,789,775
Other	0
				$	11,948,508
Deductions during period:
Cost of real estate sold	$	0
Other	0
				$	0
Balance at close of period - 3/31/05				$	92,891,831

F-420

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/02			$	0
Current year expense	$	359,244
Balance at close of period - 3/31/03			$	359,244
Current year expense	$	1,989,650
Balance at close of period - 3/31/04			$	2,348,894
Current year expense	$	3,524,203
Balance at close of period - 3/31/05			$	5,873,097

F-421

Boston Capital Tax Credit Fund IV LP - Series 44

Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which depreciation is computed
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired
AURORA VILLAGE	4,637,203	450,000	5,828,270	0	450,000	5,828,270	6,278,270	439,884	03/03	02/03	5-27.5
ALEXANDER MILLS	13,800,000	1,632,824	15,887,983	6,400	1,632,824	15,894,383	17,527,207	1,480,146	01/03	02/03	5-27.5
NEW OXFORD MANOR	1,355,688	146,196	1,727,366	0	146,196	1,727,366	1,873,562	173,316	05/03	03/03	5-27.5
NORTH FORTY ASPEN PLUS	1,975,573	184,735	3,354,056	4,238	184,735	3,358,294	3,543,029	219,009	10/03	04/03	5-40
NORTHROCK HSNG III	1,024,574	140,228	2,540,256	0	140,228	2,540,256	2,680,484	101,240	11/03	06/03	5-27.5
ORCHARD RIVER	7,286,364	454,334	8,704,252	22,150	454,334	8,726,402	9,180,736	371,132	11/03	10/03	5-40
UNITED DEVELOPMENT 2001- FAMILIES FIRS	1,900,000	113,239	0	4,952,728	122,599	4,952,728	5,075,327	74,734	06/04	05/03	5-27.5
UNITED DEVELOPMENT 2001-MEMPHIS	1,890,994	0	3,248,652	2,493,287	256,888	5,741,939	5,998,827	168,447	08/04	05/03	5-27.5
	33,870,396	3,121,556	41,290,835	7,478,803	3,387,804	48,769,638	52,157,442	3,027,908

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-422

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 44

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/03			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	44,412,391
Improvements, etc	0
Other	0
			$	44,412,391
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	44,412,391
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	7,745,051
Improvements, etc	0
Other	0
			$	7,745,051
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	52,157,442

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/03			$	0
Current year expense	$	1,247,274
Balance at close of period - 3/31/04			$	1,247,274
Current year expense	$	1,780,634
Balance at close of period - 3/31/05			$	3,027,908

F-423

Boston Capital Tax Credit Fund IV LP - Series 45

Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period						Life on which depreciation is computed
Description	Encumbrances	Land	Buildings and improvements	Improvements		Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired
200 EAST AVE	8,916,766	61,000	10,161,037	0		61,000	10,161,037	10,222,037	1,607,374	07/00	12/03	12-40
BALDWIN VILLAS	4,833,000	325,000	7,889,883	0		325,000	7,889,883	8,214,883	1,142,542	06/01	12/03	5-27.5
BARTLETT BAYOU	977,829	153,094	0	0		153,094	0	153,094	0	U/C	07/03	N/A
BORGER FOUNTAINHEAD	980,266	31,000	1,728,417	2,300		31,000	1,730,717	1,761,717	82,788	10/03	08/03	5-27.25
BREEZEWOOD II	994,431	42,500	1,649,188	600		42,500	1,649,788	1,692,288	84,259	03/03	12/03	5-27.25
BROOKSIDE PARK	11,843,422	2,563,808	0	3,243,129		2,563,808	3,243,129	5,806,937	10,130	03/05	12/03	N/A
BROOKSIDE SQUARE	1,762,196	70,000	1,042,108	970,380		70,000	2,012,488	2,082,488	93,786	08/04	07/03	5-27.25
BROOKSTONE PL II	2,441,248	222,750	5,228,055	(2,337,000	)	222,750	2,891,055	3,113,805	644,273	08/02	12/03	5-27.25
CHILDRESS APTS	861,503	27,000	1,863,615	35,856		27,000	1,899,471	1,926,471	100,141	03/04	05/03	5-27.5
EASTVIEW FAMILY	765,873	26,000	776,358	0		26,000	776,358	802,358	28,409	06/04	09/04	5-27.5
FARMINGTON ASSOC	992,845	299,237	1,196,293	2,695,198		164,500	3,891,491	4,055,991	134,391	06/04	07/03	5-40
KINGS PT INV GROUP	2,493,904	250,000	3,083,509	0		250,000	3,083,509	3,333,509	137,045	12/03	08/03	5-27.5
HALFMOON BDC	1,387,733	292,000	2,621,699	0		292,000	2,621,699	2,913,699	362,846	04/02	12/03	5-27.5
HARBET AVENUE	940,538	74,000	1,974,215	0		74,000	1,974,215	2,048,215	69,921	07/03	01/04	5-40
HARBOR PT II	1,662,470	440,126	5,368,020	2,026		440,126	5,370,046	5,810,172	367,179	10/02	12/03	5-27.5
HERTIAGE CHRISTIAN	570,560	0	0	1,434,232		78,000	1,434,232	1,512,232	143,422	01/04	01/04	5-27.5
HPD WILLOWS-OROVILLE	5,667,301	0	0	5,498,470		410,000	5,498,470	5,908,470	329,532	10/03	07/04	5-27.5
LAKEVIEW STATION	822,436	210,300	2,260,747	0		210,300	2,260,747	2,471,047	84,953	09/03	07/03	5-27.5
LAWERENCEVILLE I	737,243	0	0	1,657,832		70,000	1,657,832	1,727,832	74,443	08/04	07/03	5-27.5
LONE TERRACE	1,279,014	23,500	1,394,608	401,977		23,500	1,796,585	1,820,085	53,183	01/04	07/03	40
LORIE VILLAGE	968,199	194,500	2,117,390	0		194,500	2,117,390	2,311,890	67,591	11/03	07/03	5-27.5

F-424

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which depreciation is computed
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired
MILL RACE	1,060,123	56,471	1,337,935	0	56,471	1,337,935	1,394,406	56,149	12/03	07/03	40
NEW SHINNSTON	1,076,562	66,000	1,844,077	0	66,000	1,844,077	1,910,077	141,197	12/03	10/03	5-27.5
RIDGECREST APTS	4,064,788	78,000	1,831,000	4,731,983	78,000	6,562,983	6,640,983	124,164	09/04	08/03	5-27.5
SULPHER TERRACE	1,251,314	26,000	1,380,305	330,486	26,000	1,710,791	1,736,791	51,337	01/04	07/03	40
UNIVERSITY PLAZA	1,168,879	110,000	1,321,466	0	110,000	1,321,466	1,431,466	61,384	09/03	07/03	5-27.5
	60,520,443	5,642,286	58,069,925	18,667,469	6,065,549	76,737,394	82,802,943	6,052,439

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

U/C-Property was under construction as of March 31, 2005

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-425

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 45

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/03			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	60,708,544
Improvements, etc	0
Other	0
			$	60,708,544
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	60,708,544
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	12,152,201
Improvements, etc	9,942,198
Other	0
			$	22,094,399
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	82,802,943

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/03			$	0
Current year expense	$	3,257,334
Balance at close of period - 3/31/04			$	3,257,334
Current year expense	$	2,795,105
Balance at close of period - 3/31/05			$	6,052,439

F-426

Boston Capital Tax Credit Fund IV LP - Series 46

Schedule III - Real Estate and Accumulated Depreciation
March 31, 2005
(UNAUDITED)

		Initial cost to company		Cost capitalized subsequent to acquisition	Gross amount at which carried at close of period						Life on which
Description	Encumbrances	Land	Buildings and improvements	Improvements	Land	Buildings and Improvements	Total	Accumulated depreciation	Date of construction	Date acquired	depreciation is computed
AGENT KENNSINGTON	4,900,000	415,000	4,089,304	3,649,631	415,000	7,738,935	8,153,935	151,268	10/04	10/03	5-27.5
CLAYTON STATION	821,200	90,000	2,103,500	0	90,000	2,103,500	2,193,500	14,719	09/04	04/04	5-27.5
DEER MEADOW	1,242,295	53,000	1,611,345	0	53,000	1,611,345	1,664,345	53,248	03/04	02/04	5-27.5
ELMA GARDENS	1,305,710	96,920	1,944,396	0	96,920	1,944,396	2,041,316	42,007	01/04	6/04	5-27.5
JACKSONVILLE SQ	1,126,590	80,000	1,222,114	590,582	80,000	1,812,696	1,892,696	76,205	07/04	11/03	5-27.5
KIMBERLY DANBURY	7,608,111	666,688	6,861,750	0	666,688	6,861,750	7,528,438	56,454	U/C	6/04	5-40
OCEAN EAST OF PORTLAND	1,538,887	308,297	1,878,299	0	308,297	1,878,299	2,186,596	4,707	U/C	02/04	5-27.5
PANOLA HOUSING	804,556	15,000	798,281	509,732	15,000	1,308,013	1,323,013	57,691	04/04	12/03	5-27.5
ROSEHILL OF TOPEKA	2,721,404	220,324	0	5,778,178	180,000	5,778,178	5,958,178	39,980	09/04	12/03	5-27.5
SANDY HILL	619,559	115,159	2,340,164	0	115,159	2,340,164	2,455,323	11,741	10/04	10/04	5-27.5
TANGLEWOOD	1,198,926	42,000	1,629,038	0	42,000	1,629,038	1,671,038	52,070	05/04	05/04	5-27.5
WAGONER VILLAGE	992,436	24,000	1,448,397	0	24,000	1,448,397	1,472,397	34,449	01/04	01/04	5-27.5
	24,879,674	2,126,388	25,926,588	10,528,123	2,086,064	36,454,711	38,540,775	594,539

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2004.

U/C-Property was under construction as of March 31, 2005

There were no carrying costs as of December 31, 2004.  The column has been omitted for presentation purposes.

F-427

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 46

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period - 4/1/03			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	6,840,023
Improvements, etc	0
Other	0
			$	6,840,023
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/04			$	6,840,023
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions	21,212,953
Improvements, etc	10,487,799
Other	0
			$	31,700,752
Deductions during period:
Cost of real estate sold	$	0
Other	0
			$	0
Balance at close of period - 3/31/05			$	38,540,775

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period - 4/1/03			$	0
Current year expense	$	67,664
Balance at close of period - 3/31/04			$	67,664
Current year expense	$	526,875
Balance at close of period - 3/31/05			$	594,539

F-428