Boston Capital Tax Credit Fund Iv 10-K 2008 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, 2008 AND 2007

Boston Capital Tax Credit Fund IV L.P. -

Series 20 through Series 46

TABLE OF CONTENTS

	PAGE
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	F-2
FINANCIAL STATEMENTS
BALANCE SHEETS	F-4
STATEMENTS OF OPERATIONS	F-32
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)	F-60
STATEMENTS OF CASH FLOWS	F-88
NOTES TO FINANCIAL STATEMENTS	F-144
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of

Boston Capital Tax Credit Fund IV L.P.

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund IV L.P. – Series 20 through Series 46, in total and for each series, as of March 31, 2008 and 2007, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2008.  These financial statements are the responsibility of the partnership’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.   We did not audit the financial statements of certain operating limited partnerships which investments represent $11,587,201 and $20,580,822  of the total partnership assets as of March 31, 2008 and 2007, respectively, and $(886,168) and $(2,719,885), of the total  partnership income (loss) for the years ended March 31, 2008 and 2007, respectively; of the assets for Series 20 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 20 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 21 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 21 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 22 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 22 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 23 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 23 for the years ended March 31, 2008 and 2007, $0 and $(115,932), respectively; of the assets for Series 24 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 24 for the years ended March 31, 2008 and  2007, $0 and $0, respectively; of the assets for Series 25 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 25 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 26 as of March 31, 2008 and 2007, $1,624,507 and $1,432,713, respectively, and of the income (loss) for Series 26 for the years ended March 31, 2008 and 2007, $303,767 and $(405,683), respectively; of the assets for Series 27 as of March 31, 2008 and 2007, $204,814 and $269,430, respectively, and of the income (loss) for Series 27 for the years ended March 31, 2008 and 2007, $(27,838) and $(23,260), respectively; of the assets for Series 28 as of March 31, 2008 and 2007, $0 and $402,756, respectively, and of the income (loss) for Series 28 for the years ended March 31, 2008 and 2007, $0 and $(152,359), respectively; of the assets for Series 29 as of March 31, 2008 and 2007, $0 and $1,204,005, respectively, and of the income (loss) for Series 29 for the years ended March 31, 2008 and 2007, $0 and $(260,155), respectively; of the assets for Series 30 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 30 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 31 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 31 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 32 as of March 31, 2008 and 2007, $0 and $1,030,431, respectively, and of the income (loss) for Series 32 for the years ended March 31, 2008 and 2007, $0 and $(207,592), respectively; of the assets for Series 33 as of March 31, 2008 and 2007, $380,445 and $989,273, respectively, and of the income (loss) for Series 33 for the years ended March 31, 2008 and 2007, $(51,691) and $(142,879), respectively; of the assets for Series 34 as of March 31, 2008 and 2007, $554,108 and $726,785, respectively, and of the income (loss) for Series 34 for the years ended March 31, 2008 and 2007, $(44,500) and $(80,426), respectively; of the assets for Series 35 as of March 31, 2008 and 2007, $776,704 and $1,135,340, respectively, and of the income (loss) for Series 35 for the years ended March 31, 2008 and 2007, $(112,590) and $(107,388), respectively; of the assets for Series 36 as of March 31, 2008 and 2007, $0 and $1,149,300, respectively, and of the income (loss) for Series 36 for the years ended March 31, 2008 and 2007, $0 and $(165,678), respectively; of the assets for Series 37 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 37 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 38 as of March 31, 2008 and 2007, $1,064,711 and $2,686,547, respectively, and of the income (loss) for Series 38 for the years ended March 31, 2008 and 2007, $(70,298) and $(115,177), respectively; of the assets for Series 39 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 39 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 40 as of March 31, 2008 and 2007, $1,073,832 and $1,324,240, respectively, and of the income (loss) for Series 40 for the years ended March 31, 2008 and 2007, $(68,747) and $(67,138), respectively; of the assets for Series 41 as of March 31, 2008 and 2007, $2,089,634 and $2,354,578, respectively, and of the income (loss) for Series 41 for the years ended March 31, 2008 and 2007, $(264,133) and $(272,547), respectively; of the assets for Series 42 as of March 31, 2008 and 2007, $307,092 and $1,803,991, respectively, and of the income (loss) for Series 42 for the years ended March 31, 2008 and 2007, $(126,058) and  $(244,117), respectively; of the assets for Series 43 as of March 31, 2008 and 2007, $1,121,047 and $1,381,759, respectively, and of the income (loss) for Series 43 for the years ended March 31, 2008 and 2007, $(260,712) and $(228,602), respectively; of the assets for Series 44 as of March 31, 2008 and 2007, $1,167,955 and $1,365,021, respectively, and of the income (loss) for Series 44 for the years ended March 31, 2008 and 2007, $(62,005) and $(54,054), respectively; of the assets for Series 45 as of March 31, 2008 and 2007, $1,222,352 and $1,324,653, respectively, and of the (income) loss for Series 45 for years ended March 31, 2008 and 2007, $(101,363) and $(76,898), respectively; and of the assets for Series 46 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 46 for the years ended March 31, 2008 and 2007, $0 and $0, respectively. Those statements were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to those operating limited partnerships, is based solely on the reports of the other auditors.

F-2

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership’s internal control over financial reporting.  Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits and the reports of the other auditors provide a reasonable basis for our opinion. 

In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund IV L.P. – Series 20 through Series 46, in total and for each series, as of March 31, 2008 and 2007, and the results of its operations and its cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2008, in conformity with accounting principles generally accepted in the United States of America.

/s/ Reznick Group, P.C.

REZNICK GROUP, P.C.

Bethesda, Maryland

July 14, 2008

F-3

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

March 31, 2008 and 2007

	Total
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	207,743,560		$	248,123,270
OTHER ASSETS
Cash and cash equivalents	6,849,444			9,316,159
Notes receivable	892,005			2,192,642
Deferred acquisition costs, net of accumulated amortization	31,189,499			32,665,026
Other assets	1,326,274			2,049,750
	$	248,000,782		$	294,346,847
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	71,462		$	59,982
Accounts payable - affiliates	40,753,556			35,177,388
Capital contributions payable	2,821,576			5,511,885
	43,646,594			40,749,255
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 83,651,080 at March 31, 2008 and 2007 issued and outstanding	209,476,866			258,227,835
General partner	(5,122,678		)	(4,630,243		)
	204,354,188			253,597,592
	$	248,000,782		$	294,346,847

F-4

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 20
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	1,204,188		$	466,647
OTHER ASSETS
Cash and cash equivalents	168,406			241,848
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	66,086			69,658
Other assets	22,166			22,066
	$	1,460,846		$	800,219
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	2,857,440			2,644,688
Capital contributions payable	—			—
	2,857,821			2,644,688
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,866,700 at March 31, 2008 and 2007 issued and outstanding	(1,074,754		)	(1,517,773		)
General partner	(322,221		)	(326,696		)
	(1,396,975		)	(1,844,469		)
	$	1,460,846		$	800,219

F-5

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 21
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	209,082		$	338,536
OTHER ASSETS
Cash and cash equivalents	6,279			12,391
Notes receivable	236,476			236,476
Deferred acquisition costs, net of accumulated amortization	36,146			38,100
Other assets	263,232			280,232
	$	751,215		$	905,735
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	1,765,217			1,528,290
Capital contributions payable	236,479			236,479
	2,002,077			1,764,769
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,892,700 at March 31, 2008 and 2007 issued and outstanding	(1,076,402		)	(688,492		)
General partner	(174,460		)	(170,542		)
	(1,250,862		)	(859,034		)
	$	751,215		$	905,735

F-6

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 22
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	580,501		$	666,278
OTHER ASSETS
Cash and cash equivalents	81,744			129,911
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	113,586			119,726
Other assets	5,437			5,437
	$	781,268		$	921,352
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	2,808,499			2,533,288
Capital contributions payable	9,352			18,770
	2,818,232			2,552,058
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,564,400 at March 31, 2008 and 2007 issued and outstanding	(1,797,512		)	(1,395,317		)
General partner	(239,452		)	(235,389		)
	(2,036,964		)	(1,630,706		)
	$	781,268		$	921,352

F-7

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 23
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	680,481		$	736,069
OTHER ASSETS
Cash and cash equivalents	40,491			64,648
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	168,918			178,049
Other assets	6,135			6,135
	$	896,025		$	984,901
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	2,306,057			2,044,822
Capital contributions payable	—			—
	2,306,438			2,044,822
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,336,727 at March 31, 2008 and 2007 issued and outstanding	(1,111,462		)	(764,475		)
General partner	(298,951		)	(295,446		)
	(1,410,413		)	(1,059,921		)
	$	896,025		$	984,901

F-8

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 24
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	286,029		$	503,037
OTHER ASSETS
Cash and cash equivalents	135,973			164,634
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	188,786			198,990
Other assets	—			201,640
	$	610,788		$	1,068,301
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	1,059		$	678
Accounts payable - affiliates	2,230,156			2,027,420
Capital contributions payable	9,999			9,999
	2,241,214			2,038,097
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,169,878 at March 31, 2008 and 2007 issued and outstanding	(1,428,824		)	(774,800		)
General partner	(201,602		)	(194,996		)
	(1,630,426		)	(969,796		)
	$	610,788		$	1,068,301

F-9

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 25
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	2,477,296		$	2,936,860
OTHER ASSETS
Cash and cash equivalents	187,189			249,177
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	189,593			199,841
Other assets	40,320			40,320
	$	2,894,398		$	3,426,198
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	1,359		$	978
Accounts payable - affiliates	1,986,762			1,814,086
Capital contributions payable	61,733			61,733
	2,049,854			1,876,797
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,026,109 at March 31, 2008 and 2007 issued and outstanding	1,093,543			1,791,351
General partner	(248,999		)	(241,950		)
	844,544			1,549,401
	$	2,894,398		$	3,426,198

F-10

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 26
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	5,982,367		$	6,753,914
OTHER ASSETS
Cash and cash equivalents	202,820			218,953
Notes receivable	129,062			129,062
Deferred acquisition costs, net of accumulated amortization	338,077			354,981
Other assets	6,509			28,478
	$	6,658,835		$	7,485,388
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	90
Accounts payable - affiliates	3,429,840			3,095,080
Capital contributions payable	29,490			29,490
	3,459,711			3,124,660
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,995,900 at March 31, 2008 and 2007 issued and outstanding	3,507,386			4,657,374
General partner	(308,262		)	(296,646		)
	3,199,124			4,360,728
	$	6,658,835		$	7,485,388

F-11

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 27
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	6,799,406		$	7,447,478
OTHER ASSETS
Cash and cash equivalents	87,690			100,228
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	276,514			291,461
Other assets	104,014			104,014
	$	7,267,624		$	7,943,181
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	2,642,897			2,309,225
Capital contributions payable	39,749			39,749
	2,683,027			2,348,974
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,460,700 at March 31, 2008 and 2007 issued and outstanding	4,745,198			5,744,712
General partner	(160,601		)	(150,505		)
	4,584,597			5,594,207
	$	7,267,624		$	7,943,181

F-12

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 28
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	5,524,970		$	8,669,887
OTHER ASSETS
Cash and cash equivalents	185,940			256,644
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	61,062			64,362
Other assets	2,595			2,595
	$	5,774,567		$	8,993,488
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	477,348			318,232
Capital contributions payable	40,968			40,968
	518,697			359,200
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,000,738 at March 31, 2008 and 2007 issued and outstanding	5,547,059			8,891,693
General partner	(291,189		)	(257,405		)
	5,255,870			8,634,288
	$	5,774,567		$	8,993,488

F-13

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 29
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	3,506,468		$	6,221,809
OTHER ASSETS
Cash and cash equivalents	174,993			194,755
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	61,209			64,520
Other assets	573			573
	$	3,743,243		$	6,481,657
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	1,897,697			1,559,717
Capital contributions payable	45,783			45,783
	1,943,861			1,605,500
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,991,800 at March 31, 2008 and 2007 issued and outstanding	2,120,035			5,166,042
General partner	(320,653		)	(289,885		)
	1,799,382			4,876,157
	$	3,743,243		$	6,481,657

F-14

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 30
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	4,341,662		$	5,755,599
OTHER ASSETS
Cash and cash equivalents	276,205			291,351
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	392,871			414,109
Other assets	6,675			23,174
	$	5,017,413		$	6,484,233
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	21,503
Accounts payable - affiliates	865,960			729,791
Capital contributions payable	127,396			127,396
	993,737			878,690
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,651,000 at March 31, 2008 and 2007 issued and outstanding	4,210,496			5,776,544
General partner	(186,820		)	(171,001		)
	4,023,676			5,605,543
	$	5,017,413		$	6,484,233

F-15

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 31
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	5,822,035		$	9,108,735
OTHER ASSETS
Cash and cash equivalents	258,422			118,708
Notes receivable	—			570,454
Deferred acquisition costs, net of accumulated amortization	—			—
Other assets	134,137			134,137
	$	6,214,594		$	9,932,034
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	5,357		$	—
Accounts payable - affiliates	1,304,506			1,069,943
Capital contributions payable	66,294			611,150
	1,376,157			1,681,093
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,417,857 at March 31, 2008 and 2007 issued and outstanding	5,169,312			8,547,691
General partner	(330,875		)	(296,750		)
	4,838,437			8,250,941
	$	6,214,594		$	9,932,034

F-16

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 32
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	8,742,643		$	12,004,644
OTHER ASSETS
Cash and cash equivalents	306,548			305,931
Notes receivable	46,908			46,908
Deferred acquisition costs, net of accumulated amortization	562,479			592,876
Other assets	133,638			133,638
	$	9,792,216		$	13,083,997
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	1,905,278			1,573,738
Capital contributions payable	298,561			298,561
	2,204,220			1,872,299
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,754,198 at March 31, 2008 and 2007 issued and outstanding	7,918,477			11,505,942
General partner	(330,481		)	(294,244		)
	7,587,996			11,211,698
	$	9,792,216		$	13,083,997

F-17

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 33
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	6,206,010		$	7,872,995
OTHER ASSETS
Cash and cash equivalents	186,282			189,375
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	504,677			531,953
Other assets	125,000			125,000
	$	7,021,969		$	8,719,323
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	447		$	—
Accounts payable - affiliates	1,131,261			939,258
Capital contributions payable	194,154			194,154
	1,325,862			1,133,412
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,636,533 at March 31, 2008 and 2007 issued and outstanding	5,864,926			7,735,832
General partner	(168,819		)	(149,921		)
	5,696,107			7,585,911
	$	7,021,969		$	8,719,323

F-18

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 34
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	7,235,804		$	10,044,251
OTHER ASSETS
Cash and cash equivalents	66,702			83,640
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	802,049			845,405
Other assets	—			—
	$	8,104,555		$	10,973,296
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	2,091,915			1,778,557
Capital contributions payable	8,244			8,244
	2,100,540			1,786,801
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding  to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,529,319 at March 31, 2008 and 2007 issued and outstanding	6,244,366			9,395,021
General partner	(240,351		)	(208,526		)
	6,004,015			9,186,495
	$	8,104,555		$	10,973,296

F-19

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 35
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	9,704,927		$	12,312,793
OTHER ASSETS
Cash and cash equivalents	148,626			351,387
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	2,272,925			2,395,790
Other assets	14,109			14,109
	$	12,140,587		$	15,074,079
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	7,198		$	—
Accounts payable - affiliates	953,622			750,262
Capital contributions payable	—			163,782
	960,820			914,044
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,300,463 at March 31, 2008 and 2007 issued and outstanding	11,349,994			14,300,459
General partner	(170,227		)	(140,424		)
	11,179,767			14,160,035
	$	12,140,587		$	15,074,079

F-20

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 36
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	6,035,254		$	7,598,987
OTHER ASSETS
Cash and cash equivalents	97,695			91,246
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	1,560,667			1,645,027
Other assets	3,061			3,061
	$	7,696,677		$	9,338,321
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	1,348,538			1,170,048
Capital contributions payable	—			—
	1,348,919			1,170,048
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,106,837 at March 31, 2008 and 2007 issued and outstanding	6,462,944			8,265,254
General partner	(115,186		)	(96,981		)
	6,347,758			8,168,273
	$	7,696,677		$	9,338,321

F-21

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 37
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	9,109,138		$	10,765,794
OTHER ASSETS
Cash and cash equivalents	305,864			309,615
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	1,754,921			1,844,907
Other assets	81,235			81,235
	$	11,251,158		$	13,001,551
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	522		$	—
Accounts payable - affiliates	1,042,963			863,099
Capital contributions payable	138,438			138,438
	1,181,923			1,001,537
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,512,500 at March 31, 2008 and 2007 issued and outstanding	10,184,106			12,095,577
General partner	(114,871		)	(95,563		)
	10,069,235			12,000,014
	$	11,251,158		$	13,001,551

F-22

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 38
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	10,629,006		$	11,563,324
OTHER ASSETS
Cash and cash equivalents	133,521			205,640
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	2,013,922			2,109,826
Other assets	4,875			4,875
	$	12,781,324		$	13,883,665
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	1,024,623			910,223
Capital contributions payable	—			—
	1,025,004			910,223
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,543,100 at March 31, 2008 and 2007 issued and outstanding	11,857,041			13,061,992
General partner	(100,721		)	(88,550		)
	11,756,320			12,973,442
	$	12,781,324		$	13,883,665

F-23

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 39
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	8,575,183		$	10,148,743
OTHER ASSETS
Cash and cash equivalents	158,655			274,404
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	1,865,383			1,953,164
Other assets	—			—
	$	10,599,221		$	12,376,311
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	852,099			815,299
Capital contributions payable	—			—
	852,480			815,299
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,292,152 at March 31, 2008 and 2007 issued and outstanding	9,845,715			11,641,843
General partner	(98,974		)	(80,831		)
	9,746,741			11,561,012
	$	10,599,221		$	12,376,311

F-24

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 40
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	10,446,429		$	12,803,828
OTHER ASSETS
Cash and cash equivalents	142,164			177,375
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	2,282,946			2,385,342
Other assets	9,873			9,873
	$	12,881,412		$	15,376,418
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	37,114		$	36,733
Accounts payable - affiliates	1,566,350			1,366,333
Capital contributions payable	8,694			8,694
	1,612,158			1,411,760
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,630,256 at March 31, 2008 and 2007 issued and outstanding	11,381,504			14,049,954
General partner	(112,250		)	(85,296		)
	11,269,254			13,964,658
	$	12,881,412		$	15,376,418

F-25

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 41
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	8,842,020		$	10,559,816
OTHER ASSETS
Cash and cash equivalents	21,723			18,375
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	2,483,931			2,599,465
Other assets	1,217			1,217
	$	11,348,891		$	13,178,873
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	9,584		$	—
Accounts payable - affiliates	1,941,535			1,648,665
Capital contributions payable	100			100
	1,951,219			1,648,765
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,891,626 at March 31, 2008 and 2007 issued and outstanding	9,552,864			11,663,976
General partner	(155,192		)	(133,868		)
	9,397,672			11,530,108
	$	11,348,891		$	13,178,873

F-26

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 42
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	12,469,734		$	14,051,858
OTHER ASSETS
Cash and cash equivalents	649,411			460,921
Notes receivable	292,933			614,966
Deferred acquisition costs, net of accumulated amortization	2,567,183			2,681,279
Other assets	66,984			67,969
	$	16,046,245		$	17,876,993
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	995,597			822,501
Capital contributions payable	457,148			713,474
	1,453,126			1,535,975
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,744,262 at March 31, 2008 and 2007 issued and outstanding	14,688,126			16,418,546
General partner	(95,007		)	(77,528		)
	14,593,119			16,341,018
	$	16,046,245		$	17,876,993

F-27

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 43
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	16,587,969		$	18,822,633
OTHER ASSETS
Cash and cash equivalents	343,255			596,017
Notes receivable	186,626			186,626
Deferred acquisition costs, net of accumulated amortization	3,338,381			3,486,617
Other assets	85,289			95,289
	$	20,541,520		$	23,187,182
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	859,030			692,250
Capital contributions payable	310,006			490,522
	1,169,417			1,182,772
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,637,987 at March 31, 2008 and 2007 issued and outstanding	19,499,904			22,105,888
General partner	(127,801		)	(101,478		)
	19,372,103			22,004,410
	$	20,541,520		$	23,187,182

F-28

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 44
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	13,358,199		$	15,062,451
OTHER ASSETS
Cash and cash equivalents	864,250			832,233
Notes receivable	—			108,150
Deferred acquisition costs, net of accumulated amortization	2,364,068			2,465,748
Other assets	197,058			197,058
	$	16,783,575		$	18,665,640
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	381		$	—
Accounts payable - affiliates	229,402			59,701
Capital contributions payable	702,126			781,022
	931,909			840,723
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,701,193 at March 31, 2008 and 2007 issued and outstanding	15,930,598			17,884,116
General partner	(78,932		)	(59,199		)
	15,851,666			17,824,917
	$	16,783,575		$	18,665,640

F-29

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 45
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	22,717,292		$	25,143,982
OTHER ASSETS
Cash and cash equivalents	1,030,160			1,404,092
Notes receivable	—			300,000
Deferred acquisition costs, net of accumulated amortization	2,837,508			2,959,575
Other assets	12,142			267,625
	$	26,597,102		$	30,075,274
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	678		$	—
Accounts payable - affiliates	159,301			67,737
Capital contributions payable	16,724			902,834
	176,703			970,571
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,014,367 at March 31, 2008 and 2007 issued and outstanding	26,509,857			29,167,318
General partner	(89,458		)	(62,615		)
	26,420,399			29,104,703
	$	26,597,102		$	30,075,274

F-30

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2008 and 2007

	Series 46
	2008			2007
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	19,669,467		$	19,762,322
OTHER ASSETS
Cash and cash equivalents	588,436			1,972,660
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	2,085,611			2,174,255
Other assets	—			200,000
	$	22,343,514		$	24,109,237
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	1,667		$	—
Accounts payable - affiliates	79,663			45,135
Capital contributions payable	20,138			590,543
	101,468			635,678
PARTNERS’ CAPITAL (DEFICIT)
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, 2008 and 2007 are issued and outstanding to the assignees	—			—
Limited Partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,980,998 at March 31, 2008 and 2007 issued and outstanding	22,282,369			23,501,567
General partner	(40,323		)	(28,008		)
	22,242,046			23,473,559
	$	22,343,514		$	24,109,237

F-31

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS

	Total
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	510,870		$	467,512
Miscellaneous	525,971			120,970
	1,036,841			588,482
Share of income (losses) from operating limited partnerships	(18,207,857		)	(26,816,761		)
Expenses
Fund management fee	6,091,352			6,438,508
Amortization	1,610,248			1,609,264
General and administrative expenses	1,327,468			1,034,703
Professional fees	990,003			1,173,643
Impairment loss	22,053,317			32,181,505
	32,072,388			42,437,623
NET INCOME (LOSS)	$	(49,243,404	)	$	(68,665,902	)
Net income (loss) allocated to general partner	$	(492,435	)	$	(686,658	)
Net income (loss) allocated to limited partners	$	(48,750,969	)	$	(67,979,244	)
Net income (loss) per BAC	$	(0.58	)	$	(0.81	)

F-32

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 20
	Year ended  March 31,  2008		Year ended  March 31,  2007
Income
Interest income	$	11,159	$	10,465
Miscellaneous	20,109		5,570
	31,268		16,035
Share of income (losses) from operating limited partnerships	910,973		(445,579		)
Expenses
Fund management fee	252,798		294,700
Amortization	3,572		3,572
General and administrative expenses	44,530		50,157
Professional fees	33,202		52,318
Impairment loss	160,645		—
	494,747		400,747
NET INCOME (LOSS)	$	447,494	$	(830,291	)
Net income (loss) allocated to general partner	$	4,475	$	(8,303	)
Net income (loss) allocated to limited partners	$	443,019	$	(821,988	)
Net income (loss) per BAC	$	0.11	$	(0.21	)

F-33

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 21
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	263		$	637
Miscellaneous	4,297			5,347
	4,560			5,984
Share of income (losses) from operating limited partnerships	(129,454		)	(167,814		)
Expenses
Fund management fee	175,246			214,898
Amortization	1,954			1,954
General and administrative expenses	46,411			28,487
Professional fees	43,323			60,277
Impairment loss	—			—
	266,934			305,616
NET INCOME (LOSS)	$	(391,828	)	$	(467,446	)
Net income (loss) allocated to general partner	$	(3,918	)	$	(4,674	)
Net income (loss) allocated to limited partners	$	(387,910	)	$	(462,772	)
Net income (loss) per BAC	$	(0.20	)	$	(0.24	)

F-34

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 22
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	2,293		$	3,411
Miscellaneous	18,948			22,412
	21,241			25,823
Share of income (losses) from operating limited partnerships	(75,579		)	(308,460		)
Expenses
Fund management fee	232,797			240,422
Amortization	6,140			6,140
General and administrative expenses	42,375			36,373
Professional fees	57,765			52,027
Impairment loss	12,843			141,554
	351,920			476,516
NET INCOME (LOSS)	$	(406,258	)	$	(759,153	)
Net income (loss) allocated to general partner	$	(4,063	)	$	(7,592	)
Net income (loss) allocated to limited partners	$	(402,195	)	$	(751,561	)
Net income (loss) per BAC	$	(0.16	)	$	(0.29	)

F-35

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 23
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	1,496		$	1,103
Miscellaneous	14,425			15,035
	15,921			16,138
Share of income (losses) from operating limited partnerships	(41,128		)	(585,653		)
Expenses
Fund management fee	230,200			217,123
Amortization	9,131			9,131
General and administrative expenses	40,821			41,693
Professional fees	33,270			43,815
Impairment loss	11,863			1,309,291
	325,285			1,621,053
NET INCOME (LOSS)	$	(350,492	)	$	(2,190,568	)
Net income (loss) allocated to general partner	$	(3,505	)	$	(21,906	)
Net income (loss) allocated to limited partners	$	(346,987	)	$	(2,168,662	)
Net income (loss) per BAC	$	(0.10	)	$	(0.65	)

F-36

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 24
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	3,954		$	2,655
Miscellaneous	29,823			1,905
	33,777			4,560
Share of income (losses) from operating limited partnerships	(266,967		)	(641,779		)
Expenses
Fund management fee	205,898			210,240
Amortization	10,204			10,204
General and administrative expenses	177,688			30,698
Professional fees	33,650			45,935
Impairment loss	—			399,028
	427,440			696,105
NET INCOME (LOSS)	$	(660,630	)	$	(1,333,324	)
Net income (loss) allocated to general partner	$	(6,606	)	$	(13,333	)
Net income (loss) allocated to limited partners	$	(654,024	)	$	(1,319,991	)
Net income (loss) per BAC	$	(0.30	)	$	(0.61	)

F-37

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 25
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	8,210		$	4,132
Miscellaneous	32,499			1,650
	40,709			5,782
Share of income (losses) from operating limited partnerships	(257,714		)	(1,008,160		)
Expenses
Fund management fee	237,885			240,848
Amortization	15,218			15,218
General and administrative expenses	37,706			38,400
Professional fees	35,467			46,240
Impairment loss	161,576			3,259,647
	487,852			3,600,353
NET INCOME (LOSS)	$	(704,857	)	$	(4,602,731	)
Net income (loss) allocated to general partner	$	(7,049	)	$	(46,027	)
Net income (loss) allocated to limited partners	$	(697,808	)	$	(4,556,704	)
Net income (loss) per BAC	$	(0.23	)	$	(1.51	)

F-38

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 26
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	9,847		$	7,106
Miscellaneous	2,146			11,807
	11,993			18,913
Share of income (losses) from operating limited partnerships	68,188			(1,131,044		)
Expenses
Fund management fee	374,280			372,150
Amortization	16,904			16,904
General and administrative expenses	60,693			47,258
Professional fees	57,816			74,721
Impairment loss	732,092			2,474,839
	1,241,785			2,985,872
NET INCOME (LOSS)	$	(1,161,604	)	$	(4,098,003	)
Net income (loss) allocated to general partner	$	(11,616	)	$	(40,980	)
Net income (loss) allocated to limited partners	$	(1,149,988	)	$	(4,057,023	)
Net income (loss) per BAC	$	(0.29	)	$	(1.02	)

F-39

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 27
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	2,716		$	1,528
Miscellaneous	4,337			1,650
	7,053			3,178
Share of income (losses) from operating limited partnerships	(210,302		)	(423,423		)
Expenses
Fund management fee	299,241			285,298
Amortization	15,655			15,655
General and administrative expenses	31,321			30,910
Professional fees	28,216			34,453
Impairment loss	431,928			1,443,337
	806,361			1,809,653
NET INCOME (LOSS)	$	(1,009,610	)	$	(2,229,898	)
Net income (loss) allocated to general partner	$	(10,096	)	$	(22,299	)
Net income (loss) allocated to limited partners	$	(999,514	)	$	(2,207,599	)
Net income (loss) per BAC	$	(0.41	)	$	(0.90	)

F-40

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 28
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	7,104		$	10,926
Miscellaneous	85			—
	7,189			10,926
Share of income (losses) from operating limited partnerships	(878,230		)	(911,687		)
Expenses
Fund management fee	264,458			268,661
Amortization	3,300			3,300
General and administrative expenses	42,151			41,167
Professional fees	39,798			54,201
Impairment loss	2,157,670			4,492,232
	2,507,377			4,859,561
NET INCOME (LOSS)	$	(3,378,418	)	$	(5,760,322	)
Net income (loss) allocated to general partner	$	(33,784	)	$	(57,603	)
Net income (loss) allocated to limited partners	$	(3,344,634	)	$	(5,702,719	)
Net income (loss) per BAC	$	(0.84	)	$	(1.43	)

F-41

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 29
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	7,767		$	12,023
Miscellaneous	—			3,900
	7,767			15,923
Share of income (losses) from operating limited partnerships	(1,379,956		)	(1,785,739		)
Expenses
Fund management fee	264,614			302,643
Amortization	3,311			3,311
General and administrative expenses	44,644			43,608
Professional fees	56,632			43,779
Impairment loss	1,335,385			2,134,182
	1,704,586			2,527,523
NET INCOME (LOSS)	$	(3,076,775	)	$	(4,297,339	)
Net income (loss) allocated to general partner	$	(30,768	)	$	(42,973	)
Net income (loss) allocated to limited partners	$	(3,046,007	)	$	(4,254,366	)
Net income (loss) per BAC	$	(0.76	)	$	(1.07	)

F-42

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 30
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	7,729		$	9,449
Miscellaneous	37,161			3,150
	44,890			12,599
Share of income (losses) from operating limited partnerships	(307,390		)	(789,792		)
Expenses
Fund management fee	142,035			188,954
Amortization	21,238			21,238
General and administrative expenses	32,877			32,933
Professional fees	43,121			40,869
Impairment loss	1,080,096			1,802,959
	1,319,367			2,086,953
NET INCOME (LOSS)	$	(1,581,867	)	$	(2,864,146	)
Net income (loss) allocated to general partner	$	(15,819	)	$	(28,641	)
Net income (loss) allocated to limited partners	$	(1,566,048	)	$	(2,835,505	)
Net income (loss) per BAC	$	(0.59	)	$	(1.07	)

F-43

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 31
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	4,414		$	1,397
Miscellaneous	310,145			5,100
	314,559			6,497
Share of income (losses) from operating limited partnerships	(925,924		)	(1,916,891		)
Expenses
Fund management fee	260,096			339,066
Amortization	—			—
General and administrative expenses	115,746			41,833
Professional fees	70,522			48,872
Impairment loss	2,354,775			1,868,297
	2,801,139			2,298,068
NET INCOME (LOSS)	$	(3,412,504	)	$	(4,208,462	)
Net income (loss) allocated to general partner	$	(34,125	)	$	(42,085	)
Net income (loss) allocated to limited partners	$	(3,378,379	)	$	(4,166,377	)
Net income (loss) per BAC	$	(0.76	)	$	(0.94	)

F-44

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 32
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	12,654		$	5,322
Miscellaneous	5,250			4,200
	17,904			9,522
Share of income (losses) from operating limited partnerships	(1,217,933		)	(2,320,869		)
Expenses
Fund management fee	280,518			290,559
Amortization	36,724			36,724
General and administrative expenses	46,474			44,295
Professional fees	41,216			45,712
Impairment loss	2,018,741			3,206,031
	2,423,673			3,623,321
NET INCOME (LOSS)	$	(3,623,702	)	$	(5,934,668	)
Net income (loss) allocated to general partner	$	(36,237	)	$	(59,347	)
Net income (loss) allocated to limited partners	$	(3,587,465	)	$	(5,875,321	)
Net income (loss) per BAC	$	(0.75	)	$	(1.24	)

F-45

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 33
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	3,062		$	26,684
Miscellaneous	2,400			2,700
	5,462			29,384
Share of income (losses) from operating limited partnerships	(765,568		)	(808,982		)
Expenses
Fund management fee	151,018			143,375
Amortization	27,276			27,280
General and administrative expenses	31,681			29,990
Professional fees	20,089			23,858
Impairment loss	899,634			1,623,633
	1,129,698			1,848,136
NET INCOME (LOSS)	$	(1,889,804	)	$	(2,627,734	)
Net income (loss) allocated to general partner	$	(18,898	)	$	(26,277	)
Net income (loss) allocated to limited partners	$	(1,870,906	)	$	(2,601,457	)
Net income (loss) per BAC	$	(0.71	)	$	(0.99	)

F-46

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 34
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	1,266		$	1,904
Miscellaneous	2,700			3,300
	3,966			5,204
Share of income (losses) from operating limited partnerships	(1,614,602		)	(1,745,646		)
Expenses
Fund management fee	272,876			285,881
Amortization	43,938			43,938
General and administrative expenses	38,165			35,986
Professional fees	28,110			32,513
Impairment loss	1,188,755			1,719,140
	1,571,844			2,117,458
NET INCOME (LOSS)	$	(3,182,480	)	$	(3,857,900	)
Net income (loss) allocated to general partner	$	(31,825	)	$	(38,579	)
Net income (loss) allocated to limited partners	$	(3,150,655	)	$	(3,819,321	)
Net income (loss) per BAC	$	(0.89	)	$	(1.08	)

F-47

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 35
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	2,824		$	4,737
Miscellaneous	3,450			3,600
	6,274			8,337
Share of income (losses) from operating limited partnerships	(839,663		)	(624,396		)
Expenses
Fund management fee	199,972			220,016
Amortization	129,235			129,235
General and administrative expenses	37,487			34,870
Professional fees	20,352			21,465
Impairment loss	1,759,833			1,344,664
	2,146,879			1,750,250
NET INCOME (LOSS)	$	(2,980,268	)	$	(2,366,309	)
Net income (loss) allocated to general partner	$	(29,803	)	$	(23,663	)
Net income (loss) allocated to limited partners	$	(2,950,465	)	$	(2,342,646	)
Net income (loss) per BAC	$	(0.89	)	$	(0.71	)

F-48

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 36
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	3,295		$	3,102
Miscellaneous	900			—
	4,195			3,102
Share of income (losses) from operating limited partnerships	(504,176		)	(581,844		)
Expenses
Fund management fee	146,392			136,026
Amortization	88,462			88,462
General and administrative expenses	28,201			26,092
Professional fees	18,569			23,298
Impairment loss	1,038,910			1,355,286
	1,320,534			1,629,164
NET INCOME (LOSS)	$	(1,820,515	)	$	(2,207,906	)
Net income (loss) allocated to general partner	$	(18,205	)	$	(22,079	)
Net income (loss) allocated to limited partners	$	(1,802,310	)	$	(2,185,827	)
Net income (loss) per BAC	$	(0.86	)	$	(1.04	)

F-49

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 37
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	13,848		$	54,300
Miscellaneous	1,350			2,250
	15,198			56,550
Share of income (losses) from operating limited partnerships	(1,201,584		)	(1,082,174		)
Expenses
Fund management fee	172,294			186,346
Amortization	94,821			94,821
General and administrative expenses	35,589			31,666
Professional fees	18,230			21,114
Impairment loss	423,459			118,300
	744,393			452,247
NET INCOME (LOSS)	$	(1,930,779	)	$	(1,477,871	)
Net income (loss) allocated to general partner	$	(19,308	)	$	(14,779	)
Net income (loss) allocated to limited partners	$	(1,911,471	)	$	(1,463,092	)
Net income (loss) per BAC	$	(0.76	)	$	(0.58	)

F-50

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 38
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	5,357		$	4,662
Miscellaneous	2,300			2,700
	7,657			7,362
Share of income (losses) from operating limited partnerships	(496,433		)	(520,255		)
Expenses
Fund management fee	139,930			126,335
Amortization	98,915			98,911
General and administrative expenses	36,521			33,701
Professional fees	20,151			25,966
Impairment loss	432,829			713,167
	728,346			998,080
NET INCOME (LOSS)	$	(1,217,122	)	$	(1,510,973	)
Net income (loss) allocated to general partner	$	(12,171	)	$	(15,110	)
Net income (loss) allocated to limited partners	$	(1,204,951	)	$	(1,495,863	)
Net income (loss) per BAC	$	(0.47	)	$	(0.59	)

F-51

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 39
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	8,832		$	5,008
Miscellaneous	2,189			2,250
	11,021			7,258
Share of income (losses) from operating limited partnerships	(647,736		)	(658,296		)
Expenses
Fund management fee	116,640			116,080
Amortization	90,326			90,326
General and administrative expenses	34,009			30,556
Professional fees	21,953			31,279
Impairment loss	914,628			619,347
	1,177,556			887,588
NET INCOME (LOSS)	$	(1,814,271	)	$	(1,538,626	)
Net income (loss) allocated to general partner	$	(18,143	)	$	(15,386	)
Net income (loss) allocated to limited partners	$	(1,796,128	)	$	(1,523,240	)
Net income (loss) per BAC	$	(0.78	)	$	(0.66	)

F-52

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 40
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	2,648		$	6,303
Miscellaneous	1,713			1,200
	4,361			7,503
Share of income (losses) from operating limited partnerships	(822,807		)	(923,278		)
Expenses
Fund management fee	176,164			177,216
Amortization	113,728			113,731
General and administrative expenses	36,754			33,085
Professional fees	28,798			39,010
Impairment loss	1,521,514			898,784
	1,876,958			1,261,826
NET INCOME (LOSS)	$	(2,695,404	)	$	(2,177,601	)
Net income (loss) allocated to general partner	$	(26,954	)	$	(21,776	)
Net income (loss) allocated to limited partners	$	(2,668,450	)	$	(2,155,825	)
Net income (loss) per BAC	$	(1.01	)	$	(0.82	)

F-53

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 41
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	1,048		$	789
Miscellaneous	3,542			6,844
	4,590			7,633
Share of income (losses) from operating limited partnerships	(920,930		)	(1,183,269		)
Expenses
Fund management fee	220,704			233,023
Amortization	133,927			133,927
General and administrative expenses	43,873			52,783
Professional fees	58,221			94,380
Impairment loss	759,371			599,094
	1,216,096			1,113,207
NET INCOME (LOSS)	$	(2,132,436	)	$	(2,288,843	)
Net income (loss) allocated to general partner	$	(21,324	)	$	(22,888	)
Net income (loss) allocated to limited partners	$	(2,111,112	)	$	(2,265,955	)
Net income (loss) per BAC	$	(0.73	)	$	(0.78	)

F-54

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 42
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	149,073		$	20,328
Miscellaneous	2,700			5,100
	151,773			25,428
Share of income (losses) from operating limited partnerships	(1,018,646		)	(1,160,548		)
Expenses
Fund management fee	218,248			224,242
Amortization	117,134			116,526
General and administrative expenses	41,548			38,562
Professional fees	38,371			55,128
Impairment loss	465,725			433,210
	881,026			867,668
NET INCOME (LOSS)	$	(1,747,899	)	$	(2,002,788	)
Net income (loss) allocated to general partner	$	(17,479	)	$	(20,028	)
Net income (loss) allocated to limited partners	$	(1,730,420	)	$	(1,982,760	)
Net income (loss) per BAC	$	(0.63	)	$	(0.72	)

F-55

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 43
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	15,744		$	22,487
Miscellaneous	4,350			4,950
	20,094			27,437
Share of income (losses) from operating limited partnerships	(1,356,021		)	(1,267,245		)
Expenses
Fund management fee	285,130			289,158
Amortization	167,349			167,029
General and administrative expenses	58,806			52,341
Professional fees	42,007			49,834
Impairment loss	743,088			87,740
	1,296,380			646,102
NET INCOME (LOSS)	$	(2,632,307	)	$	(1,885,910	)
Net income (loss) allocated to general partner	$	(26,323	)	$	(18,859	)
Net income (loss) allocated to limited partners	$	(2,605,984	)	$	(1,867,051	)
Net income (loss) per BAC	$	(0.72	)	$	(0.51	)

F-56

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 44
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	41,796		$	47,665
Miscellaneous	4,516			4,350
	46,312			52,015
Share of income (losses) from operating limited partnerships	(961,972		)	(1,605,918		)
Expenses
Fund management fee	241,606			261,801
Amortization	113,014			113,014
General and administrative expenses	40,224			37,129
Professional fees	23,084			27,153
Impairment loss	639,663			—
	1,057,591			439,097
NET INCOME (LOSS)	$	(1,973,251	)	$	(1,993,000	)
Net income (loss) allocated to general partner	$	(19,733	)	$	(19,930	)
Net income (loss) allocated to limited partners	$	(1,953,518	)	$	(1,973,070	)
Net income (loss) per BAC	$	(0.72	)	$	(0.73	)

F-57

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 45
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	110,812		$	86,131
Miscellaneous	6,000			—
	116,812			86,131
Share of income (losses) from operating limited partnerships	(1,516,720		)	(1,436,101		)
Expenses
Fund management fee	324,393			343,798
Amortization	144,882			144,882
General and administrative expenses	57,921			49,399
Professional fees	53,321			56,788
Impairment loss	703,879			137,743
	1,284,396			732,610
NET INCOME (LOSS)	$	(2,684,304	)	$	(2,082,580	)
Net income (loss) allocated to general partner	$	(26,843	)	$	(20,826	)
Net income (loss) allocated to limited partners	$	(2,657,461	)	$	(2,061,754	)
Net income (loss) per BAC	$	(0.66	)	$	(0.51	)

F-58

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 46
	Year ended  March 31,  2008			Year ended  March 31,  2007
Income
Interest income	$	71,659		$	113,258
Miscellaneous	8,636			—
	80,295			113,258
Share of income (losses) from operating limited partnerships	(829,583		)	(781,919		)
Expenses
Fund management fee	205,919			229,649
Amortization	103,890			103,831
General and administrative expenses	43,252			40,731
Professional fees	24,749			28,638
Impairment loss	104,415			—
	482,225			402,849
NET INCOME (LOSS)	$	(1,231,513	)	$	(1,071,510	)
Net income (loss) allocated to general partner	$	(12,315	)	$	(10,715	)
Net income (loss) allocated to limited partners	$	(1,219,198	)	$	(1,060,795	)
Net income (loss) per BAC	$	(0.41	)	$	(0.36	)

F-59

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Years ended March 31, 2008 and 2007

Total	Limited  partners			General  partner			Total
Partners’ capital (deficit), March 31, 2006	$	326,207,079		$	(3,943,585	)	$	322,263,494
Net income (loss)	(67,979,244		)	(686,658		)	(68,665,902		)
Partners’ capital (deficit), March 31, 2007	$	258,227,835		$	(4,630,243	)	$	253,597,592
Net income (loss)	(48,750,969		)	(492,435		)	(49,243,404		)
Partners’ capital (deficit), March 31, 2008	$	209,476,866		$	(5,122,678	)	$	204,354,188

F-60

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 20	Limited  partners			General  partner			Total
Partners’ capital (deficit), March 31, 2006	$	(695,785	)	$	(318,393	)	$	(1,014,178	)
Net income (loss)	(821,988		)	(8,303		)	(830,291		)
Partners’ capital (deficit), March 31, 2007	$	(1,517,773	)	$	(326,696	)	$	(1,844,469	)
Net income (loss)	443,019			4,475			447,494
Partners’ capital (deficit), March 31, 2008	$	(1,074,754	)	$	(322,221	)	$	(1,396,975	)

F-61

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 21	Limited  partners			General  partner			Total
Partners’ capital (deficit), March 31, 2006	$	(225,720	)	$	(165,868	)	$	(391,588	)
Net income (loss)	(462,772		)	(4,674		)	(467,446		)
Partners’ capital (deficit), March 31, 2007	$	(688,492	)	$	(170,542	)	$	(859,034	)
Net income (loss)	(387,910		)	(3,918		)	(391,828		)
Partners’ capital (deficit), March 31, 2008	$	(1,076,402	)	$	(174,460	)	$	(1,250,862	)

F-62

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 22	Limited  partners			General  partner			Total
Partners’ capital (deficit), March 31, 2006	$	(643,756	)	$	(227,797	)	$	(871,553	)
Net income (loss)	(751,561		)	(7,592		)	(759,153		)
Partners’ capital (deficit), March 31, 2007	$	(1,395,317	)	$	(235,389	)	$	(1,630,706	)
Net income (loss)	(402,195		)	(4,063		)	(406,258		)
Partners’ capital (deficit), March 31, 2008	$	(1,797,512	)	$	(239,452	)	$	(2,036,964	)

F-63

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 23	Limited  partners			General  partner			Total
Partners’ capital (deficit), March 31, 2006	$	1,404,187		$	(273,540	)	$	1,130,647
Net income (loss)	(2,168,662		)	(21,906		)	(2,190,568		)
Partners’ capital (deficit), March 31, 2007	$	(764,475	)	$	(295,446	)	$	(1,059,921	)
Net income (loss)	(346,987		)	(3,505		)	(350,492		)
Partners’ capital (deficit), March 31, 2008	$	(1,111,462	)	$	(298,951	)	$	(1,410,413	)

F-64

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 24	Limited  partners			General  partner			Total
Partners’ capital (deficit), March 31, 2006	$	545,191		$	(181,663	)	$	363,528
Net income (loss)	(1,319,991		)	(13,333		)	(1,333,324		)
Partners’ capital (deficit), March 31, 2007	$	(774,800	)	$	(194,996	)	$	(969,796	)
Net income (loss)	(654,024		)	(6,606		)	(660,630		)
Partners’ capital (deficit), March 31, 2008	$	(1,428,824	)	$	(201,602	)	$	(1,630,426	)

F-65

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 25	Limited  partners			General  partner			Total
Partners’ capital (deficit), March 31, 2006	$	6,348,055		$	(195,923	)	$	6,152,132
Net income (loss)	(4,556,704		)	(46,027		)	(4,602,731		)
Partners’ capital (deficit), March 31, 2007	$	1,791,351		$	(241,950	)	$	1,549,401
Net income (loss)	(697,808		)	(7,049		)	(704,857		)
Partners’ capital (deficit), March 31, 2008	$	1,093,543		$	(248,999	)	$	844,544

F-66

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 26	Limited  partners			General  partner			Total
Partners’ capital (deficit), March 31, 2006	$	8,714,397		$	(255,666	)	$	8,458,731
Net income (loss)	(4,057,023		)	(40,980		)	(4,098,003		)
Partners’ capital (deficit), March 31, 2007	$	4,657,374		$	(296,646	)	$	4,360,728
Net income (loss)	(1,149,988		)	(11,616		)	(1,161,604		)
Partners’ capital (deficit), March 31, 2008	$	3,507,386		$	(308,262	)	$	3,199,124

F-67

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 27	Limited  partners			General  partner			Total
Partners’ capital (deficit), March 31, 2006	$	7,952,311		$	(128,206	)	$	7,824,105
Net income (loss)	(2,207,599		)	(22,299		)	(2,229,898		)
Partners’ capital (deficit), March 31, 2007	$	5,744,712		$	(150,505	)	$	5,594,207
Net income (loss)	(999,514		)	(10,096		)	(1,009,610		)
Partners’ capital (deficit), March 31, 2008	$	4,745,198		$	(160,601	)	$	4,584,597

F-68

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 28	Limited  partners			General  partner			Total
Partners’ capital (deficit), March 31, 2006	$	14,594,412		$	(199,802	)	$	14,394,610
Net income (loss)	(5,702,719		)	(57,603		)	(5,760,322		)
Partners’ capital (deficit), March 31, 2007	$	8,891,693		$	(257,405	)	$	8,634,288
Net income (loss)	(3,344,634		)	(33,784		)	(3,378,418		)
Partners’ capital (deficit), March 31, 2008	$	5,547,059		$	(291,189	)	$	5,255,870

F-69

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 29	Limited  partners			General  partner			Total
Partners’ capital (deficit), March 31, 2006	$	9,420,408		$	(246,912	)	$	9,173,496
Net income (loss)	(4,254,366		)	(42,973		)	(4,297,339		)
Partners’ capital (deficit), March 31, 2007	$	5,166,042		$	(289,885	)	$	4,876,157
Net income (loss)	(3,046,007		)	(30,768		)	(3,076,775		)
Partners’ capital (deficit), March 31, 2008	$	2,120,035		$	(320,653	)	$	1,799,382

F-70

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 30	Limited  partners			General  partner			Total
Partners’ capital (deficit), March 31, 2006	$	8,612,049		$	(142,360	)	$	8,469,689
Net income (loss)	(2,835,505		)	(28,641		)	(2,864,146		)
Partners’ capital (deficit), March 31, 2007	$	5,776,544		$	(171,001	)	$	5,605,543
Net income (loss)	(1,566,048		)	(15,819		)	(1,581,867		)
Partners’ capital (deficit), March 31, 2008	$	4,210,496		$	(186,820	)	$	4,023,676

F-71

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 31	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	12,714,068		$	(254,665	)	$	12,459,403
Net income (loss)	(4,166,377		)	(42,085		)	(4,208,462		)
Partners’ capital (deficit), March 31, 2007	$	8,547,691		$	(296,750	)	$	8,250,941
Net income (loss)	(3,378,379		)	(34,125		)	(3,412,504		)
Partners’ capital (deficit), March 31, 2008	$	5,169,312		$	(330,875	)	$	4,838,437

F-72

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 32	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	17,381,263		$	(234,897	)	$	17,146,366
Net income (loss)	(5,875,321		)	(59,347		)	(5,934,668		)
Partners’ capital (deficit), March 31, 2007	$	11,505,942		$	(294,244	)	$	11,211,698
Net income (loss)	(3,587,465		)	(36,237		)	(3,623,702		)
Partners’ capital (deficit), March 31, 2008	$	7,918,477		$	(330,481	)	$	7,587,996

F-73

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 33	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	10,337,289		$	(123,644	)	$	10,213,645
Net income (loss)	(2,601,457		)	(26,277		)	(2,627,734		)
Partners’ capital (deficit), March 31, 2007	$	7,735,832		$	(149,921	)	$	7,585,911
Net income (loss)	(1,870,906		)	(18,898		)	(1,889,804		)
Partners’ capital (deficit), March 31, 2008	$	5,864,926		$	(168,819	)	$	5,696,107

F-74

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 34	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	13,214,342		$	(169,947	)	$	13,044,395
Net income (loss)	(3,819,321		)	(38,579		)	(3,857,900		)
Partners’ capital (deficit), March 31, 2007	$	9,395,021		$	(208,526	)	$	9,186,495
Net income (loss)	(3,150,655		)	(31,825		)	(3,182,480		)
Partners’ capital (deficit), March 31, 2008	$	6,244,366		$	(240,351	)	$	6,004,015

F-75

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 35	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	16,643,105		$	(116,761	)	$	16,526,344
Net income (loss)	(2,342,646		)	(23,663		)	(2,366,309		)
Partners’ capital (deficit), March 31, 2007	$	14,300,459		$	(140,424	)	$	14,160,035
Net income (loss)	(2,950,465		)	(29,803		)	(2,980,268		)
Partners’ capital (deficit), March 31, 2008	$	11,349,994		$	(170,227	)	$	11,179,767

F-76

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 36	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	10,451,081		$	(74,902	)	$	10,376,179
Net income (loss)	(2,185,827		)	(22,079		)	(2,207,906		)
Partners’ capital (deficit), March 31, 2007	$	8,265,254		$	(96,981	)	$	8,168,273
Net income (loss)	(1,802,310		)	(18,205		)	(1,820,515		)
Partners’ capital (deficit), March 31, 2008	$	6,462,944		$	(115,186	)	$	6,347,758

F-77

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 37	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	13,558,669		$	(80,784	)	$	13,477,885
Net income (loss)	(1,463,092		)	(14,779		)	(1,477,871		)
Partners’ capital (deficit), March 31, 2007	$	12,095,577		$	(95,563	)	$	12,000,014
Net income (loss)	(1,911,471		)	(19,308		)	(1,930,779		)
Partners’ capital (deficit), March 31, 2008	$	10,184,106		$	(114,871	)	$	10,069,235

F-78

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 38	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	14,557,855		$	(73,440	)	$	14,484,415
Net income (loss)	(1,495,863		)	(15,110		)	(1,510,973		)
Partners’ capital (deficit), March 31, 2007	$	13,061,992		$	(88,550	)	$	12,973,442
Net income (loss)	(1,204,951		)	(12,171		)	(1,217,122		)
Partners’ capital (deficit), March 31, 2008	$	11,857,041		$	(100,721	)	$	11,756,320

F-79

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 39	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	13,165,083		$	(65,445	)	$	13,099,638
Net income (loss)	(1,523,240		)	(15,386		)	(1,538,626		)
Partners’ capital (deficit), March 31, 2007	$	11,641,843		$	(80,831	)	$	11,561,012
Net income (loss)	(1,796,128		)	(18,143		)	(1,814,271		)
Partners’ capital (deficit), March 31, 2008	$	9,845,715		$	(98,974	)	$	9,746,741

F-80

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 40	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	16,205,779		$	(63,520	)	$	16,142,259
Net income (loss)	(2,155,825		)	(21,776		)	(2,177,601		)
Partners’ capital (deficit), March 31, 2007	$	14,049,954		$	(85,296	)	$	13,964,658
Net income (loss)	(2,668,450		)	(26,954		)	(2,695,404		)
Partners’ capital (deficit), March 31, 2008	$	11,381,504		$	(112,250	)	$	11,269,254

F-81

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 41	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	13,929,931		$	(110,980	)	$	13,818,951
Net income (loss)	(2,265,955		)	(22,888		)	(2,288,843		)
Partners’ capital (deficit), March 31, 2007	$	11,663,976		$	(133,868	)	$	11,530,108
Net income (loss)	(2,111,112		)	(21,324		)	(2,132,436		)
Partners’ capital (deficit), March 31, 2008	$	9,552,864		$	(155,192	)	$	9,397,672

F-82

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 42	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	18,401,306		$	(57,500	)	$	18,343,806
Net income (loss)	(1,982,760		)	(20,028		)	(2,002,788		)
Partners’ capital (deficit), March 31, 2007	$	16,418,546		$	(77,528	)	$	16,341,018
Net income (loss)	(1,730,420		)	(17,479		)	(1,747,899		)
Partners’ capital (deficit), March 31, 2008	$	14,688,126		$	(95,007	)	$	14,593,119

F-83

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 43	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	23,972,939		$	(82,619	)	$	23,890,320
Net income (loss)	(1,867,051		)	(18,859		)	(1,885,910		)
Partners’ capital (deficit), March 31, 2007	$	22,105,888		$	(101,478	)	$	22,004,410
Net income (loss)	(2,605,984		)	(26,323		)	(2,632,307		)
Partners’ capital (deficit), March 31, 2008	$	19,499,904		$	(127,801	)	$	19,372,103

F-84

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 44	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	19,857,186		$	(39,269	)	$	19,817,917
Net income (loss)	(1,973,070		)	(19,930		)	(1,993,000		)
Partners’ capital (deficit), March 31, 2007	$	17,884,116		$	(59,199	)	$	17,824,917
Net income (loss)	(1,953,518		)	(19,733		)	(1,973,251		)
Partners’ capital (deficit), March 31, 2008	$	15,930,598		$	(78,932	)	$	15,851,666

F-85

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 45	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	31,229,072		$	(41,789	)	$	31,187,283
Net income (loss)	(2,061,754		)	(20,826		)	(2,082,580		)
Partners’ capital (deficit), March 31, 2007	$	29,167,318		$	(62,615	)	$	29,104,703
Net income (loss)	(2,657,461		)	(26,843		)	(2,684,304		)
Partners’ capital (deficit), March 31, 2008	$	26,509,857		$	(89,458	)	$	26,420,399

F-86

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2008 and 2007

Series 46	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2006	$	24,562,362		$	(17,293	)	$	24,545,069
Net income (loss)	(1,060,795		)	(10,715		)	(1,071,510		)
Partners’ capital (deficit), March 31, 2007	$	23,501,567		$	(28,008	)	$	23,473,559
Net income (loss)	(1,219,198		)	(12,315		)	(1,231,513		)
Partners’ capital (deficit), March 31, 2008	$	22,282,369		$	(40,323	)	$	22,242,046

F-87

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

	Total
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(49,243,404	)	$	(68,665,902	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	18,207,857			26,816,761
Impairment loss	22,053,317			32,181,505
Distributions received from operating limited partnerships	506,900			581,055
Amortization	1,610,248			1,609,264
Changes in assets and liabilities
Other assets	404,628			(185,959		)
Accounts payable and accrued expenses	11,480			(1,979		)
Accounts payable - affiliates	5,576,168			4,888,494
Net cash provided by (used in) operating activities	(872,806		)	(2,776,761		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			(49,051		)
Capital contributions paid to operating limited partnerships	(2,032,678		)	(2,859,883		)
(Advances to) repayments from operating limited partnerships	438,769			521,591
Proceeds from disposition of operating limited partnerships	—			86,833
Purchase of investments (net of proceeds from sales and maturities of investments)	—			2,556,017
Net cash provided by (used in) investing activities	(1,593,909		)	255,507
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(2,466,715		)	(2,521,254		)
Cash and cash equivalents, beginning	9,316,159			11,837,413
Cash and cash equivalents, ending	$	6,849,444		$	9,316,159

F-88

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Total
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	860,207	$	331,923
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.	$	406,082	$	57,627
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	1,111,756	$	178,848
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	12,142	$	454

F-89

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 20
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	447,494		$	(830,291	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	(910,973		)	445,579
Impairment loss	160,645			—
Distributions received from operating limited partnerships	29,799			40,539
Amortization	3,572			3,572
Changes in assets and liabilities
Other assets	—			21,259
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	212,752			(328,600		)
Net cash provided by (used in) operating activities	(56,330		)	(647,942		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	(17,112		)	—
Proceeds from disposition of operating limited partnerships	—			86,833
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	(17,112		)	86,833
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(73,442		)	(561,109		)
Cash and cash equivalents, beginning	241,848			802,957
Cash and cash equivalents, ending	$	168,406		$	241,848

F-90

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 20
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-91

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 21
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(391,828	)	$	(467,446	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	129,454			167,814
Impairment loss	—			—
Distributions received from operating limited partnerships	—			926
Amortization	1,954			1,954
Changes in assets and liabilities
Other assets	17,000			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	236,927			248,740
Net cash provided by (used in) operating activities	(6,112		)	(48,012		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(6,112		)	(48,012		)
Cash and cash equivalents, beginning	12,391			60,403
Cash and cash equivalents, ending	$	6,279		$	12,391

F-92

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 21
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-93

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 22
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(406,258	)	$	(759,153	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	75,579			308,460
Impairment loss	12,843			141,554
Distributions received from operating limited partnerships	2,600			9,700
Amortization	6,140			6,140
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	275,211			254,591
Net cash provided by (used in) operating activities	(33,504		)	(38,708		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	(14,663		)	(1,500		)
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	(14,663		)	(1,500		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(48,167		)	(40,208		)
Cash and cash equivalents, beginning	129,911			170,119
Cash and cash equivalents, ending	$	81,744		$	129,911

F-94

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 22
	Year ended March 31, 2008			Year ended March 31, 2007
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.	$	(5,245	)	$	—
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.	$	—		$	—

F-95

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 23
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(350,492	)	$	(2,190,568	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	41,128			585,653
Impairment loss	11,863			1,309,291
Distributions received from operating limited partnerships	2,597			16,845
Amortization	9,131			9,131
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	261,235			249,817
Net cash provided by (used in) operating activities	(24,157		)	(19,831		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(24,157		)	(19,831		)
Cash and cash equivalents, beginning	64,648			84,479
Cash and cash equivalents, ending	$	40,491		$	64,648

F-96

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 23
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-97

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 24
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(660,630	)	$	(1,333,324	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	266,967			641,779
Impairment loss	—			399,028
Distributions received from operating limited partnerships	6,238			46,571
Amortization	10,204			10,204
Changes in assets and liabilities
Other assets	145,443			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	202,736			227,736
Net cash provided by (used in) operating activities	(28,661		)	(8,006		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(28,661		)	(8,006		)
Cash and cash equivalents, beginning	164,634			172,640
Cash and cash equivalents, ending	$	135,973		$	164,634

F-98

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 24
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-99

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 25
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(704,857	)	$	(4,602,731	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	257,714			1,008,160
Impairment loss	161,576			3,259,647
Distributions received from operating limited partnerships	35,304			98,048
Amortization	15,218			15,218
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	172,676			207,676
Net cash provided by (used in) operating activities	(61,988		)	(13,982		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(61,988		)	(13,982		)
Cash and cash equivalents, beginning	249,177			263,159
Cash and cash equivalents, ending	$	187,189		$	249,177

F-100

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 25
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-101

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 26
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(1,161,604	)	$	(4,098,003	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	(68,188		)	1,131,044
Impairment loss	732,092			2,474,839
Distributions received from operating limited partnerships	115,536			74,037
Amortization	16,904			16,904
Changes in assets and liabilities
Other assets	14,076			—
Accounts payable and accrued expenses	291			—
Accounts payable - affiliates	334,760			334,760
Net cash provided by (used in) operating activities	(16,133		)	(66,419		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(16,133		)	(66,419		)
Cash and cash equivalents, beginning	218,953			285,372
Cash and cash equivalents, ending	$	202,820		$	218,953

F-102

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 26
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-103

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 27
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(1,009,610	)	$	(2,229,898	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	210,302			423,423
Impairment loss	431,928			1,443,337
Distributions received from operating limited partnerships	5,134			7,495
Amortization	15,655			15,655
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	333,672			323,502
Net cash provided by (used in) operating activities	(12,538		)	(16,486		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(12,538		)	(16,486		)
Cash and cash equivalents, beginning	100,228			116,714
Cash and cash equivalents, ending	$	87,690		$	100,228

F-104

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 27
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-105

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 28
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(3,378,418	)	$	(5,760,322	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	878,230			911,687
Impairment loss	2,157,670			4,492,232
Distributions received from operating limited partnerships	109,017			17,477
Amortization	3,300			3,300
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	159,116			159,116
Net cash provided by (used in) operating activities	(70,704		)	(176,510		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(70,704		)	(176,510		)
Cash and cash equivalents, beginning	256,644			433,154
Cash and cash equivalents, ending	$	185,940		$	256,644

F-106

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 28
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-107

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 29
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(3,076,775	)	$	(4,297,339	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,379,956			1,785,739
Impairment loss	1,335,385			2,134,182
Distributions received from operating limited partnerships	—			1,200
Amortization	3,311			3,311
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	337,980			297,980
Net cash provided by (used in) operating activities	(19,762		)	(74,927		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships
Purchase of investments (net of proceeds from sales and maturities of investments)	—			134,706
Net cash provided by (used in) investing activities	—			134,706
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(19,762		)	59,779
Cash and cash equivalents, beginning	194,755			134,976
Cash and cash equivalents, ending	$	174,993		$	194,755

F-108

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 29
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-109

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 30
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(1,581,867	)	$	(2,864,146	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	307,390			789,792
Impairment loss	1,080,096			1,802,959
Distributions received from operating limited partnerships	26,451			27,474
Amortization	21,238			21,238
Changes in assets and liabilities
Other assets	16,499			(23,174		)
Accounts payable and accrued expenses	(21,122		)	21,503
Accounts payable - affiliates	136,169			103,544
Net cash provided by (used in) operating activities	(15,146		)	(120,810		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(15,146		)	(120,810		)
Cash and cash equivalents, beginning	291,351			412,161
Cash and cash equivalents, ending	$	276,205		$	291,351

F-110

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 30
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-111

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 31
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(3,412,504	)	$	(4,208,462	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	925,924			1,916,891
Impairment loss	2,354,775			1,868,297
Distributions received from operating limited partnerships	6,001			6,102
Amortization	—			—
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	5,357			—
Accounts payable - affiliates	234,563			407,543
Net cash provided by (used in) operating activities	114,116			(9,629		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	(100		)	—
(Advances to) repayments from operating limited partnerships	25,698			—
Proceeds from disposition of operating limited partnerships
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	25,598			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	139,714			(9,629		)
Cash and cash equivalents, beginning	118,708			128,337
Cash and cash equivalents, ending	$	258,422		$	118,708

F-112

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 31
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	544,756	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—

F-113

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 32
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(3,623,702	)	$	(5,934,668	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,217,933			2,320,869
Impairment loss	2,018,741			3,206,031
Distributions received from operating limited partnerships	19,000			16,000
Amortization	36,724			36,724
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	331,540			281,540
Net cash provided by (used in) operating activities	617			(73,504		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			(7,347		)
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			(7,347		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	617			(80,851		)
Cash and cash equivalents, beginning	305,931			386,782
Cash and cash equivalents, ending	$	306,548		$	305,931

F-114

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 32
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	178,848
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—

F-115

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 33
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(1,889,804	)	$	(2,627,734	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	765,568			808,982
Impairment loss	899,634			1,623,633
Distributions received from operating limited partnerships	1,783			3,814
Amortization	27,276			27,280
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	447			—
Accounts payable - affiliates	192,003			123,964
Net cash provided by (used in) operating activities	(3,093		)	(40,061		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			32,300
Proceeds from disposition of operating limited partnerships
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			32,300
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(3,093		)	(7,761		)
Cash and cash equivalents, beginning	189,375			197,136
Cash and cash equivalents, ending	$	186,282		$	189,375

F-116

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 33
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-117

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 34
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(3,182,480	)	$	(3,857,900	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,614,602			1,745,646
Impairment loss	1,188,755			1,719,140
Distributions received from operating limited partnerships	4,508			5,857
Amortization	43,938			43,938
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	313,358			301,974
Net cash provided by (used in) operating activities	(16,938		)	(41,345		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(16,938		)	(41,345		)
Cash and cash equivalents, beginning	83,640			124,985
Cash and cash equivalents, ending	$	66,702		$	83,640

F-118

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 34
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-119

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 35
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(2,980,268	)	$	(2,366,309	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	839,663			624,396
Impairment loss	1,759,833			1,344,664
Distributions received from operating limited partnerships	2,000			—
Amortization	129,235			129,235
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	7,198			—
Accounts payable - affiliates	203,360			138,360
Net cash provided by (used in) operating activities	(38,979		)	(129,654		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	(163,782		)	—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	(163,782		)	—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(202,761		)	(129,654		)
Cash and cash equivalents, beginning	351,387			481,041
Cash and cash equivalents, ending	$	148,626		$	351,387

F-120

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 35
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-121

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 36
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(1,820,515	)	$	(2,207,906	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	504,176			581,844
Impairment loss	1,038,910			1,355,286
Distributions received from operating limited partnerships	16,545			17,955
Amortization	88,462			88,462
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	178,490			176,155
Net cash provided by (used in) operating activities	6,449			11,796
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	6,449			11,796
Cash and cash equivalents, beginning	91,246			79,450
Cash and cash equivalents, ending	$	97,695		$	91,246

F-122

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 36
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-123

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 37
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(1,930,779	)	$	(1,477,871	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,201,584			1,082,174
Impairment loss	423,459			118,300
Distributions received from operating limited partnerships	26,778			16,495
Amortization	94,821			94,821
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	522			—
Accounts payable - affiliates	179,864			139,864
Net cash provided by (used in) operating activities	(3,751		)	(26,217		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			67,239
Proceeds from disposition of operating limited partnerships
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			67,239
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(3,751		)	41,022
Cash and cash equivalents, beginning	309,615			268,593
Cash and cash equivalents, ending	$	305,864		$	309,615

F-124

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 37
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-125

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 38
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(1,217,122	)	$	(1,510,973	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	496,433			520,255
Impairment loss	432,829			713,167
Distributions received from operating limited partnerships	2,045			65,456
Amortization	98,915			98,911
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	114,400			125,350
Net cash provided by (used in) operating activities	(72,119		)	12,166
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(72,119		)	12,166
Cash and cash equivalents, beginning	205,640			193,474
Cash and cash equivalents, ending	$	133,521		$	205,640

F-126

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 38
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-127

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 39
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(1,814,271	)	$	(1,538,626	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	647,736			658,296
Impairment loss	914,628			619,347
Distributions received from operating limited partnerships	8,651			44,368
Amortization	90,326			90,326
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	36,800			32,380
Net cash provided by (used in) operating activities	(115,749		)	(93,909		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(115,749		)	(93,909		)
Cash and cash equivalents, beginning	274,404			368,313
Cash and cash equivalents, ending	$	158,655		$	274,404

F-128

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 39
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-129

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 40
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(2,695,404	)	$	(2,177,601	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	822,807			923,278
Impairment loss	1,521,514			898,784
Distributions received from operating limited partnerships	1,746			6,840
Amortization	113,728			113,731
Changes in assets and liabilities
Other assets	—			24,761
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	200,017			171,456
Net cash provided by (used in) operating activities	(35,211		)	(38,751		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(35,211		)	(38,751		)
Cash and cash equivalents, beginning	177,375			216,126
Cash and cash equivalents, ending	$	142,164		$	177,375

F-130

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 40
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-131

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 41
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(2,132,436	)	$	(2,288,843	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) income from operating limited partnerships	920,930			1,183,269
Impairment loss	759,371			599,094
Distributions received from operating limited partnerships	19,102			4,923
Amortization	133,927			133,927
Changes in assets and liabilities
Other assets	—			16,817
Accounts payable and accrued expenses	9,584			(16,522		)
Accounts payable - affiliates	292,870			382,178
Net cash provided by (used in) operating activities	3,348			14,843
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			(80,466		)
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	—			(80,466		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	3,348			(65,623		)
Cash and cash equivalents, beginning	18,375			83,998
Cash and cash equivalents, ending	$	21,723		$	18,375

F-132

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 41
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	—

F-133

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 42
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(1,747,899	)	$	(2,002,788	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,018,646			1,160,548
Impairment loss	465,725			433,210
Distributions received from operating limited partnerships	2,641			3,519
Amortization	117,134			116,526
Changes in assets and liabilities
Other assets	985			—
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	173,096			275,497
Net cash provided by (used in) operating activities	30,709			(13,488		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			(21,798		)
Capital contributions paid to operating limited partnerships	(164,252		)	(354,642		)
(Advances to) repayments from operating limited partnerships	322,033			(120,524		)
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	157,781			(496,964		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	188,490			(510,452		)
Cash and cash equivalents, beginning	460,921			971,373
Cash and cash equivalents, ending	$	649,411		$	460,921

F-134

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 42
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	241,212
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.	$	92,074	$	39,134
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.	$	—	$	—

F-135

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 43
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(2,632,307	)	$	(1,885,910	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) income from operating limited partnerships	1,356,021			1,267,245
Impairment loss	743,088			87,740
Distributions received from operating limited partnerships	24,369			20,231
Amortization	167,349			167,029
Changes in assets and liabilities
Other assets	10,000			166,707
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	166,780			80,798
Net cash provided by (used in) operating activities	(164,319		)	(96,160		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			(11,738		)
Capital contributions paid to operating limited partnerships	(88,443		)	(136,066		)
(Advances to) repayments from operating limited partnerships	—			650,726
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			—
Net cash provided by (used in) investing activities	(88,443		)	502,922
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(252,762		)	406,762
Cash and cash equivalents, beginning	596,017			189,255
Cash and cash equivalents, ending	$	343,255		$	596,017

F-136

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 43
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	—	$	90,711
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.	$	92,073	$	—
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.	$	—	$	—

F-137

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 44
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(1,973,251	)	$	(1,993,000	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	961,972			1,605,918
Impairment loss	639,663			—
Distributions received from operating limited partnerships	12,387			—
Amortization	113,014			113,014
Changes in assets and liabilities
Other assets	—			(196,604		)
Accounts payable and accrued expenses	381			—
Accounts payable - affiliates	169,701			59,701
Net cash provided by (used in) operating activities	(76,133		)	(410,971		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	—			(233,600		)
(Advances to) repayments from operating limited partnerships	108,150			(108,150		)
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			228,762
Net cash provided by (used in) investing activities	108,150			(112,988		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	32,017			(523,959		)
Cash and cash equivalents, beginning	832,233			1,356,192
Cash and cash equivalents, ending	$	864,250		$	832,233

F-138

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 44
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	78,896	$	—
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.	$	—	$	454

F-139

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 45
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(2,684,304	)	$	(2,082,580	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) income from operating limited partnerships	1,516,720			1,436,101
Impairment loss	703,879			137,743
Distributions received from operating limited partnerships	22,850			28,191
Amortization	144,882			144,882
Changes in assets and liabilities
Other assets	625			(82		)
Accounts payable and accrued expenses	678			(6,960		)
Accounts payable - affiliates	91,564			67,737
Net cash provided by (used in) operating activities	(203,106		)	(274,968		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			—
Capital contributions paid to operating limited partnerships	(170,826		)	(534,646		)
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			1,046,688
Net cash provided by (used in) investing activities	(170,826		)	512,042
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(373,932		)	237,074
Cash and cash equivalents, beginning	1,404,092			1,167,018
Cash and cash equivalents, ending	$	1,030,160		$	1,404,092

F-140

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 45
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	148,284	$	—
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	567,000	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	12,142	$	—

F-141

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 46
	Year ended March 31, 2008			Year ended March 31, 2007
Cash flows from operating activities
Net income (loss)	$	(1,231,513	)	$	(1,071,510	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	829,583			781,919
Impairment loss	104,415			—
Distributions received from operating limited partnerships	3,818			992
Amortization	103,890			103,831
Changes in assets and liabilities
Other assets	200,000			(195,643		)
Accounts payable and accrued expenses	1,667			—
Accounts payable - affiliates	34,528			45,135
Net cash provided by (used in) operating activities	46,388			(335,276		)
Cash flows from investing activities
Acquisition costs (paid)/refunded for operating limited partnerships	—			(15,515		)
Capital contributions paid to operating limited partnerships	(1,430,612		)	(1,511,616		)
(Advances to) repayments from operating limited partnerships	—			—
Proceeds from disposition of operating limited partnerships	—			—
Purchase of investments (net of proceeds from sales and maturities of investments)	—			1,145,861
Net cash provided by (used in) investing activities	(1,430,612		)	(381,270		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(1,384,224		)	(716,546		)
Cash and cash equivalents, beginning	1,972,660			2,689,206
Cash and cash equivalents, ending	$	588,436		$	1,972,660

F-142

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

	Series 46
	Year ended March 31, 2008		Year ended March 31, 2007
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.	$	860,207	$	—
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.	$	—	$	18,493
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.	$	—	$	—

See notes to financial statements

F-143

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS

March 31, 2008 and 2007

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 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-144

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The BACs issued and outstanding in each series at March 31, 2008 and 2007 are as follows:

	2008	2007
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

F-145

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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 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 $614,683 and $533,581 as of March 31, 2008 and 2007, 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.  Impairment losses have been recognized for the years ended March 31, 2008 and  2007 of  $22,053,317 and  $32,181,505, respectively

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.

F-146

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

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 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.

As of March 31, 2004, the partnership adopted FASB Interpretation No. 46 - - Revised (“FIN46R”), “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 its 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 returns, or both.

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

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

F-147

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

During the years ended March 31, 2008 and 2007, the fund acquired interests in operating limited partnerships as follows:

	2008	2007
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
Series 43	—	1
Series 44	—	—
Series 45	—	—
Series 46	1	—
	1	2

Series 43 owns 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.  In addition to the investments in the operating limited partnerships Series 43, Series 44, Series 45, and Series 46 own the General Partner equity interest in their respective operating limited partnerships

F-148

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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.

Accumulated amortization for capitalized interest as of March 31, 2008 and 2007 is as follows:

	2008		2007
Series 20	$	—	$	—
Series 21	—		—
Series 22	—		—
Series 23	—		—
Series 24	—		—
Series 25	44,732		39,762
Series 26	—		—
Series 27	6,373		5,665
Series 28	—		—
Series 29	—		—
Series 30	—		—
Series 31	—		—
Series 32	56,945		50,618
Series 33	—		—
Series 34	5,237		4,655
Series 35	50,962		44,592
Series 36	32,820		28,718
Series 37	38,680		33,845
Series 38	21,077		18,066
Series 39	17,813		15,268
Series 40	67,991		56,659
Series 41	110,357		91,964
Series 42	15,189		12,151
Series 43	5,169		3,953
Series 44	1,656		1,266
Series 45	10,162		7,538
Series 46	—		—
	$	485,163	$	414,720

The amortization for capitalized interest expense for each of the ensuing 5 years through March 31, 2013 is estimated to be $70,443 per year.

F-149

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Deferred Acquisition Costs

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

Accumulated amortization as of March 31, 2008 and 2007 is as follows:

	2008		2007
Series 20	$	32,149	$	28,577
Series 21	17,585		15,631
Series 22	55,259		49,119
Series 23	77,850		68,719
Series 24	91,840		81,636
Series 25	92,234		81,986
Series 26	154,374		137,470
Series 27	134,521		119,574
Series 28	29,701		26,401
Series 29	29,661		26,350
Series 30	191,011		169,773
Series 31	—		—
Series 32	272,290		241,893
Series 33	244,593		217,317
Series 34	388,419		345,063
Series 35	1,102,072		979,207
Series 36	752,259		667,899
Series 37	716,607		626,621
Series 38	623,337		527,433
Series 39	548,618		460,837
Series 40	532,963		430,567
Series 41	692,088		576,554
Series 42	564,174		450,078
Series 43	731,350		583,114
Series 44	431,195		329,515
Series 45	497,633		375,566
Series 46	351,633		262,989
	$	9,355,416	$	7,879,889

The amortization of deferred acquisition costs for each of the ensuing 5 years through March 31, 2013 is estimated to be $1,475,527 per year.

F-150

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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.

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.

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-151

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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, 2008 and 2007 are as follows:

	2008	2007
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

F-152

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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.

F-153

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2008 and 2007, 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. 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, 2008 and 2007, are as follows:

	2008		2007
Series 20	$	337,752	$	337,752
Series 21	180,372		225,840
Series 22	254,591		254,591
Series 23	240,264		240,264
Series 24	227,736		227,736
Series 25	272,676		272,676
Series 26	434,760		434,760
Series 27	315,204		315,204
Series 28	334,116		334,116
Series 29	337,980		337,980
Series 30	186,169		203,544
Series 31	394,666		397,440
Series 32	331,540		331,540
Series 33	173,964		173,964
Series 34	293,196		293,196
Series 35	228,360		228,360
Series 36	160,599		160,599
Series 37	204,864		204,864
Series 38	164,400		164,400
Series 39	136,800		136,800
Series 40	200,017		200,017
Series 41	246,830		274,440
Series 42	252,320		252,320
Series 43	306,780		306,780
Series 44	284,701		284,701
Series 45	366,564		368,543
Series 46	249,528		244,140
	$	7,116,749	$	7,206,567

F-154

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the operating limited partnerships, less the amount of various asset management and reporting fees paid by the operating limited partnerships. The reporting fees paid by the operating limited partnerships for the years ended March 31, 2008 and 2007, are as follows:

	2008		2007
Series 20	$	84,954	$	43,052
Series 21	5,126		10,942
Series 22	21,794		14,169
Series 23	10,064		23,141
Series 24	21,838		17,496
Series 25	34,791		31,828
Series 26	60,480		62,610
Series 27	15,963		29,906
Series 28	69,658		65,455
Series 29	73,366		35,337
Series 30	44,134		14,590
Series 31	134,570		58,374
Series 32	51,022		40,981
Series 33	22,946		30,589
Series 34	20,320		7,315
Series 35	28,388		8,344
Series 36	14,207		24,573
Series 37	32,570		18,518
Series 38	24,470		38,065
Series 39	20,160		20,720
Series 40	23,853		22,801
Series 41	26,126		41,417
Series 42	34,072		28,078
Series 43	21,650		17,622
Series 44	43,095		22,900
Series 45	42,171		24,745
Series 46	43,609		14,491
	$	1,025,397	$	768,059

F-155

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

The fund management fees paid by the operating limited partnerships for the years ended March 31, 2008  and 2007, are as follows:

	2008		2007
Series 20	$	125,000	$	325,023
Series 21	—		—
Series 22	—		—
Series 23	—		—
Series 24	25,000		—
Series 25	100,000		65,000
Series 26	100,000		100,000
Series 27	—		—
Series 28	175,000		175,000
Series 29	—		40,000
Series 30	50,000		100,000
Series 31	150,000		—
Series 32	—		50,000
Series 33	—		50,000
Series 34	—		—
Series 35	25,000		90,000
Series 36	—		—
Series 37	25,000		65,000
Series 38	50,000		50,000
Series 39	100,000		115,000
Series 40	—		40,000
Series 41	—		—
Series 42	100,000		—
Series 43	140,000		240,000
Series 44	115,000		225,000
Series 45	275,000		300,806
Series 46	215,000		199,005
	$	1,770,000	$	2,229,834

F-156

��

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

An affiliate of the general partner of the Fund has advanced funds to pay some operating expenses of the Fund, and to make advances and/or loans to operating limited partnerships. These advances are included in accounts payable to affiliates. The total advances from the affiliate of the general partner to the operating limited partnerships for the year ended March 31, 2008 and 2007, are as follows:.

	2008		2007
Series 20	$	—	$	—
Series 21	79,455		22,900
Series 22	20,620		—
Series 23	30,524		9,553
Series 24	—		—
Series 25	—		—
Series 26	—		—
Series 27	26,765		8,297
Series 28	—		—
Series 29	—		—
Series 30	—		—
Series 31	—		10,103
Series 32	—		—
Series 33	18,039		—
Series 34	28,940		8,778
Series 35	—		—
Series 36	94,121		76,230
Series 37	—		—
Series 38	69,191		69,191
Series 39	220,455		220,455
Series 40	297,730		297,730
Series 41	316,409		270,369
Series 42	221,615		200,839
Series 43	51,482		51,482
Series 44	—		—
Series 45	—		—
Series 46	—		—
	$	1,475,346	$	1,245,927

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund’s interests in operating limited partnerships.

F-157

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

During the years ended March 31, 2008 and 2007, 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:

	2008		2007
Series 20	$	21,639	$	21,112
Series 21	17,555		16,704
Series 22	20,620		20,223
Series 23	20,971		20,377
Series 24	20,318		18,625
Series 25	20,246		19,643
Series 26	24,403		24,667
Series 27	18,467		17,620
Series 28	22,392		21,249
Series 29	22,271		21,025
Series 30	19,574		18,177
Series 31	22,815		21,730
Series 32	22,156		20,755
Series 33	18,039		16,641
Series 34	20,162		18,561
Series 35	19,636		17,885
Series 36	17,892		15,556
Series 37	23,561		20,383
Series 38	24,049		21,005
Series 39	23,448		20,334
Series 40	24,666		21,800
Series 41	27,677		22,738
Series 42	25,816		23,175
Series 43	27,571		25,552
Series 44	24,517		22,403
Series 45	29,347		27,346
Series 46	25,538		23,651
	$	605,346	$	558,937

Accounts payable - affiliates at March 31, 2008 and 2007 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-158

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2008 and 2007, the fund has limited partnership interests in operating limited partnerships, which own or are constructing or rehabilitating operating apartment complexes.  The number of operating limited partnerships in which the fund has limited partnership interests at March 31, 2008 and 2007 by series are as follows:

	2008	2007
Series 20	22	22
Series 21	13	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	18	18
Series 31	26	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	21	21
Series 42	23	23
Series 43	23	23
Series 44	10	10
Series 45	30	30
Series 46	15	14
	512	513

F-159

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

During the year ended March 31, 2008 the Fund disposed of one operating limited partnership in Series 21 and one operating limited partnership in Series 31.   No proceeds were received from the dispositions and no gains were recorded.

During the year ended March 31, 2007 the Fund received proceeds of $60,390 from the partial transfer on one operating limited partnership in Series 20, and $26,443 from one operating limited partnership in Series 20 which was disposed of in the prior year.  Gain on disposition is included in Share of losses from operating limited partnerships in the Statement of Operations. A summary of the dispositions by Series for March 31, 2007 is as follows:

	Foreclosure of Underlying Operating  Partnership	Partnership Proceeds from Disposition		Gain/(Loss) on  Disposition
Series 20	—	$	86,833	$	26,443
Series 30	2	—		—
Series 41	1	—		—
Series 45	1	—		—
Total	4	$	86,833	$	26,443

F-160

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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, 2008 and 2007, contributions are payable to operating limited partnerships as follows:

	2008		2007
Series 20	$	—	$	—
Series 21	236,479		236,479
Series 22	9,352		18,770
Series 23	—		—
Series 24	9,999		9,999
Series 25	61,733		61,733
Series 26	29,490		29,490
Series 27	39,749		39,749
Series 28	40,968		40,968
Series 29	45,783		45,783
Series 30	127,396		127,396
Series 31	66,294		611,150
Series 32	298,561		298,561
Series 33	194,154		194,154
Series 34	8,244		8,244
Series 35	—		163,782
Series 36	—		—
Series 37	138,438		138,438
Series 38	—		—
Series 39	—		—
Series 40	8,694		8,694
Series 41	100		100
Series 42	457,148		713,474
Series 43	310,006		490,522
Series 44	702,126		781,022
Series 45	16,724		902,834
Series 46	20,138		590,543
	$	2,821,576	$	5,511,885

F-161

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2008 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	$	596,714,976		$	24,751,070		$	12,367,163
Acquisition costs of operating limited partnerships	46,182,831			3,540,340			1,923,140
Cumulative distributions from operating limited partnerships	(6,437,538		)	(3,612,833		)	(29,005		)
Cumulative impairment loss in investments in operating limited partnerships	(140,676,987		)	(3,793,041		)	(666,047		)
Cumulative losses from operating limited partnerships	(288,039,722		)	(19,681,348		)	(13,386,169		)
Investments in operating limited partnerships per balance sheet	207,743,560			1,204,188			209,082

F-162

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 20			Series 21
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).	(7,805,710		)	—			(236,474		)
The fund has recorded acquisition costs at March 31, 2008 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).	2,628,827			286,158			623,372
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(24,493,632		)	(2,633,955		)	(3,204,873		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	2,019,559			253,099			174,071
Cumulative impairment loss in investments in operating limited partnerships	140,676,987			3,793,041			666,047
Other	(4,158,774		)	(72,753		)	(22,299		)
Equity per operating limited partnerships’ combined financial statements	$	309,251,028		$	2,385,532		$	(1,901,698	)

F-163

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2008 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	$	18,295,620		$	23,797,395		$	15,476,459
Acquisition costs of operating limited partnerships	2,504,765			3,504,553			2,030,314
Cumulative distributions from operating limited partnerships	(119,670		)	(56,849		)	(135,260		)
Cumulative impairment loss in investments in operating limited partnerships	(6,111,730		)	(11,006,279		)	(5,286,247		)
Cumulative losses from operating limited partnerships	(13,988,484		)	(15,558,339		)	(11,799,237		)
Investments in operating limited partnerships per balance sheet	580,501			680,481			286,029

F-164

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 22			Series 23			Series 24
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).	(481,359		)	(11,581		)	(30,158		)
The fund has recorded acquisition costs at March 31, 2008 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).	(3,369,598		)	(1,781,543		)	(1,837,828		)
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
Cumulative impairment loss in investments in operating limited partnerships	6,111,730			11,006,279			5,286,247
Other	(255,039		)	(68,651		)	219,000
Equity per operating limited partnerships’ combined financial statements	$	2,477,441		$	9,615,142		$	3,563,253

F-165

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2008 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	$	21,918,186		$	28,884,093		$	16,971,183
Acquisition costs of operating limited partnerships	2,803,677			3,968,917			2,467,629
Cumulative distributions from operating limited partnerships	(228,874		)	(349,738		)	(68,613		)
Cumulative impairment loss in investments in operating limited partnerships	(9,396,676		)	(13,058,354		)	(6,264,745		)
Cumulative losses from operating limited partnerships	(12,619,017		)	(13,462,551		)	(6,306,048		)
Investments in operating limited partnerships per balance sheet	2,477,296			5,982,367			6,799,406

F-166

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 25			Series 26			Series 27
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).	(111,404		)	(108,982		)	(316,117		)
The fund has recorded acquisition costs at March 31, 2008 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).	(3,029,341		)	(2,032,408		)	(1,105,069		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	48,848			195,682			—
Cumulative impairment loss in investments in operating limited partnerships	9,396,676			13,058,354			6,264,745
Other	(172,635		)	(201,453		)	(7,855		)
Equity per operating limited partnerships’ combined financial statements	$	8,255,573		$	16,943,612		$	11,470,894

F-167

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2008 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		$	15,301,412
Acquisition costs of operating limited partnerships	4,191,674			4,151,886			1,640,751
Cumulative distributions from operating limited partnerships	(458,011		)	(25,213		)	(134,758		)
Cumulative impairment loss in investments in operating limited partnerships	(13,382,883		)	(8,785,514		)	(4,872,930		)
Cumulative losses from operating limited partnerships	(13,391,866		)	(20,612,446		)	(7,592,813		)
Investments in operating limited partnerships per balance sheet	5,524,970			3,506,468			4,341,662

F-168

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 28			Series 29			Series 30
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).	(289,605		)	(213,700		)	(135,225		)
The fund has recorded acquisition costs at March 31, 2008 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).	(54,408		)	(665,121		)	—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	116,284			7,039			7,712
Cumulative impairment loss in investments in operating limited partnerships	13,382,883			8,785,514			4,872,930
Other	(208,393		)	(57,763		)	(5,169		)
Equity per operating limited partnerships’ combined financial statements	$	17,936,346		$	11,031,550		$	8,846,209

F-169

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2008 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		$	34,618,278		$	19,377,023
Acquisition costs of operating limited partnerships	4,586,765			4,291,123			2,010,987
Cumulative distributions from operating limited partnerships	(51,290		)	(98,227		)	(17,360		)
Cumulative impairment loss in investments in operating limited partnerships	(10,373,811		)	(12,003,111		)	(7,323,606		)
Cumulative losses from operating limited partnerships	(20,216,587		)	(18,065,420		)	(7,841,034		)
Investments in operating limited partnerships per balance sheet	5,822,035			8,742,643			6,206,010

F-170

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 31			Series 32			Series 33
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).	(138,370		)	(1,722,955		)	(1,561,054		)
The fund has recorded acquisition costs at March 31, 2008 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).	(572,568		)	(634,667		)	—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	43,473			42,262			9,684
Cumulative impairment loss in investments in operating limited partnerships	10,373,811			12,003,111			7,323,606
Other	(22,818		)	(434,031		)	(10,496		)
Equity per operating limited partnerships’ combined financial statements	$	15,553,310		$	16,255,204		$	11,343,733

F-171

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2008 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	$	25,652,718		$	23,892,808		$	15,340,881
Acquisition costs of operating limited partnerships	2,566,310			—			—
Cumulative distributions from operating limited partnerships	(19,455		)	(11,906		)	(48,869		)
Cumulative impairment loss in investments in operating limited partnerships	(6,149,166		)	(5,089,550		)	(3,114,936		)
Cumulative losses from operating limited partnerships	(14,814,603		)	(9,086,425		)	(6,141,822		)
Investments in operating limited partnerships per balance sheet	7,235,804			9,704,927			6,035,254

F-172

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 34			Series 35			Series 36
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).	(46,941		)	(270,100		)	(14,791		)
The fund has recorded acquisition costs at March 31, 2008 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).	(4,326		)	(379,524		)	(1,393,462		)
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
Cumulative impairment loss in investments in operating limited partnerships	6,149,166			5,089,550			3,114,936
Other	(133,570		)	(123,017		)	(99,389		)
Equity per operating limited partnerships’ combined financial statements	$	12,911,063		$	14,099,853		$	7,645,609

F-173

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2008 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	$	18,518,773		$	18,913,889		$	16,752,011
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(84,910		)	(183,732		)	(68,278		)
Cumulative impairment loss in investments in operating limited partnerships	(1,834,640		)	(2,179,840		)	(1,882,991		)
Cumulative losses from operating limited partnerships	(7,490,085		)	(5,921,311		)	(6,225,559		)
Investments in operating limited partnerships per balance sheet	9,109,138			10,629,006			8,575,183

F-174

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 37			Series 38			Series 39
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).	(155,365		)	—			—
The fund has recorded acquisition costs at March 31, 2008 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
Cumulative impairment loss in investments in operating limited partnerships	1,834,640			2,179,840			1,882,991
Other	11,523			(249,931		)	(145,938		)
Equity per operating limited partnerships’ combined financial statements	$	11,103,746		$	12,618,376		$	10,591,455

F-175

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2008 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	$	19,589,216		$	18,470,049		$	19,956,943
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(46,265		)	(391,042		)	(24,210		)
Cumulative impairment loss in investments in operating limited partnerships	(3,181,839		)	(1,623,226		)	(879,297		)
Cumulative losses from operating limited partnerships	(5,914,683		)	(7,613,761		)	(6,583,702		)
Investments in operating limited partnerships per balance sheet	10,446,429			8,842,020			12,469,734

F-176

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 40			Series 41			Series 42
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).	(33,764		)	(33,807		)	(480,654		)
The fund has recorded acquisition costs at March 31, 2008 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).	—			(352,178		)	(175,836		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	78,811			1,049			47,033
Cumulative impairment loss in investments in operating limited partnerships	3,181,839			1,623,226			879,297
Other	(470,543		)	(650,004		)	(81,282		)
Equity per operating limited partnerships’ combined financial statements	$	13,202,772		$	9,430,306		$	12,658,292

F-177

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2008 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	$	26,837,721		$	19,562,860		$	29,723,534
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(79,331		)	(15,674		)	(68,223		)
Cumulative impairment loss in investments in operating limited partnerships	(830,828		)	(639,663		)	(841,622		)
Cumulative losses from operating limited partnerships	(9,339,593		)	(5,549,324		)	(6,096,397		)
Investments in operating limited partnerships per balance sheet	16,587,969			13,358,199			22,717,292

F-178

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 43			Series 44			Series 45
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).	(223,508		)	(506,725		)	(292,192		)
The fund has recorded acquisition costs at March 31, 2008 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).	(532,614		)	(653,715		)	(80,598		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	—			454			35,451
Cumulative impairment loss in investments in operating limited partnerships	830,828			639,663			841,622
Other	(319,296		)	(145,238		)	(257,204		)
Equity per operating limited partnerships’ combined financial statements	$	16,343,379		$	12,692,638		$	22,964,371

F-179

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2008 is summarized as follows:

	Series 46
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	22,524,922
Acquisition costs of operating limited partnerships	—
Cumulative distributions from operating limited partnerships	(9,942		)
Cumulative impairment loss in investments in operating limited partnerships	(104,415		)
Cumulative losses from operating limited partnerships	(2,741,098		)
Investments in operating limited partnerships per balance sheet	19,669,467

F-180

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 46
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).	(390,879		)
The fund has recorded acquisition costs at March 31, 2008 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).	4,594
Cumulative impairment loss in investments in operating limited partnerships	104,415
Other	(174,530		)
Equity per operating limited partnerships’ combined financial statements	$	19,213,067

F-181

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2007 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	$	596,407,714		$	24,751,070		$	12,367,163
Acquisition costs of operating limited partnerships	46,182,831			3,540,340			1,923,140
Cumulative distributions from operating limited partnerships	(5,930,638		)	(3,583,034		)	(29,005		)
Cumulative impairment loss in investments in operating limited partnerships	(119,419,547		)	(3,632,396		)	(666,047		)
Cumulative losses from operating limited partnerships	(269,117,090		)	(20,609,333		)	(13,256,715		)
Investments in operating limited partnerships per balance sheet	248,123,270			466,647			338,536

F-182

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 20			Series 21
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).	(8,796,109		)	—			(336,415		)
The fund has recorded acquisition costs at March 31, 2007 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).	2,656,921			286,158			651,466
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(25,060,845		)	(1,840,414		)	(11,469,456		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	2,040,678			253,099			174,071
Cumulative impairment loss in investments in operating limited partnerships	119,419,547			3,632,396			666,047
Other	(4,679,655		)	50,574			(15,363		)
Equity per operating limited partnerships’ combined financial statements	$	326,344,018		$	2,404,214		$	(10,101,738	)

F-183

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2007 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		$	15,476,459
Acquisition costs of operating limited partnerships	2,504,765			3,504,553			2,030,314
Cumulative distributions from operating limited partnerships	(117,070		)	(54,252		)	(129,022		)
Cumulative impairment loss in investments in operating limited partnerships	(6,093,987		)	(10,980,356		)	(5,679,147		)
Cumulative losses from operating limited partnerships	(13,917,805		)	(15,531,271		)	(11,195,567		)
Investments in operating limited partnerships per balance sheet	666,278			736,069			503,037

F-184

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 22			Series 23			Series 24
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).	(481,359		)	(11,581		)	(30,158		)
The fund has recorded acquisition costs at March 31, 2007 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).	(2,247,844		)	(643,361		)	(1,113,789		)
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
Cumulative impairment loss in investments in operating limited partnerships	6,093,987			10,980,356			5,679,147
Other	(230,995		)	(60,733		)	267,290
Equity per operating limited partnerships’ combined financial statements	$	3,691,273		$	10,790,907		$	4,945,490

F-185

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2007 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	$	21,923,156		$	28,884,093		$	16,971,891
Acquisition costs of operating limited partnerships	2,803,677			3,968,917			2,467,629
Cumulative distributions from operating limited partnerships	(193,570		)	(234,202		)	(63,479		)
Cumulative impairment loss in investments in operating limited partnerships	(9,235,100		)	(12,099,375		)	(5,178,455		)
Cumulative losses from operating limited partnerships	(12,361,303		)	(13,765,519		)	(6,750,108		)
Investments in operating limited partnerships per balance sheet	2,936,860			6,753,914			7,447,478

F-186

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 25			Series 26			Series 27
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).	(111,404		)	(108,982		)	(316,117		)
The fund has recorded acquisition costs at March 31, 2007 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).	(2,058,927		)	(1,357,174		)	(1,144,901		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	48,848			195,682			—
Cumulative impairment loss in investments in operating limited partnerships	9,235,100			12,099,375			5,178,455
Other	(117,742		)	(158,703		)	(6,549		)
Equity per operating limited partnerships’ combined financial statements	$	9,578,868		$	17,474,164		$	10,994,150

F-187

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2007 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		$	15,301,412
Acquisition costs of operating limited partnerships	4,191,674			4,151,886			1,640,751
Cumulative distributions from operating limited partnerships	(348,994		)	(25,213		)	(108,307		)
Cumulative impairment loss in investments in operating limited partnerships	(11,225,213		)	(7,450,129		)	(3,792,834		)
Cumulative losses from operating limited partnerships	(12,513,636		)	(19,232,490		)	(7,285,423		)
Investments in operating limited partnerships per balance sheet	8,669,887			6,221,809			5,755,599

F-188

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 28			Series 29			Series 30
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).	(289,605		)	(213,700		)	(135,225		)
The fund has recorded acquisition costs at March 31, 2007 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).	(35,156		)	(351,867		)	—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	116,284			7,039			7,712
Cumulative impairment loss in investments in operating limited partnerships	11,225,213			7,450,129			3,792,834
Other	(199,128		)	(57,745		)	(4,006		)
Equity per operating limited partnerships’ combined financial statements	$	18,952,110		$	12,724,778		$	9,181,213

F-189

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2007 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		$	34,624,605		$	19,377,023
Acquisition costs of operating limited partnerships	4,586,765			4,291,123			2,010,987
Cumulative distributions from operating limited partnerships	(45,289		)	(79,227		)	(15,577		)
Cumulative impairment loss in investments in operating limited partnerships	(8,613,982		)	(10,672,972		)	(6,423,972		)
Cumulative losses from operating limited partnerships	(18,695,717		)	(16,158,885		)	(7,075,466		)
Investments in operating limited partnerships per balance sheet	9,108,735			12,004,644			7,872,995

F-190

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 31			Series 32			Series 33
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).	(138,370		)	(1,722,955		)	(1,561,054		)
The fund has recorded acquisition costs at March 31, 2007 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).	(430,417		)	(577,133		)	—
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
Cumulative impairment loss in investments in operating limited partnerships	8,613,982			10,672,972			6,423,972
Other	(24,736		)	(1,021,758		)	(10,497		)
Equity per operating limited partnerships’ combined financial statements	$	17,257,706		$	17,656,873		$	12,111,083

F-191

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2007 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	$	25,653,300		$	23,899,178		$	15,344,983
Acquisition costs of operating limited partnerships	2,566,310			—			—
Cumulative distributions from operating limited partnerships	(14,947		)	(9,906		)	(32,324		)
Cumulative impairment loss in investments in operating limited partnerships	(4,960,411		)	(3,329,717		)	(2,076,026		)
Cumulative losses from operating limited partnerships	(13,200,001		)	(8,246,762		)	(5,637,646		)
Investments in operating limited partnerships per balance sheet	10,044,251			12,312,793			7,598,987

F-192

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 34			Series 35			Series 36
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).	(46,941		)	(270,100		)	(14,791		)
The fund has recorded acquisition costs at March 31, 2007 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).	—			(134,193		)	(983,084		)
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
Cumulative impairment loss in investments in operating limited partnerships	4,960,411			3,329,717			2,076,026
Other	(132,802		)	(127,600		)	(101,803		)
Equity per operating limited partnerships’ combined financial statements	$	14,535,849		$	15,188,634		$	8,578,396

F-193

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2007 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	$	18,523,608		$	18,916,900		$	16,754,556
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(58,132		)	(181,687		)	(59,627		)
Cumulative impairment loss in investments in operating limited partnerships	(1,411,181		)	(1,747,011		)	(968,363		)
Cumulative losses from operating limited partnerships	(6,288,501		)	(5,424,878		)	(5,577,823		)
Investments in operating limited partnerships per balance sheet	10,765,794			11,563,324			10,148,743

F-194

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 37			Series 38			Series 39
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).	(155,365		)	—			—
The fund has recorded acquisition costs at March 31, 2007 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
Cumulative impairment loss in investments in operating limited partnerships	1,411,181			1,747,011			968,363
Other	23,360			(248,817		)	(114,299		)
Equity per operating limited partnerships’ combined financial statements	$	12,348,780		$	13,120,979		$	11,282,026

F-195

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2007 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	$	19,600,548		$	18,488,442		$	20,052,055
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(44,519		)	(371,940		)	(21,569		)
Cumulative impairment loss in investments in operating limited partnerships	(1,660,325		)	(863,855		)	(433,210		)
Cumulative losses from operating limited partnerships	(5,091,876		)	(6,692,831		)	(5,545,418		)
Investments in operating limited partnerships per balance sheet	12,803,828			10,559,816			14,051,858

F-196

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 40			Series 41			Series 42
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).	(33,764		)	(33,807		)	(732,949		)
The fund has recorded acquisition costs at March 31, 2007 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).	—			(79,682		)	(56,627		)
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
Cumulative impairment loss in investments in operating limited partnerships	1,660,325			863,855			433,210
Other	(521,116		)	(681,047		)	(93,259		)
Equity per operating limited partnerships’ combined financial statements	$	13,988,084		$	10,630,184		$	13,645,235

F-197

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2007 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	$	26,948,907		$	19,653,090		$	29,906,775
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(54,962		)	(3,287		)	(45,373		)
Cumulative impairment loss in investments in operating limited partnerships	(87,740		)	—			(137,743		)
Cumulative losses from operating limited partnerships	(7,983,572		)	(4,587,352		)	(4,579,677		)
Investments in operating limited partnerships per balance sheet	18,822,633			15,062,451			25,143,982

F-198

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 43			Series 44			Series 45
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).	(404,024		)	(585,622		)	(464,558		)
The fund has recorded acquisition costs at March 31, 2007 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).	(215,258		)	(265,828		)	(55,734		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	—			454			23,309
Cumulative impairment loss in investments in operating limited partnerships	87,740			—			137,743
Other	(456,258		)	(166,694		)	(282,321		)
Equity per operating limited partnerships’ combined financial statements	$	17,834,833		$	14,044,761		$	24,502,421

F-199

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2007 is summarized as follows:

	Series 46
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	21,679,961
Acquisition costs of operating limited partnerships	—
Cumulative distributions from operating limited partnerships	(6,124		)
Cumulative impairment loss in investments in operating limited partnerships	—
Cumulative losses from operating limited partnerships	(1,911,515		)
Investments in operating limited partnerships per balance sheet	19,762,322

F-200

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 46
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).	(597,263		)
The fund has recorded acquisition costs at March 31, 2007 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).	4,594
Cumulative impairment loss in investments in operating limited partnerships	—
Other	(186,908		)
Equity per operating limited partnerships’ combined financial statements	$	18,982,745

F-201

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,483,246,309	$	53,125,242		$	22,046,179
Construction in progress	4,332,331		—			—
Land	126,475,922		6,112,210			2,839,206
Other assets	147,533,518		7,957,801			2,041,583
	$	1,761,588,080	$	67,195,253		$	26,926,968
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	1,134,068,504	$	60,150,619		$	21,393,287
Accounts payable and accrued expenses	48,971,618		3,248,478			1,614,814
Other liabilities	169,674,811		3,408,331			5,194,163
	1,352,714,933		66,807,428			28,202,264
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	309,251,028		2,385,532			(1,901,698		)
Other partners	99,622,119		(1,997,707		)	626,402
	408,873,147		387,825			(1,275,296		)
	$	1,761,588,080	$	67,195,253		$	26,926,968

F-202

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 22		Series 23			Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	54,871,689	$	53,114,773		$	45,022,825
Construction in progress	—		—			—
Land	4,242,201		3,957,131			3,886,295
Other assets	5,654,946		4,994,198			5,176,503
	$	64,768,836	$	62,066,102		$	54,085,623
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	50,203,419	$	39,618,124		$	41,382,880
Accounts payable and accrued expenses	3,829,551		6,480,031			1,662,329
Other liabilities	7,342,823		6,783,186			4,120,239
	61,375,793		52,881,341			47,165,448
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	2,477,441		9,615,142			3,563,253
Other partners	915,602		(430,381		)	3,356,922
	3,393,043		9,184,761			6,920,175
	$	64,768,836	$	62,066,102		$	54,085,623

F-203

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25		Series 26		Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	50,023,413	$	66,538,962	$	57,660,490
Construction in progress	—		—		—
Land	3,701,408		5,310,128		6,005,394
Other assets	8,384,273		11,325,191		7,459,920
	$	62,109,094	$	83,174,281	$	71,125,804
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	41,010,846	$	54,538,729	$	45,871,147
Accounts payable and accrued expenses	2,767,854		3,104,909		1,349,683
Other liabilities	5,513,194		5,371,782		8,228,802
	49,291,894		63,015,420		55,449,632
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	8,255,573		16,943,612		11,470,894
Other partners	4,561,627		3,215,249		4,205,278
	12,817,200		20,158,861		15,676,172
	$	62,109,094	$	83,174,281	$	71,125,804

F-204

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28		Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	57,351,378	$	46,082,758	$	36,597,646
Construction in progress	—		4,332,331		—
Land	5,523,586		2,841,806		2,406,880
Other assets	6,118,853		4,837,325		3,970,551
	$	68,993,817	$	58,094,220	$	42,975,077
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	41,637,427	$	37,889,602	$	25,379,523
Accounts payable and accrued expenses	1,867,852		1,919,533		1,146,904
Other liabilities	3,175,368		6,495,322		4,757,765
	46,680,647		46,304,457		31,284,192
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	17,936,346		11,031,550		8,846,209
Other partners	4,376,824		758,213		2,844,676
	22,313,170		11,789,763		11,690,885
	$	68,993,817	$	58,094,220	$	42,975,077

F-205

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31			Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	57,061,600		$	61,533,763	$	51,607,014
Construction in progress	—			—		—
Land	4,236,078			4,333,042		5,245,180
Other assets	8,183,969			5,852,006		4,192,368
	$	69,481,647		$	71,718,811	$	61,044,562
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	47,975,424		$	40,690,652	$	34,152,110
Accounts payable and accrued expenses	1,027,994			2,011,294		1,015,510
Other liabilities	5,488,762			6,108,726		3,823,312
	54,492,180			48,810,672		38,990,932
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	15,553,310			16,255,204		11,343,733
Other partners	(563,843		)	6,652,935		10,709,897
	14,989,467			22,908,139		22,053,630
	$	69,481,647		$	71,718,811	$	61,044,562

F-206

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34		Series 35			Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	55,951,797	$	47,235,066	��	$	42,528,111
Construction in progress	—		—			—
Land	5,358,490		3,734,936			2,791,180
Other assets	4,934,796		4,142,697			3,844,201
	$	66,245,083	$	55,112,699		$	49,163,492
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	44,470,883	$	25,250,214		$	34,629,657
Accounts payable and accrued expenses	1,994,714		1,232,455			1,449,667
Other liabilities	5,827,710		8,289,776			3,206,346
	52,293,307		34,772,445			39,285,670
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	12,911,063		14,099,853			7,645,609
Other partners	1,040,713		6,240,401			2,232,213
	13,951,776		20,340,254			9,877,822
	$	66,245,083	$	55,112,699		$	49,163,492

F-207

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 37		Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	42,333,500	$	32,946,566	$	28,040,940
Construction in progress	—		—		—
Land	2,432,620		2,144,257		1,801,039
Other assets	3,754,700		2,230,964		1,888,787
	$	48,520,820	$	37,321,787	$	31,730,766
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	29,720,288	$	17,520,092	$	13,645,591
Accounts payable and accrued expenses	1,513,367		536,019		474,499
Other liabilities	3,296,178		1,455,525		1,638,837
	34,529,833		19,511,636		15,758,927
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	11,103,746		12,618,376		10,591,455
Other partners	2,887,241		5,191,775		5,380,384
	13,990,987		17,810,151		15,971,839
	$	48,520,820	$	37,321,787	$	31,730,766

F-208

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	66,402,167	$	96,919,284	$	75,810,331
Construction in progress	—		—		—
Land	5,081,041		11,358,983		7,415,024
Other assets	4,205,776		8,401,392		6,945,151
	$	75,688,984	$	116,679,659	$	90,170,506
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	48,393,434	$	86,941,215	$	53,829,101
Accounts payable and accrued expenses	914,569		1,502,205		2,086,582
Other liabilities	8,603,990		14,425,897		15,488,257
	57,911,993		102,869,317		71,403,940
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	13,202,772		9,430,306		12,658,292
Other partners	4,574,219		4,380,036		6,108,274
	17,776,991		13,810,342		18,766,566
	$	75,688,984	$	116,679,659	$	90,170,506

F-209

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44		Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	74,827,475	$	71,822,374	$	87,236,000
Construction in progress	—		—		—
Land	6,704,151		7,662,597		6,939,644
Other assets	5,442,801		5,476,097		6,743,271
	$	86,974,427	$	84,961,068	$	100,918,915
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	51,110,501	$	58,074,844	$	61,666,771
Accounts payable and accrued expenses	1,560,949		1,111,137		1,049,038
Other liabilities	12,808,760		8,632,667		6,609,727
	65,480,210		67,818,648		69,325,536
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	16,343,379		12,692,638		22,964,371
Other partners	5,150,838		4,449,782		8,629,008
	21,494,217		17,142,420		31,593,379
	$	86,974,427	$	84,961,068	$	100,918,915

F-210

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	48,554,966
Construction in progress	—
Land	2,411,415
Other assets	3,373,398
	$	54,339,779
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	26,922,124
Accounts payable and accrued expenses	499,681
Other liabilities	3,579,366
	31,001,171
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	19,213,067
Other partners	4,125,541
	23,338,608
	$	54,339,779

F-211

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,541,297,322	$	54,775,471		$	22,344,476
Construction in progress	2,584,265		—			—
Land	126,949,029		6,112,210			2,839,206
Other assets	155,250,965		8,584,111			2,503,705
	$	1,826,081,581	$	69,471,792		$	27,687,387
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	1,160,835,466	$	60,927,523		$	26,952,288
Accounts payable and accrued expenses	52,011,525		2,892,671			4,238,688
Other liabilities	169,036,479		4,264,249			6,440,489
	1,381,883,470		68,084,443			37,631,465
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	326,344,018		2,404,214			(10,101,738		)
Other partners	117,854,093		(1,016,865		)	157,660
	444,198,111		1,387,349			(9,944,078		)
	$	1,826,081,581	$	69,471,792		$	27,687,387

F-212

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 22		Series 23		Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	57,459,451	$	55,298,676	$	47,278,937
Construction in progress	—		—		—
Land	4,242,201		3,957,131		3,941,855
Other assets	5,601,328		4,839,730		8,919,524
	$	67,302,980	$	64,095,537	$	60,140,316
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	50,848,416	$	40,340,824	$	43,724,105
Accounts payable and accrued expenses	4,996,821		5,976,190		2,675,302
Other liabilities	5,212,165		6,442,860		4,231,112
	61,057,402		52,759,874		50,630,519
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	3,691,273		10,790,907		4,945,490
Other partners	2,554,305		544,756		4,564,307
	6,245,578		11,335,663		9,509,797
	$	67,302,980	$	64,095,537	$	60,140,316

F-213

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25		Series 26		Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	50,300,943	$	70,566,784	$	59,994,350
Construction in progress	—		—		—
Land	3,701,408		5,310,128		6,005,394
Other assets	11,674,482		11,007,315		6,881,579
	$	65,676,833	$	86,884,227	$	72,881,323
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	41,701,779	$	56,033,901	$	47,479,677
Accounts payable and accrued expenses	2,561,159		2,406,380		1,379,721
Other liabilities	7,188,320		7,108,635		7,866,743
	51,451,258		65,548,916		56,726,141
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	9,578,868		17,474,164		10,994,150
Other partners	4,646,707		3,861,147		5,161,032
	14,225,575		21,335,311		16,155,182
	$	65,676,833	$	86,884,227	$	72,881,323

F-214

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28		Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	59,974,345	$	48,228,627	$	37,977,302
Construction in progress	—		762,669		—
Land	5,523,586		2,841,806		2,406,880
Other assets	5,681,186		7,975,184		3,780,041
	$	71,179,117	$	59,808,286	$	44,164,223
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	42,235,892	$	38,682,279	$	25,739,941
Accounts payable and accrued expenses	1,810,619		2,051,823		1,123,378
Other liabilities	3,203,222		5,364,590		4,734,080
	47,249,733		46,098,692		31,597,399
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	18,952,110		12,724,778		9,181,213
Other partners	4,977,274		984,816		3,385,611
	23,929,384		13,709,594		12,566,824
	$	71,179,117	$	59,808,286	$	44,164,223

F-215

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31			Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	64,350,573		$	64,573,309	$	54,018,851
Construction in progress	—			—		—
Land	4,509,212			4,333,042		5,245,180
Other assets	8,483,641			5,220,647		4,098,193
	$	77,343,426		$	74,126,998	$	63,362,224
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	52,088,069		$	41,177,616	$	34,687,095
Accounts payable and accrued expenses	2,384,457			1,612,790		1,077,726
Other liabilities	6,345,881			6,638,420		3,632,646
	60,818,407			49,428,826		39,397,467
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	17,257,706			17,656,873		12,111,083
Other partners	(732,687		)	7,041,299		11,853,674
	16,525,019			24,698,172		23,964,757
	$	77,343,426		$	74,126,998	$	63,362,224

F-216

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34		Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	58,268,234	$	48,928,612	$	44,246,181
Construction in progress	—		—		—
Land	5,358,490		3,734,936		2,892,226
Other assets	5,036,027		4,248,883		3,772,011
	$	68,662,751	$	56,912,431	$	50,910,418
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	44,905,137	$	27,458,706	$	34,528,734
Accounts payable and accrued expenses	1,973,438		1,305,356		1,312,017
Other liabilities	5,508,140		6,152,024		3,150,678
	52,386,715		34,916,086		38,991,429
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	14,535,849		15,188,634		8,578,396
Other partners	1,740,187		6,807,711		3,340,593
	16,276,036		21,996,345		11,918,989
	$	68,662,751	$	56,912,431	$	50,910,418

F-217

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 37		Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	44,273,876	$	34,336,560	$	29,306,003
Construction in progress	—		—		—
Land	2,432,620		2,144,257		1,801,039
Other assets	3,788,165		1,969,667		1,895,086
	$	50,494,661	$	38,450,484	$	33,002,128
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	29,925,331	$	17,770,963	$	13,801,000
Accounts payable and accrued expenses	1,338,069		507,036		550,058
Other liabilities	2,903,791		1,497,243		1,605,420
	34,167,191		19,775,242		15,956,478
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	12,348,780		13,120,979		11,282,026
Other partners	3,978,690		5,554,263		5,763,624
	16,327,470		18,675,242		17,045,650
	$	50,494,661	$	38,450,484	$	33,002,128

F-218

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	69,077,130	$	100,306,645	$	78,691,918
Construction in progress	—		—		910,798
Land	5,081,041		11,358,983		7,632,855
Other assets	3,932,712		7,822,951		7,314,680
	$	78,090,883	$	119,488,579	$	94,550,251
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	48,804,534	$	87,645,935	$	55,433,372
Accounts payable and accrued expenses	795,632		1,392,844		1,997,529
Other liabilities	8,641,092		13,684,167		15,491,541
	58,241,258		102,722,946		72,922,442
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	13,988,084		10,630,184		13,645,235
Other partners	5,861,541		6,135,449		7,982,574
	19,849,625		16,765,633		21,627,809
	$	78,090,883	$	119,488,579	$	94,550,251

F-219

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44		Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	75,792,738	$	74,716,003	$	90,561,325
Construction in progress	910,798		—		—
Land	6,722,781		7,662,597		6,919,644
Other assets	5,423,993		5,925,465		6,269,483
	$	88,850,310	$	88,304,065	$	103,750,452
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	50,604,615	$	58,517,814	$	62,489,405
Accounts payable and accrued expenses	1,312,942		1,039,876		958,406
Other liabilities	12,789,864		9,217,947		6,703,948
	64,707,421		68,775,637		70,151,759
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	17,834,833		14,044,761		24,502,421
Other partners	6,308,056		5,483,667		9,096,272
	24,142,889		19,528,428		33,598,693
	$	88,850,310	$	88,304,065	$	103,750,452

F-220

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	45,650,002
Construction in progress	—
Land	2,238,321
Other assets	2,601,176
	$	50,489,499
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	26,330,515
Accounts payable and accrued expenses	340,597
Other liabilities	3,017,212
	29,688,324
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	18,982,745
Other partners	1,818,430
	20,801,175
	$	50,489,499

F-221

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	227,667,763		$	12,649,892		$	4,091,401
Interest and other	16,344,667			2,377,027			116,027
	244,012,430			15,026,919			4,207,428
Expenses
Interest	65,721,556			3,561,841			1,364,817
Depreciation and amortization	70,180,336			3,119,767			906,164
Taxes and insurance	30,085,564			1,801,186			628,357
Repairs and maintenance	41,105,311			3,335,532			573,288
Operating expenses	75,273,732			3,684,066			1,474,074
Other expenses	5,386,920			280,855			305,869
	287,753,419			15,783,247			5,252,569
NET LOSS	$	(43,740,989	)	$	(756,328	)	$	(1,045,141	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(26,910,077	)	$	85,792		$	(1,046,825	)
Net income (loss) allocated to other partners	$	(16,830,912	)	$	(842,120	)	$	1,684

* Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-222

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	10,014,514		$	9,324,946		$	8,876,095
Interest and other	805,833			564,976			146,945
	10,820,347			9,889,922			9,023,040
Expenses
Interest	2,678,085			2,598,255			2,386,135
Depreciation and amortization	2,816,841			2,338,859			2,567,600
Taxes and insurance	1,741,378			1,507,714			1,138,595
Repairs and maintenance	2,720,714			1,975,432			1,683,531
Operating expenses	3,366,715			3,272,825			2,993,285
Other expenses	250,496			268,611			95,408
	13,574,229			11,961,696			10,864,554
NET LOSS	$	(2,753,882	)	$	(2,071,774	)	$	(1,841,514	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,201,428	)	$	(1,185,685	)	$	(934,809	)
Net income (loss) allocated to other partners	$	(1,552,454	)	$	(886,089	)	$	(906,705	)

* Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-223

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	12,281,812		$	11,889,287		$	9,856,699
Interest and other	372,865			1,158,373			1,374,021
	12,654,677			13,047,660			11,230,720
Expenses
Interest	2,917,809			2,458,538			2,847,868
Depreciation and amortization	2,782,138			3,141,152			2,538,472
Taxes and insurance	1,661,550			1,795,807			1,339,893
Repairs and maintenance	2,793,407			1,872,162			1,402,891
Operating expenses	3,952,648			4,041,737			2,856,207
Other expenses	97,350			232,408			363,276
	14,204,902			13,541,804			11,348,607
NET LOSS	$	(1,550,225	)	$	(494,144	)	$	(117,887	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,228,128	)	$	(601,880	)	$	(247,263	)
Net income (loss) allocated to other partners	$	(322,097	)	$	107,736		$	129,376

* Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-224

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	9,563,822		$	6,747,602		$	6,237,866
Interest and other	563,342			816,484			540,320
	10,127,164			7,564,086			6,778,186
Expenses
Interest	2,109,828			1,839,424			1,253,014
Depreciation and amortization	2,862,369			2,470,436			1,597,723
Taxes and insurance	1,213,954			1,001,034			703,970
Repairs and maintenance	1,547,142			1,200,801			1,146,259
Operating expenses	3,163,327			2,649,881			2,675,056
Other expenses	446,086			142,131			127,572
	11,342,706			9,303,707			7,503,594
NET LOSS	$	(1,215,542	)	$	(1,739,621	)	$	(725,408	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(897,482	)	$	(1,715,615	)	$	(307,390	)
Net income (loss) allocated to other partners	$	(318,060	)	$	(24,006	)	$	(418,018	)

* Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-225

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	10,277,524		$	8,605,936		$	7,510,923
Interest and other	642,901			1,036,969			379,189
	10,920,425			9,642,905			7,890,112
Expenses
Interest	2,033,249			2,445,169			2,362,513
Depreciation and amortization	2,946,241			3,300,695			2,756,990
Taxes and insurance	1,465,563			1,200,180			1,074,703
Repairs and maintenance	1,731,490			1,307,071			1,110,513
Operating expenses	3,455,940			2,883,277			2,393,580
Other expenses	358,425			200,687			50,303
	11,990,908			11,337,079			9,748,602
NET LOSS	$	(1,070,483	)	$	(1,694,174	)	$	(1,858,490	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,068,075	)	$	(1,275,467	)	$	(765,568	)
Net income (loss) allocated to other partners	$	(2,408	)	$	(418,707	)	$	(1,092,922	)

* Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-226

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	8,117,899		$	6,065,192		$	6,198,981
Interest and other	437,871			360,508			367,579
	8,555,770			6,425,700			6,566,560
Expenses
Interest	2,699,900			1,892,616			2,078,264
Depreciation and amortization	2,968,376			2,211,408			1,973,452
Taxes and insurance	1,181,363			854,274			693,730
Repairs and maintenance	1,044,282			994,029			1,274,493
Operating expenses	2,898,607			2,018,655			2,249,866
Other expenses	59,757			91,904			115,607
	10,852,285			8,062,886			8,385,412
NET LOSS	$	(2,296,515	)	$	(1,637,186	)	$	(1,818,852	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,618,928	)	$	(1,084,994	)	$	(914,554	)
Net income (loss) allocated to other partners	$	(677,587	)	$	(552,192	)	$	(904,298	)

* Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-227

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	5,608,105		$	4,397,922		$	3,473,624
Interest and other	234,409			179,786			223,470
	5,842,514			4,577,708			3,697,094
Expenses
Interest	1,741,963			1,160,979			863,951
Depreciation and amortization	2,117,375			1,519,851			1,356,653
Taxes and insurance	826,368			453,008			381,438
Repairs and maintenance	803,195			623,974			470,534
Operating expenses	2,130,429			1,508,004			1,466,270
Other expenses	72,760			81,808			108,587
	7,692,090			5,347,624			4,647,433
NET LOSS	$	(1,849,576	)	$	(769,916	)	$	(950,339	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,201,584	)	$	(496,433	)	$	(647,736	)
Net income (loss) allocated to other partners	$	(647,992	)	$	(273,483	)	$	(302,603	)

* Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-228

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	8,536,792		$	14,291,880		$	10,218,517
Interest and other	429,721			763,758			487,592
	8,966,513			15,055,638			10,706,109
Expenses
Interest	3,142,166			5,667,194			3,561,693
Depreciation and amortization	2,769,512			4,244,008			3,374,228
Taxes and insurance	1,127,134			1,494,632			1,031,824
Repairs and maintenance	1,466,049			2,646,442			1,724,957
Operating expenses	2,298,036			3,467,542			3,210,403
Other expenses	117,428			294,487			253,515
	10,920,325			17,814,305			13,156,620
NET LOSS	$	(1,953,812	)	$	(2,758,667	)	$	(2,450,511	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(822,807	)	$	(1,193,426	)	$	(1,145,389	)
Net income (loss) allocated to other partners	$	(1,131,005	)	$	(1,565,241	)	$	(1,305,122	)

* Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-229

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	8,764,849		$	8,951,730		$	10,134,666
Interest and other	468,058			872,061			367,774
	9,232,907			9,823,791			10,502,440
Expenses
Interest	2,750,843			3,057,572			2,733,407
Depreciation and amortization	3,435,044			3,051,483			3,488,968
Taxes and insurance	904,170			1,057,867			1,172,626
Repairs and maintenance	1,732,554			1,536,138			1,659,060
Operating expenses	3,051,141			2,907,719			3,524,120
Other expenses	135,368			504,482			224,019
	12,009,120			12,115,261			12,802,200
NET LOSS	$	(2,776,213	)	$	(2,291,470	)	$	(2,299,760	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,673,377	)	$	(1,349,859	)	$	(1,541,584	)
Net income (loss) allocated to other partners	$	(1,102,836	)	$	(941,611	)	$	(758,176	)

* Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-230

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	4,979,287
Interest and other	256,808
	5,236,095
Expenses
Interest	1,514,463
Depreciation and amortization	1,524,531
Taxes and insurance	633,246
Repairs and maintenance	729,371
Operating expenses	1,680,322
Other expenses	107,721
	6,189,654
NET LOSS	$	(953,559	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(829,583	)
Net income (loss) allocated to other partners	$	(123,976	)

* Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-231

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	223,803,611		$	12,391,186		$	5,300,933
Interest and other	10,643,323			866,290			97,796
	234,446,934			13,257,476			5,398,729
Expenses
Interest	68,435,349			3,537,350			1,899,645
Depreciation and amortization	70,717,050			3,246,395			903,438
Taxes and insurance	31,559,531			1,728,037			804,983
Repairs and maintenance	39,016,066			2,960,790			920,971
Operating expenses	71,981,623			3,600,467			2,659,436
Other expenses	5,224,985			174,722			521,819
	286,934,604			15,247,761			7,710,292
NET LOSS	$	(52,487,670	)	$	(1,990,285	)	$	(2,311,563	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(33,177,612	)	$	(1,426,085	)	$	(1,683,910	)
Net loss allocated to other partners	$	(19,310,058	)	$	(564,200	)	$	(627,653	)

* Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-232

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	10,048,198		$	9,059,794		$	8,867,847
Interest and other	609,833			484,603			226,750
	10,658,031			9,544,397			9,094,597
Expenses
Interest	2,780,676			2,673,560			2,641,719
Depreciation and amortization	2,799,471			2,340,767			2,495,640
Taxes and insurance	1,640,229			1,393,441			1,198,941
Repairs and maintenance	2,384,485			1,857,268			1,634,761
Operating expenses	3,253,100			3,359,417			2,972,839
Other expenses	265,709			271,509			163,594
	13,123,670			11,895,962			11,107,494
NET LOSS	$	(2,465,639	)	$	(2,351,565	)	$	(2,012,897	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,232,973	)	$	(1,124,473	)	$	(1,112,493	)
Net loss allocated to other partners	$	(1,232,666	)	$	(1,227,092	)	$	(900,404	)

* Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-233

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	11,647,045		$	11,318,577		$	9,396,126
Interest and other	267,081			609,364			396,830
	11,914,126			11,927,941			9,792,956
Expenses
Interest	3,039,392			2,622,945			3,006,055
Depreciation and amortization	2,654,897			3,192,660			2,558,421
Taxes and insurance	1,607,104			1,906,127			1,330,339
Repairs and maintenance	2,421,778			1,998,370			1,178,502
Operating expenses	3,645,071			3,835,707			2,597,598
Other expenses	171,849			291,697			250,466
	13,540,091			13,847,506			10,921,381
NET LOSS	$	(1,625,965	)	$	(1,919,565	)	$	(1,128,425	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,240,352	)	$	(1,582,875	)	$	(465,492	)
Net loss allocated to other partners	$	(385,613	)	$	(336,690	)	$	(662,933	)

* Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-234

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	9,301,803		$	6,698,799		$	5,914,133
Interest and other	231,819			482,363			230,887
	9,533,622			7,181,162			6,145,020
Expenses
Interest	2,156,694			2,309,862			1,275,647
Depreciation and amortization	2,883,553			2,495,969			1,591,985
Taxes and insurance	1,276,962			1,050,661			856,044
Repairs and maintenance	1,622,246			775,397			1,089,070
Operating expenses	2,822,016			2,488,430			2,514,603
Other expenses	282,870			169,491			169,064
	11,044,341			9,289,810			7,496,413
NET LOSS	$	(1,510,719	)	$	(2,108,648	)	$	(1,351,393	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(929,420	)	$	(2,057,881	)	$	(789,792	)
Net loss allocated to other partners	$	(581,299	)	$	(50,767	)	$	(561,601	)

* Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-235

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	10,547,736		$	8,373,401		$	7,332,348
Interest and other	445,160			377,425			286,449
	10,992,896			8,750,826			7,618,797
Expenses
Interest	2,497,250			2,503,320			2,349,667
Depreciation and amortization	3,140,820			3,368,938			2,782,481
Taxes and insurance	1,579,663			1,371,555			1,032,572
Repairs and maintenance	1,871,323			1,341,279			1,151,212
Operating expenses	3,679,109			3,062,101			2,133,502
Other expenses	378,081			230,661			78,500
	13,146,246			11,877,854			9,527,934
NET LOSS	$	(2,153,350	)	$	(3,127,028	)	$	(1,909,137	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(2,133,230	)	$	(2,406,146	)	$	(808,982	)
Net loss allocated to other partners	$	(20,120	)	$	(720,882	)	$	(1,100,155	)

* Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-236

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	7,931,897		$	6,140,098		$	6,135,382
Interest and other	401,957			612,139			325,029
	8,333,854			6,752,237			6,460,411
Expenses
Interest	2,895,182			1,932,620			1,973,693
Depreciation and amortization	2,988,275			2,122,519			1,958,002
Taxes and insurance	1,206,972			927,178			766,342
Repairs and maintenance	1,258,621			1,120,640			1,262,901
Operating expenses	2,379,093			1,935,520			2,235,980
Other expenses	91,276			87,166			85,502
	10,819,419			8,125,643			8,282,420
NET LOSS	$	(2,485,565	)	$	(1,373,406	)	$	(1,822,009	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,745,646	)	$	(758,589	)	$	(964,957	)
Net loss allocated to other partners	$	(739,919	)	$	(614,817	)	$	(857,052	)

* Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-237

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	5,780,159		$	4,272,561		$	3,415,222
Interest and other	203,491			261,503			260,376
	5,983,650			4,534,064			3,675,598
Expenses
Interest	1,759,262			1,184,723			861,982
Depreciation and amortization	2,157,259			1,544,295			1,401,524
Taxes and insurance	928,551			656,027			584,482
Repairs and maintenance	773,064			690,377			507,880
Operating expenses	1,967,261			1,181,037			1,097,258
Other expenses	81,111			96,387			134,915
	7,666,508			5,352,846			4,588,041
NET LOSS	$	(1,682,858	)	$	(818,782	)	$	(912,443	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,082,174	)	$	(520,255	)	$	(658,296	)
Net loss allocated to other partners	$	(600,684	)	$	(298,527	)	$	(254,147	)

* Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-238

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	8,352,119		$	13,843,738		$	10,640,524
Interest and other	472,864			765,601			361,814
	8,824,983			14,609,339			11,002,338
Expenses
Interest	3,199,525			5,664,851			3,643,888
Depreciation and amortization	2,830,886			4,244,276			3,475,261
Taxes and insurance	1,143,135			1,521,628			1,194,434
Repairs and maintenance	1,276,870			2,303,270			1,754,249
Operating expenses	2,176,009			3,330,737			3,107,383
Other expenses	84,508			250,751			278,282
	10,710,933			17,315,513			13,453,497
NET LOSS	$	(1,885,950	)	$	(2,706,174	)	$	(2,451,159	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(923,278	)	$	(1,204,255	)	$	(1,198,022	)
Net loss allocated to other partners	$	(962,672	)	$	(1,501,919	)	$	(1,253,137	)

* Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-239

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	8,570,522		$	8,229,537		$	9,932,831
Interest and other	398,146			380,920			394,900
	8,968,668			8,610,457			10,327,731
Expenses
Interest	2,752,516			3,003,679			2,822,430
Depreciation and amortization	3,382,802			3,217,574			3,558,240
Taxes and insurance	874,216			1,232,899			1,242,563
Repairs and maintenance	1,437,959			1,463,297			1,397,354
Operating expenses	2,818,987			2,451,153			3,255,983
Other expenses	144,715			301,237			124,622
	11,411,195			11,669,839			12,401,192
NET LOSS	$	(2,442,527	)	$	(3,059,382	)	$	(2,073,461	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,267,245	)	$	(1,605,918	)	$	(1,472,954	)
Net loss allocated to other partners	$	(1,175,282	)	$	(1,453,464	)	$	(600,507	)

*Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-240

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	4,361,095
Interest and other	191,933
	4,553,028
Expenses
Interest	1,447,216
Depreciation and amortization	1,380,702
Taxes and insurance	504,446
Repairs and maintenance	562,132
Operating expenses	1,421,826
Other expenses	44,481
	5,360,803
NET LOSS	$	(807,775	)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(781,919	)
Net loss allocated to other partners	$	(25,856	)

*Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-241

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE D - NOTES RECEIVABLE

Notes receivable at March 31, 2008 and 2007 consist of advance installments of $892,005 and $2,192,642, 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 5.25% and 8.25% as of March 31, 2008 and 2007, respectively.  These notes are secured by future installments of capital contributions or paid upon demand.  The carrying value of the notes receivable at March 31, 2008 and 2007 approximates fair value.  The notes at March 31, 2008 and 2007 by series are as follows:

	2008		2007
Series 20	$	—	$	—
Series 21	236,476		236,476
Series 22	—		—
Series 23	—		—
Series 24	—		—
Series 25	—		—
Series 26	129,062		129,062
Series 27	—		—
Series 28	—		—
Series 29	—		—
Series 30	—		—
Series 31	—		570,454
Series 32	46,908		46,908
Series 33	—		—
Series 34	—		—
Series 35	—		—
Series 36	—		—
Series 37	—		—
Series 38	—		—
Series 39	—		—
Series 40	—		—
Series 41	—		—
Series 42	292,933		614,966
Series 43	186,626		186,626
Series 44	—		108,150
Series 45	—		300,000
Series 46	—		—
	$	892,005	$	2,192,642

F-242

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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, 2008 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	(49,243,404	)	$	447,494		$	(391,828	)
Operating limited partnership rents received in advance	(34,582		)	(902		)	(3,311		)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	5,346,749			212,752			180,372
Other	(4,609,166		)	(1,400,245		)	471,381
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(8,783,322		)	(842,193		)	(917,371		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(5,007,247		)	(66,632		)	70,470
Impairment loss not recognized for tax purposes	22,053,317			160,645			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(2,842,183		)	(101,473		)	106,419
Income (loss) for tax return purposes, December 31, 2007	$	(43,119,838	)	$	(1,590,554	)	$	(483,868	)

F-243

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2008 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	(406,258	)	$	(350,492	)	$	(660,630	)
Operating limited partnership rents received in advance	—			—			628
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	254,591			240,264			202,736
Other	(2,142		)	(295,032		)	(382,977		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(1,125,849		)	(1,144,557		)	(724,039		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(58,135		)	(199,365		)	36
Impairment loss not recognized for tax purposes	12,843			11,863			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(45,907		)	(48,821		)	192,973
Income (loss) for tax return purposes, December 31, 2007	$	(1,370,857	)	$	(1,786,140	)	$	(1,371,273	)

F-244

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2008 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(704,857	)	$	(1,161,604	)	$	(1,009,610	)
Operating limited partnership rents received in advance	—			—			(1,185		)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	172,676			334,760			315,204
Other	(286,443		)	(127,333		)	(122,849		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(970,414		)	(677,961		)	(36,961		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(130,459		)	(438,694		)	(311,227		)
Impairment loss not recognized for tax purposes	161,576			732,092			431,928
Difference due to fiscal year for book purposes and calendar year for tax purposes	(4,195		)	(16,289		)	833
Income (loss) for tax return purposes, December 31, 2007	$	(1,762,116	)	$	(1,355,029	)	$	(733,867	)

F-245

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2008 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(3,378,418	)	$	(3,076,775	)	$	(1,581,867	)
Operating limited partnership rents received in advance	(117		)	—			—
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	159,116			337,980			136,169
Other	1,408			(201,506		)	(246,346		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(19,252		)	(335,659		)	—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(236,641		)	(195,229		)	(164,973		)
Impairment loss not recognized for tax purposes	2,157,670			1,335,385			1,080,096
Difference due to fiscal year for book purposes and calendar year for tax purposes	(63,610		)	(24,282		)	(53,844		)
Income (loss) for tax return purposes, December 31, 2007	$	(1,379,844	)	$	(2,160,086	)	$	(830,765	)

F-246

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2008 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	(3,412,504	)	$	(3,623,702	)	$	(1,889,804	)
Operating limited partnership rents received in advance	(24,918		)	(2,597		)	586
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	244,666			331,540			173,964
Other	(417,211		)	(31,101		)	(10,651		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(142,151		)	(57,534		)	—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(503,247		)	(167,809		)	(115,782		)
Impairment loss not recognized for tax purposes	2,354,775			2,018,741			899,634
Difference due to fiscal year for book purposes and calendar year for tax purposes	(154,488		)	(31,273		)	(75,295		)
Income (loss) for tax return purposes, December 31, 2007	$	(2,055,078	)	$	(1,563,735	)	$	(1,017,348	)

F-247

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2008 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	(3,182,480	)	$	(2,980,268	)	$	(1,820,515	)
Operating limited partnership rents received in advance	(275		)	201			354
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	293,196			203,360			160,599
Other	130,233			86,872			(283,359		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(4,326		)	(245,331		)	(410,378		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(143,465		)	(250,784		)	(97,481		)
Impairment loss not recognized for tax purposes	1,188,755			1,759,833			1,038,910
Difference due to fiscal year for book purposes and calendar year for tax purposes	(26,966		)	(68,846		)	(20,180		)
Income (loss) for tax return purposes, December 31, 2007	$	(1,745,328	)	$	(1,494,963	)	$	(1,432,050	)

F-248

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2008 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(1,930,779	)	$	(1,217,122	)	$	(1,814,271	)
Operating limited partnership rents received in advance	1,061			4,707			6,636
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	179,864			114,400			36,800
Other	204,335			(68,052		)	63,551
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	(127,588		)	(140,085		)	(79,579		)
Impairment loss not recognized for tax purposes	423,459			432,829			914,628
Difference due to fiscal year for book purposes and calendar year for tax purposes	(66,863		)	(81,962		)	(105,481		)
Income (loss) for tax return purposes, December 31, 2007	$	(1,316,511	)	$	(955,285	)	$	(977,716	)

F-249

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2008 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(2,695,404	)	$	(2,132,436	)	$	(1,747,899	)
Operating limited partnership rents received in advance	1,020			(3,435		)	4,027
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	200,017			246,830			152,320
Other	(57,222		)	(73,199		)	(87,433		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			(272,496		)	(126,743		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(89,543		)	(39,036		)	(56,643		)
Impairment loss not recognized for tax purposes	1,521,514			759,371			465,725
Difference due to fiscal year for book purposes and calendar year for tax purposes	(25,987		)	(1,511,772		)	68,539
Income (loss) for tax return purposes, December 31, 2007	$	(1,145,605	)	$	(3,026,173	)	$	(1,328,107	)

F-250

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2008 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(2,632,307	)	$	(1,973,251	)	$	(2,684,304	)
Operating limited partnership rents received in advance	—			478			(471		)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	166,780			169,701			91,564
Other	159,913			(1,803,534		)	352,664
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(317,356		)	(387,887		)	(24,864		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(188,285		)	(397,145		)	(356,546		)
Impairment loss not recognized for tax purposes	743,088			639,663			703,879
Difference due to fiscal year for book purposes and calendar year for tax purposes	(211,230		)	(190,458		)	(211,582		)
Income (loss) for tax return purposes, December 31, 2007	$	(2,279,397	)	$	(3,942,433	)	$	(2,129,660	)

F-251

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2008 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(1,231,513	)
Operating limited partnership rents received in advance	(17,069		)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	34,528
Other	(182,888		)
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	(523,380		)
Impairment loss not recognized for tax purposes	104,415
Difference due to fiscal year for book purposes and calendar year for tax purposes	(70,143		)
Income (loss) for tax return purposes, December 31, 2007	$	(1,886,050	)

F-252

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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, 2007 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	(68,665,902	)	$	(830,291	)	$	(467,446	)
Operating limited partnership rents received in advance	(51,944		)	(6,287		)	1,088
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	4,976,733			12,729			225,840
Other	(144,826		)	200,242			434,796
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(6,334,408		)	(954,063		)	(1,516,096		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(6,614,425		)	(60,192		)	(191,239		)
Impairment loss not recognized for tax purposes	32,181,505			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(4,221,621		)	(1,985,701		)	19,172
Income (loss) for tax return purposes, December 31, 2006	$	(48,874,888	)	$	(3,623,563	)	$	(1,493,885	)

F-253

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2007 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	(759,153	)	$	(2,190,568	)	$	(1,333,324	)
Operating limited partnership rents received in advance	766			707			(11,711		)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	254,591			240,264			227,736
Other	42,887			(31,651		)	103,321
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(924,513		)	(538,820		)	(470,714		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(130,185		)	(389,380		)	56,183
Impairment loss not recognized for tax purposes	141,554			1,309,291			399,028
Difference due to fiscal year for book purposes and calendar year for tax purposes	(21,323		)	17,908			11,164
Income (loss) for tax return purposes, December 31, 2006	$	(1,395,376	)	$	(1,582,249	)	$	(1,018,317	)

F-254

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2007 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(4,602,731	)	$	(4,098,003	)	$	(2,229,898	)
Operating limited partnership rents received in advance	16,371			(3,521		)	(822		)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	207,676			334,760			315,204
Other	280,564			121,420			(49,425		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(232,192		)	(451,831		)	(42,069		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(22,976		)	(418,253		)	(464,168		)
Impairment loss not recognized for tax purposes	3,259,647			2,474,839			1,443,337
Difference due to fiscal year for book purposes and calendar year for tax purposes	22,842			25,099			17,485
Income (loss) for tax return purposes, December 31, 2006	$	(1,070,799	)	$	(2,015,490	)	$	(1,010,356	)

F-255

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2007 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(5,760,322	)	$	(4,297,339	)	$	(2,864,146	)
Operating limited partnership rents received in advance	(343		)	(20,001		)	(417		)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	159,116			297,980			103,544
Other	(182,666		)	(479,690		)	(298,815		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(17,733		)	(272,142		)	—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(275,456		)	(212,032		)	(168,081		)
Impairment loss not recognized for tax purposes	4,492,232			2,134,182			1,802,959
Difference due to fiscal year for book purposes and calendar year for tax purposes	(23,834		)	(72,483		)	(1,201,753		)
Income (loss) for tax return purposes, December 31, 2006	$	(1,609,006	)	$	(2,921,525	)	$	(2,626,709	)

F-256

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2007 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	(4,208,462	)	$	(5,934,668	)	$	(2,627,734	)
Operating limited partnership rents received in advance	(516		)	(12,628		)	1,978
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	397,440			281,539			123,964
Other	65,932			548,623			(18,022		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(216,339		)	(85,277		)	—
Excess of tax depreciation over book depreciation on operating limited partnership assets	(384,287		)	(157,709		)	(113,713		)
Impairment loss not recognized for tax purposes	1,868,297			3,206,031			1,623,633
Difference due to fiscal year for book purposes and calendar year for tax purposes	49,969			(21,138		)	56,783
Income (loss) for tax return purposes, December 31, 2006	$	(2,427,966	)	$	(2,175,227	)	$	(953,111	)

F-257

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2007 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	(3,857,900	)	$	(2,366,309	)	$	(2,207,906	)
Operating limited partnership rents received in advance	(16		)	(131		)	(4,303		)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	293,196			138,360			160,599
Other	320,683			(27,490		)	(282,747		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			(134,193		)	(383,113		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(171,466		)	(227,129		)	(79,042		)
Impairment loss not recognized for tax purposes	1,719,140			1,344,664			1,355,286
Difference due to fiscal year for book purposes and calendar year for tax purposes	11,472			(36,771		)	101,775
Income (loss) for tax return purposes, December 31, 2006	$	(1,684,891	)	$	(1,308,999	)	$	(1,339,451	)

F-258

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2007 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(1,477,871	)	$	(1,510,973	)	$	(1,538,626	)
Operating limited partnership rents received in advance	(4,727		)	(5,725		)	—
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	139,864			114,400			21,800
Other	(32,983		)	16,250			809
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	(216,951		)	(177,582		)	(184,103		)
Impairment loss not recognized for tax purposes	118,300			713,167			619,347
Difference due to fiscal year for book purposes and calendar year for tax purposes	(72,972		)	60,173			90,503
Income (loss) for tax return purposes, December 31, 2006	$	(1,547,340	)	$	(790,290	)	$	(990,270	)

F-259

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2007 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(2,177,601	)	$	(2,288,843	)	$	(2,002,788	)
Operating limited partnership rents received in advance	1,545			504			1,130
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	160,018			274,440			252,320
Other	66,162			(371,884		)	4,923
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			(20,986		)	(37,474		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(207,184		)	(359,436		)	(119,870		)
Impairment loss not recognized for tax purposes	898,784			599,094			433,210
Difference due to fiscal year for book purposes and calendar year for tax purposes	(3,560		)	11,322			(489,737		)
Income (loss) for tax return purposes, December 31, 2006	$	(1,261,836	)	$	(2,155,789	)	$	(1,958,286	)

F-260

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2007 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(1,885,910	)	$	(1,993,000	)	$	(2,082,580	)
Operating limited partnership rents received in advance	(55		)	565			(5,395		)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	66,780			59,701			67,737
Other	(494,346		)	770,939			(977,379		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			—			(36,853		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(273,055		)	(357,490		)	(788,160		)
Impairment loss not recognized for tax purposes	87,740			—			137,743
Difference due to fiscal year for book purposes and calendar year for tax purposes	(122,367		)	(473,497		)	51,550
Income (loss) for tax return purposes, December 31, 2006	$	(2,621,213	)	$	(1,992,782	)	$	(3,633,337	)

F-261

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

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, 2007 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(1,071,510	)
Operating limited partnership rents received in advance	—
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	45,135
Other	124,721
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	(521,469		)
Impairment loss not recognized for tax purposes	—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(243,702		)
Income (loss) for tax return purposes, December 31, 2006	$	(1,666,825	)

F-262

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2007	$	264,144,053		$	(1,303,493	)	$	(777,470	)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	24,493,632			2,633,955			3,204,873
Impairment loss in investment in operating limited partnerships	(140,676,987		)	(3,793,041		)	(666,047		)
Historic tax credits - cumulative	978,267			570,617			—
Less share of loss - three months ended March 31, 2008	(2,628,827		)	(286,158		)	(623,372		)
Impairment loss not recognized for tax purposes	(474,116		)	—			(474,116		)
Other	61,907,538			3,382,308			(454,786		)
Investments in operating limited partnerships - as reported	$	207,743,560		$	1,204,188		$	209,082

F-263

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2007	$	1,046,711		$	5,469,911		$	3,151,414
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	3,369,598			1,781,543			1,837,828
Impairment loss in investment in operating limited partnerships	(6,111,730		)	(11,006,279		)	(5,286,247		)
Historic tax credits - cumulative	223,537			—			—
Less share of loss - three months ended March 31, 2008	(259,228		)	(179,850		)	(95,695		)
Impairment loss not recognized for tax purposes	—			—			—
Other	2,311,613			4,615,156			678,729
Investments in operating limited partnerships - as reported	$	580,501		$	680,481		$	286,029

F-264

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2007	$	7,792,948		$	11,201,965		$	7,201,191
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	3,029,341			2,032,408			1,105,069
Impairment loss in investment in operating limited partnerships	(9,396,676		)	(13,058,354		)	(6,264,745		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2008	(335,542		)	(123,194		)	(205,532		)
Impairment loss not recognized for tax purposes	—			—			—
Other	1,387,225			5,929,542			4,963,423
Investments in operating limited partnerships - as reported	$	2,477,296		$	5,982,367		$	6,799,406

F-265

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2007	$	16,459,230		$	9,749,901		$	6,562,457
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	54,408			665,121			—
Impairment loss in investment in operating limited partnerships	(13,382,883		)	(8,785,514		)	(4,872,930		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2008	(129,668		)	(265,241		)	—
Impairment loss not recognized for tax purposes	—			—			—
Other	2,523,883			2,142,201			2,652,135
Investments in operating limited partnerships - as reported	$	5,524,970		$	3,506,468		$	4,341,662

F-266

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2007	$	11,119,823		$	19,126,813		$	11,630,422
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	572,568			634,667			—
Impairment loss in investment in operating limited partnerships	(10,373,811		)	(12,003,111		)	(7,323,606		)
Historic tax credits - cumulative	—			184,113			—
Less share of loss - three months ended March 31, 2008	(125,347		)	—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	4,628,802			800,161			1,899,194
Investments in operating limited partnerships - as reported	$	5,822,035		$	8,742,643		$	6,206,010

F-267

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2007	$	11,288,840		$	11,661,090		$	6,235,231
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	4,326			379,524			1,393,462
Impairment loss in investment in operating limited partnerships	(6,149,166		)	(5,089,550		)	(3,114,936		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2008	—			—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	2,091,804			2,753,863			1,521,497
Investments in operating limited partnerships - as reported	$	7,235,804		$	9,704,927		$	6,035,254

F-268

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2007	$	9,779,395		$	10,779,531		$	9,422,707
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			—			—
Impairment loss in investment in operating limited partnerships	(1,834,640		)	(2,179,840		)	(1,882,991		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2008	—			—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	1,164,383			2,029,315			1,035,467
Investments in operating limited partnerships - as reported	$	9,109,138		$	10,629,006		$	8,575,183

F-269

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2007	$	12,027,450		$	6,750,490		$	11,567,065
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			352,178			175,836
Impairment loss in investment in operating limited partnerships	(3,181,839		)	(1,623,226		)	(879,297		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2008	—			—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	1,600,818			3,362,578			1,606,130
Investments in operating limited partnerships - as reported	$	10,446,429		$	8,842,020		$	12,469,734

F-270

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2007	$	15,535,356		$	11,090,902		$	21,782,466
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	532,614			653,715			80,598
Impairment loss in investment in operating limited partnerships	(830,828		)	(639,663		)	(841,622		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2008	—			—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	1,350,827			2,253,245			1,695,850
Investments in operating limited partnerships - as reported	$	16,587,969		$	13,358,199		$	22,717,292

F-271

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2007	$	17,791,707
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—
Impairment loss in investment in operating limited partnerships	(104,415		)
Historic tax credits - cumulative	—
Less share of loss - three months ended March 31, 2008	—
Impairment loss not recognized for tax purposes	—
Other	1,982,175
Investments in operating limited partnerships - as reported	$	19,669,467

F-272

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2006	$	301,968,575		$	117,864		$	(389,290	)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	25,060,845			1,840,414			11,469,456
Impairment loss in investment in operating limited partnerships	(119,419,547		)	(3,632,396		)	(666,047		)
Historic tax credits - cumulative	978,267			570,617			—
Less share of loss - three months ended March 31, 2007	(2,656,921		)	(286,158		)	(651,466		)
Impairment loss not recognized for tax purposes	(474,116		)	—			(474,116		)
Other	42,666,167			1,856,306			(8,950,001		)
Investments in operating limited partnerships - as reported	$	248,123,270		$	466,647		$	338,536

F-273

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2006	$	2,310,705		$	7,149,993		$	4,488,600
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,247,844			643,361			1,113,789
Impairment loss in investment in operating limited partnerships	(6,093,987		)	(10,980,356		)	(5,679,147		)
Historic tax credits - cumulative	223,537			—			—
Less share of loss - three months ended March 31, 2007	(259,228		)	(179,850		)	(95,695		)
Impairment loss not recognized for tax purposes	—			—			—
Other	2,237,407			4,102,921			675,490
Investments in operating limited partnerships - as reported	$	666,278		$	736,069		$	503,037

F-274

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2006	$	9,473,603		$	12,485,256		$	7,857,946
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,058,927			1,357,174			1,144,901
Impairment loss in investment in operating limited partnerships	(9,235,100		)	(12,099,375		)	(5,178,455		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2007	(335,542		)	(123,194		)	(205,532		)
Impairment loss not recognized for tax purposes	—			—			—
Other	974,972			5,134,053			3,828,618
Investments in operating limited partnerships - as reported	$	2,936,860		$	6,753,914		$	7,447,478

F-275

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2006	$	17,702,676		$	11,866,201		$	7,313,076
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	35,156			351,867			—
Impairment loss in investment in operating limited partnerships	(11,225,213		)	(7,450,129		)	(3,792,834		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2007	(129,668		)	(265,241		)	—
Impairment loss not recognized for tax purposes	—			—			—
Other	2,286,936			1,719,111			2,235,357
Investments in operating limited partnerships - as reported	$	8,669,887		$	6,221,809		$	5,755,599

F-276

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2006	$	13,138,958		$	20,626,115		$	12,523,618
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	430,417			577,133			—
Impairment loss in investment in operating limited partnerships	(8,613,982		)	(10,672,972		)	(6,423,972		)
Historic tax credits - cumulative	—			184,113			—
Less share of loss - three months ended March 31, 2007	(125,347		)	—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	4,278,689			1,290,255			1,773,349
Investments in operating limited partnerships - as reported	$	9,108,735		$	12,004,644		$	7,872,995

F-277

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2006	$	12,929,252		$	12,918,165		$	7,547,529
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			134,193			983,084
Impairment loss in investment in operating limited partnerships	(4,960,411		)	(3,329,717		)	(2,076,026		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2007	—			—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	2,075,410			2,590,152			1,144,400
Investments in operating limited partnerships - as reported	$	10,044,251		$	12,312,793		$	7,598,987

F-278

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2006	$	10,928,170		$	11,484,450		$	10,089,439
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			—			—
Impairment loss in investment in operating limited partnerships	(1,411,181		)	(1,747,011		)	(968,363		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2007	—			—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	1,248,805			1,825,885			1,027,667
Investments in operating limited partnerships - as reported	$	10,765,794		$	11,563,324		$	10,148,743

F-279

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2006	$	13,014,929		$	9,575,916		$	12,857,752
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			79,682			56,627
Impairment loss in investment in operating limited partnerships	(1,660,325		)	(863,855		)	(433,210		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2007	—			—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	1,449,224			1,768,073			1,570,689
Investments in operating limited partnerships - as reported	$	12,803,828		$	10,559,816		$	14,051,858

F-280

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

	Series 43			Series 44		Series 45
Investments in operating limited partnerships - tax return December 31, 2006	$	17,275,540		$	14,744,033	$	23,434,769
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	215,258			265,828		55,734
Impairment loss in investment in operating limited partnerships	(87,740		)	—		(137,743		)
Historic tax credits - cumulative	—			—		—
Less share of loss - three months ended March 31, 2007	—			—		—
Impairment loss not recognized for tax purposes	—			—		—
Other	1,419,575			52,590		1,791,222
Investments in operating limited partnerships - as reported	$	18,822,633		$	15,062,451	$	25,143,982

F-281

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2006	$	18,503,310
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, 2007	—
Impairment loss not recognized for tax purposes	—
Other	1,259,012
Investments in operating limited partnerships - as reported	$	19,762,322

F-282

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE F - CASH EQUIVALENTS

On March 31, 2007, the fund purchased $2,100,000 of bonds and preferred stock under agreements for resale on April 2, 2007.  Interest is earned at a rate of 3.0% per annum.

Cash equivalents of $6,766,084 and $7,119,552 as of March 31, 2008 and 2007, respectively, include tax-exempt sweep accounts and money market accounts with interest rates ranging from 1.99% to 5.17% per annum.

NOTE G - CONCENTRATION OF CREDIT RISK

The fund maintains its cash and cash equivalent balances in several accounts in various financial institutions.  The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC) up to specified limits by each institution.  At times, the balances may exceed these insurance limits; however, the fund has not experienced any losses with respect to its balances in excess of FDIC or SIPC insurance.  Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2008.

NOTE H - CONTINGENCIES

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%.  The settlement included attorney’s fees for the plaintiffs in the amount of $1,125,000 plus $123,697 in costs.  The State Appeals Court upheld the judgment in the fourth quarter of 2006.  The investment general partner has been pursuing payment, and on April 21, 2008, the deficiency was settled though mediation for a total of $3,950,000.  The payment plan requires that cash payments of $1,650,000 be made within 200 days of Settlement, and the remaining $2,300,000 be paid over time, secured by the defendant’s interests in 8 real estate holdings.  To date $1,300,000 has been collected.

An affiliate of the investment general partner has funded emergency repairs to stabilize hillside soils and reinforce retaining walls.  The work will continue on an as needed basis. The Operating Partnership has asserted in court that the retaining wall was not constructed properly and has filed suit against the retaining wall contractor and the original general contractor of the property, who was replaced before completion of construction. The operating general partner is reviewing bids for the final stabilization work. During the fourth quarter of 2007, the case was settled in mediation for $2,001,000.  During the first quarter 2008, the Operating Partnership received $1,993,500 in damages to date.  The Operating Partnership is in the process of reimbursing the affiliate of the investment general partner for the funds they have advanced for the repairs.  The balance of the settlement held in reserves is anticipated to complete the necessary repairs and associated landscaping.

F-283

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2008 and 2007

NOTE H - CONTINGENCIES (Continued)

Summerdale Partners LP, II (Summerdale Commons - Phase II) is a 108-unit property located in Atlanta, GA. In July 2007, the first mortgage lender notified the Operating Partnership that the Operating Partnership was in default due to the existence of liens and insufficient level of replacement reserves (based upon a physical needs assessment that the lender had commissioned). In August 2007, the first mortgage lender accelerated the debt, based on these defaults, although debt payments were at this time current.  In September 2007, the investment general partner and the Atlanta Housing Authority proposed a tentative plan to recapitalize and reposition the property.   This included substituting a Section 8 contract on 40% of the units for the existing Section 9 contract and identified $1.2 million in funding sources, $400,000 of which was to come from the replacement reserves held by the first mortgage lender.

The first mortgage lender rejected the proposal and proceeded to initiate a foreclosure by advertisement.  Although discussions were ongoing between the first and second mortgage lender regarding the potential purchase of the first mortgage debt, the first mortgage lender was unwilling to postpone the foreclosure sale, scheduled for December 4, 2007.

In order to prevent foreclosure sale from occurring, the Operating Partnership filed bankruptcy under Chapter 11 on December 3, 2007.  At the time of filing, the investment general partner believed that a viable Plan of Reorganization could be crafted, essentially similar to the recapitalization plan formulated in September 2007 and outlined above.  However, soon into the bankruptcy case, it became evident that the Authority was not willing to firmly commit to providing the subsidy upon which any viable Plan of Reorganization would depend.  Without the Authority’s firm commitment, the ability of the Operating Partnership to attract new capital to remediate the property’s condition disappeared.

The foreclosure sale occurred on February 5, 2008, with the first mortgage lender bidding in the property for $1,280,000. As a result of the foreclosure, the Operating Partnership lost future credits of $557,088 and will record recapture of $1,611,997 on its 2008 tax return. This represents estimated credits and recapture of $124 and $358, respectively, per 1,000 BACs.  In addition, an impairment loss in the amount of $594,947 was recorded to reduce the investment balance to zero, as of December 31, 2007.

F-284