Boston Capital Tax Credit Fund Iv 10-K 2009 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, 2009 AND 2008

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-3
FINANCIAL STATEMENTS
BALANCE SHEETS	F-6
STATEMENTS OF OPERATIONS	F-34
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)	F-62
STATEMENTS OF CASH FLOWS	F-90
NOTES TO FINANCIAL STATEMENTS	F-146

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.

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, 2009 and 2008, 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, 2009.  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 $7,016,843 and $11,587,201 of the total partnership assets as of March 31, 2008 and 2007, respectively, and $(883,397) and $(886,168), of the total partnership income (loss) for the years ended March 31, 2009 and 2008, respectively; of the assets for Series 20 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 20 for the years ended March 31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 21 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 21 for the years ended March 31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 22 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 22 for the years ended March 31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 23 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 23 for the years ended March 31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 24 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 24 for the years ended March 31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 25 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 25 for the years ended March 31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 26 as of March 31, 2009 and 2008, $0 and $1,624,507, respectively, and of the income (loss) for Series 26 for the years ended March 31, 2009 and 2008, $0 and $303,767, respectively; of the assets for Series 27 as of March 31, 2009 and 2008, $92,703 and $204,814, respectively, and of the income (loss) for Series 27 for the years ended March 31, 2008 and 2007, $(5,446) and $(27,838), respectively; of the assets for Series 28 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 28 for the years ended March 31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 29 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 29 for the years ended March 31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 30 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 30 for the years ended March 31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 31 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 31 for the years ended March

F-3

31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 32 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 32 for the years ended March 31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 33 as of March 31, 2009 and 2008, $172,232 and $380,445, respectively, and of the income (loss) for Series 33 for the years ended March 31, 2009 and 2008, $(10,113) and $(51,691), respectively; of the assets for Series 34 as of March 31, 2009 and 2008, $363,514 and $554,108, respectively, and of the income (loss) for Series 34 for the years ended March 31, 2009 and 2008, $(55,574) and $(44,500), respectively; of the assets for Series 35 as of March 31, 2009 and 2008, $390,838 and $776,704, respectively, and of the income (loss) for Series 35 for the years ended March 31, 2009 and 2008, $(127,655) and $(112,590), respectively; of the assets for Series 36 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 36 for the years ended March 31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 37 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 37 for the years ended March 31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 38 as of March 31, 2009 and 2008, $470,330 and $1,064,711, respectively, and of the income (loss) for Series 38 for the years ended March 31, 2009 and 2008, $(98,795) and $(70,298), respectively; of the assets for Series 39 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 39 for the years ended March 31, 2009 and 2008, $0 and $0, respectively; of the assets for Series 40 as of March 31, 2009 and 2008, $734,350 and $1,073,832, respectively, and of the income (loss) for Series 40 for the years ended March 31, 2009 and 2008, $(78,401) and $(68,747), respectively; of the assets for Series 41 as of March 31, 2009 and 2008, $1,562,365 and $2,089,634, respectively, and of the income (loss) for Series 41 for the years ended March 31, 2009 and 2008, $(210,508) and $(264,133), respectively; of the assets for Series 42 as of March 31, 2009 and 2008, $264,463 and $307,092, respectively, and of the income (loss) for Series 42 for the years ended March 31, 2009 and 2008, $(42,362) and $(126,058), respectively; of the assets for Series 43 as of March 31, 2009 and 2008, $1,032,882 and $1,121,047, respectively, and of the income (loss) for Series 43 for the years ended March 31, 2009 and 2008, $(87,613) and $(260,712), respectively; of the assets for Series 44 as of March 31, 2009 and 2008, $960,321 and $1,167,955, respectively, and of the income (loss) for Series 44 for the years ended March 31, 2009 and 2008, $(70,908) and $(62,005), respectively; of the assets for Series 45 as of March 31, 2009 and 2008, $972,845 and $1,222,352, respectively, and of the (income) income (loss) for Series 45 for years ended March 31, 2009 and 2008, $(96,022) and $(101,363), respectively; and of the assets for Series 46 as of March 31, 2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 46 for the years ended March 31, 2009 and 2008, $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.

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

F-4

we engaged to perform, an audit of its internal control over financial reporting.  Our audits 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, 2009 and 2008, 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, 2009, 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 13, 2009

F-5

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

March 31, 2009 and 2008

	Total
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	119,173,321		$	207,743,560
OTHER ASSETS
Cash and cash equivalents	6,181,988			6,849,444
Notes receivable	723,071			892,005
Deferred acquisition costs, net of accumulated amortization	12,900,860			31,189,499
Other assets	750,017			1,326,274
	$	139,729,257		$	248,000,782
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	38,389		$	71,462
Accounts payable - affiliates	46,245,459			40,753,556
Capital contributions payable	2,347,899			2,821,576
	48,631,747			43,646,594
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	97,352,756			209,476,866
General partner	(6,255,246		)	(5,122,678		)
	91,097,510			204,354,188
	$	139,729,257		$	248,000,782

(continued)

F-6

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 20
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—		$	1,204,188
OTHER ASSETS
Cash and cash equivalents	174,531			168,406
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	—			66,086
Other assets	—			22,166
	$	174,531		$	1,460,846
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	3,145,192			2,857,440
Capital contributions payable	—			—
	3,145,192			2,857,821
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	(2,632,703		)	(1,074,754		)
General partner	(337,958		)	(322,221		)
	(2,970,661		)	(1,396,975		)
	$	174,531		$	1,460,846

(continued)

F-7

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 21
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	97,879		$	209,082
OTHER ASSETS
Cash and cash equivalents	15,500			6,279
Notes receivable	—			236,476
Deferred acquisition costs, net of accumulated amortization	—			36,146
Other assets	88,577			263,232
	$	201,956		$	751,215
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	1,974,141			1,765,217
Capital contributions payable	—			236,479
	1,974,141			2,002,077
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	(1,592,512		)	(1,076,402		)
General partner	(179,673		)	(174,460		)
	(1,772,185		)	(1,250,862		)
	$	201,956		$	751,215

(continued)

F-8

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 22
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—		$	580,501
OTHER ASSETS
Cash and cash equivalents	77,660			81,744
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	—			113,586
Other assets	500			5,437
	$	78,160		$	781,268
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	3,079,966			2,808,499
Capital contributions payable	9,352			9,352
	3,089,318			2,818,232
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	(2,761,964		)	(1,797,512		)
General partner	(249,194		)	(239,452		)
	(3,011,158		)	(2,036,964		)
	$	78,160		$	781,268

(continued)

F-9

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 23
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—		$	680,481
OTHER ASSETS
Cash and cash equivalents	34,902			40,491
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	—			168,918
Other assets	—			6,135
	$	34,902		$	896,025
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	2,563,533			2,306,057
Capital contributions payable	—			—
	2,563,533			2,306,438
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	(2,218,498		)	(1,111,462		)
General partner	(310,133		)	(298,951		)
	(2,528,631		)	(1,410,413		)
	$	34,902		$	896,025

(continued)

F-10

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 24
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—		$	286,029
OTHER ASSETS
Cash and cash equivalents	119,321			135,973
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	—			188,786
Other assets	—			—
	$	119,321		$	610,788
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	678		$	1,059
Accounts payable - affiliates	2,407,892			2,230,156
Capital contributions payable	9,999			9,999
	2,418,569			2,241,214
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	(2,090,958		)	(1,428,824		)
General partner	(208,290		)	(201,602		)
	(2,299,248		)	(1,630,426		)
	$	119,321		$	610,788

(continued)

F-11

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 25
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	9,461		$	2,477,296
OTHER ASSETS
Cash and cash equivalents	166,596			187,189
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	34,283			189,593
Other assets	—			40,320
	$	210,340		$	2,894,398
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	978		$	1,359
Accounts payable - affiliates	2,209,438			1,986,762
Capital contributions payable	10,001			61,733
	2,220,417			2,049,854
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	(1,732,532		)	1,093,543
General partner	(277,545		)	(248,999		)
	(2,010,077		)	844,544
	$	210,340		$	2,894,398

(continued)

F-12

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 26
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	1,338,250		$	5,982,367
OTHER ASSETS
Cash and cash equivalents	366,614			202,820
Notes receivable	—			129,062
Deferred acquisition costs, net of accumulated amortization	68,646			338,077
Other assets	—			6,509
	$	1,773,510		$	6,658,835
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	3,089,600			3,429,840
Capital contributions payable	14,490			29,490
	3,104,090			3,459,711
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	(977,021		)	3,507,386
General partner	(353,559		)	(308,262		)
	(1,330,580		)	3,199,124
	$	1,773,510		$	6,658,835

(continued)

F-13

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 27
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	2,695,200		$	6,799,406
OTHER ASSETS
Cash and cash equivalents	109,954			87,690
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	261,567			276,514
Other assets	6,500			104,014
	$	3,073,221		$	7,267,624
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	2,973,142			2,642,897
Capital contributions payable	39,749			39,749
	3,012,891			2,683,027
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	266,174			4,745,198
General partner	(205,844		)	(160,601		)
	60,330			4,584,597
	$	3,073,221		$	7,267,624

(continued)

F-14

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 28
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	688,188		$	5,524,970
OTHER ASSETS
Cash and cash equivalents	192,128			185,940
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	—			61,062
Other assets	—			2,595
	$	880,316		$	5,774,567
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	736,464			477,348
Capital contributions payable	40,968			40,968
	777,432			518,697
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	445,603			5,547,059
General partner	(342,719		)	(291,189		)
	102,884			5,255,870
	$	880,316		$	5,774,567

(continued)

F-15

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 29
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	609,522		$	3,506,468
OTHER ASSETS
Cash and cash equivalents	137,986			174,993
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	57,898			61,209
Other assets	—			573
	$	805,406		$	3,743,243
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	2,232,389			1,897,697
Capital contributions payable	10,197			45,783
	2,242,586			1,943,861
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	(1,084,161		)	2,120,035
General partner	(353,019		)	(320,653		)
	(1,437,180		)	1,799,382
	$	805,406		$	3,743,243

(continued)

F-16

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 30
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	1,217,326		$	4,341,662
OTHER ASSETS
Cash and cash equivalents	264,094			276,205
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	208,680			392,871
Other assets	6,675			6,675
	$	1,696,775		$	5,017,413
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	1,027,129			865,960
Capital contributions payable	127,396			127,396
	1,154,525			993,737
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	763,884			4,210,496
General partner	(221,634		)	(186,820		)
	542,250			4,023,676
	$	1,696,775		$	5,017,413

(continued)

F-17

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 31
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	647,143		$	5,822,035
OTHER ASSETS
Cash and cash equivalents	182,803			258,422
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	—			—
Other assets	25,000			134,137
	$	854,946		$	6,214,594
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	5,357
Accounts payable - affiliates	1,618,658			1,304,506
Capital contributions payable	66,294			66,294
	1,684,952			1,376,157
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	(442,447		)	5,169,312
General partner	(387,559		)	(330,875		)
	(830,006		)	4,838,437
	$	854,946		$	6,214,594

(continued)

F-18

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 32
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	3,031,771		$	8,742,643
OTHER ASSETS
Cash and cash equivalents	237,567			306,548
Notes receivable	46,908			46,908
Deferred acquisition costs, net of accumulated amortization	393,173			562,479
Other assets	125,000			133,638
	$	3,834,419		$	9,792,216
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	2,208,623			1,905,278
Capital contributions payable	298,561			298,561
	2,507,184			2,204,220
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	1,720,324			7,918,477
General partner	(393,089		)	(330,481		)
	1,327,235			7,587,996
	$	3,834,419		$	9,792,216

(continued)

F-19

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 33
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	1,789,130		$	6,206,010
OTHER ASSETS
Cash and cash equivalents	179,652			186,282
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	35,940			504,677
Other assets	125,000			125,000
	$	2,129,722		$	7,021,969
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	447
Accounts payable - affiliates	1,321,714			1,131,261
Capital contributions payable	194,154			194,154
	1,515,868			1,325,862
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	833,496			5,864,926
General partner	(219,642		)	(168,819		)
	613,854			5,696,107
	$	2,129,722		$	7,021,969

(continued)

F-20

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 34
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	1,959,856		$	7,235,804
OTHER ASSETS
Cash and cash equivalents	72,369			66,702
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	758,693			802,049
Other assets	—			—
	$	2,790,918		$	8,104,555
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	2,403,399			2,091,915
Capital contributions payable	—			8,244
	2,403,399			2,100,540
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	684,035			6,244,366
General partner	(296,516		)	(240,351		)
	387,519			6,004,015
	$	2,790,918		$	8,104,555

(continued)

F-21

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 35
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	5,644,539		$	9,704,927
OTHER ASSETS
Cash and cash equivalents	118,051			148,626
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	289,149			2,272,925
Other assets	—			14,109
	$	6,051,739		$	12,140,587
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	7,198
Accounts payable - affiliates	1,156,982			953,622
Capital contributions payable	—			—
	1,156,982			960,820
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	5,127,834			11,349,994
General partner	(233,077		)	(170,227		)
	4,894,757			11,179,767
	$	6,051,739		$	12,140,587

(continued)

F-22

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 36
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	3,832,441		$	6,035,254
OTHER ASSETS
Cash and cash equivalents	101,615			97,695
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	89,516			1,560,667
Other assets	—			3,061
	$	4,023,572		$	7,696,677
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	1,500,062			1,348,538
Capital contributions payable	—			—
	1,500,062			1,348,919
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	2,676,938			6,462,944
General partner	(153,428		)	(115,186		)
	2,523,510			6,347,758
	$	4,023,572		$	7,696,677

(continued)

F-23

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 37
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	3,894,815		$	9,109,138
OTHER ASSETS
Cash and cash equivalents	272,497			305,864
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	472,992			1,754,921
Other assets	—			81,235
	$	4,640,304		$	11,251,158
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	522
Accounts payable - affiliates	1,222,827			1,042,963
Capital contributions payable	138,438			138,438
	1,361,265			1,181,923
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	3,461,812			10,184,106
General partner	(182,773		)	(114,871		)
	3,279,039			10,069,235
	$	4,640,304		$	11,251,158

(continued)

F-24

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 38
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	6,295,306		$	10,629,006
OTHER ASSETS
Cash and cash equivalents	261,393			133,521
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	104,877			2,013,922
Other assets	—			4,875
	$	6,661,576		$	12,781,324
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	1,164,023			1,024,623
Capital contributions payable	—			—
	1,164,023			1,025,004
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	5,660,862			11,857,041
General partner	(163,309		)	(100,721		)
	5,497,553			11,756,320
	$	6,661,576		$	12,781,324

(continued)

F-25

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 39
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	6,063,709		$	8,575,183
OTHER ASSETS
Cash and cash equivalents	239,921			158,655
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	88,280			1,865,383
Other assets	—			—
	$	6,391,910		$	10,599,221
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	963,899			852,099
Capital contributions payable	—			—
	963,899			852,480
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	5,570,172			9,845,715
General partner	(142,161		)	(98,974		)
	5,428,011			9,746,741
	$	6,391,910		$	10,599,221

(continued)

F-26

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 40
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	7,326,362		$	10,446,429
OTHER ASSETS
Cash and cash equivalents	127,519			142,164
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	212,141			2,282,946
Other assets	—			9,873
	$	7,666,022		$	12,881,412
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	36,733		$	37,114
Accounts payable - affiliates	1,776,106			1,566,350
Capital contributions payable	102			8,694
	1,812,941			1,612,158
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	6,019,493			11,381,504
General partner	(166,412		)	(112,250		)
	5,853,081			11,269,254
	$	7,666,022		$	12,881,412

(continued)

F-27

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 41
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	6,283,404		$	8,842,020
OTHER ASSETS
Cash and cash equivalents	40,375			21,723
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	1,413,813			2,483,931
Other assets	1,217			1,217
	$	7,738,809		$	11,348,891
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	9,584
Accounts payable - affiliates	2,212,394			1,941,535
Capital contributions payable	100			100
	2,212,494			1,951,219
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	5,720,221			9,552,864
General partner	(193,906		)	(155,192		)
	5,526,315			9,397,672
	$	7,738,809		$	11,348,891

(continued)

F-28

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 42
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	7,460,540		$	12,469,734
OTHER ASSETS
Cash and cash equivalents	359,855			649,411
Notes receivable	292,933			292,933
Deferred acquisition costs, net of accumulated amortization	1,029,859			2,567,183
Other assets	168,631			66,984
	$	9,311,818		$	16,046,245
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	1,122,917			995,597
Capital contributions payable	452,937			457,148
	1,575,854			1,453,126
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	7,899,543			14,688,126
General partner	(163,579		)	(95,007		)
	7,735,964			14,593,119
	$	9,311,818		$	16,046,245

(continued)

F-29

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 43
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	11,543,202		$	16,587,969
OTHER ASSETS
Cash and cash equivalents	185,952			343,255
Notes receivable	186,626			186,626
Deferred acquisition costs, net of accumulated amortization	2,174,725			3,338,381
Other assets	202,917			85,289
	$	14,293,422		$	20,541,520
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	1,115,810			859,030
Capital contributions payable	307,738			310,006
	1,423,548			1,169,417
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	13,062,697			19,499,904
General partner	(192,823		)	(127,801		)
	12,869,874			19,372,103
	$	14,293,422		$	20,541,520

(continued)

F-30

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 44
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	10,442,251		$	13,358,199
OTHER ASSETS
Cash and cash equivalents	791,833			864,250
Notes receivable	196,604			—
Deferred acquisition costs, net of accumulated amortization	2,262,390			2,364,068
Other assets	—			197,058
	$	13,693,078		$	16,783,575
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	381
Accounts payable - affiliates	439,103			229,402
Capital contributions payable	590,561			702,126
	1,029,664			931,909
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	12,774,229			15,930,598
General partner	(110,815		)	(78,932		)
	12,663,414			15,851,666
	$	13,693,078		$	16,783,575

(continued)

F-31

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 45
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	19,184,988		$	22,717,292
OTHER ASSETS
Cash and cash equivalents	871,105			1,030,160
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	2,304,827			2,837,508
Other assets	—			12,142
	$	22,360,920		$	26,597,102
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	678
Accounts payable - affiliates	350,865			159,301
Capital contributions payable	16,724			16,724
	367,589			176,703
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	22,127,060			26,509,857
General partner	(133,729		)	(89,458		)
	21,993,331			26,420,399
	$	22,360,920		$	26,597,102

(continued)

F-32

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2009 and 2008

	Series 46
	2009			2008
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	17,118,038		$	19,669,467
OTHER ASSETS
Cash and cash equivalents	480,195			588,436
Notes receivable	—			—
Deferred acquisition costs, net of accumulated amortization	639,411			2,085,611
Other assets	—			—
	$	18,237,644		$	22,343,514
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	—		$	1,667
Accounts payable - affiliates	229,191			79,663
Capital contributions payable	20,138			20,138
	249,329			101,468
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, 2009 and 2008 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, 2009 and 2008 issued and outstanding	18,071,175			22,282,369
General partner	(82,860		)	(40,323		)
	17,988,315			22,242,046
	$	18,237,644		$	22,343,514

(see notes to financial statements)

F-33

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS

	Total
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	139,761		$	510,870
Miscellaneous	1,124,873			525,971
	1,264,634			1,036,841
Share of income (losses) from operating limited partnerships	(19,195,557		)	(18,207,857		)
Expenses
Fund management fee	6,053,083			6,091,352
Amortization	1,610,248			1,610,248
General and administrative expenses	1,476,274			1,327,468
Professional fees	855,494			990,003
Impairment loss	85,330,656			22,053,317
	95,325,755			32,072,388
NET INCOME (LOSS)	$	(113,256,678	)	$	(49,243,404	)
Net income (loss) allocated to general partner	$	(1,132,568	)	$	(492,435	)
Net income (loss) allocated to limited partners	$	(112,124,110	)	$	(48,750,969	)
Net income (loss) per BAC	$	(1.34	)	$	(0.58	)

(continued)

F-34

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 20
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	3,742		$	11,159
Miscellaneous	59,722			20,109
	63,464			31,268
Share of income (losses) from operating limited partnerships	(414,907		)	910,973
Expenses
Fund management fee	281,804			252,798
Amortization	3,572			3,572
General and administrative expenses	30,489			44,530
Professional fees	32,417			33,202
Impairment loss	873,961			160,645
	1,222,243			494,747
NET INCOME (LOSS)	$	(1,573,686	)	$	447,494
Net income (loss) allocated to general partner	$	(15,737	)	$	4,475
Net income (loss) allocated to limited partners	$	(1,557,949	)	$	443,019
Net income (loss) per BAC	$	(0.40	)	$	0.11

(continued)

F-35

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 21
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	82		$	263
Miscellaneous	1,489			4,297
	1,571			4,560
Share of income (losses) from operating limited partnerships	(31,018		)	(129,454		)
Expenses
Fund management fee	158,649			175,246
Amortization	1,954			1,954
General and administrative expenses	194,463			46,411
Professional fees	22,433			43,323
Impairment loss	114,377			—
	491,876			266,934
NET INCOME (LOSS)	$	(521,323	)	$	(391,828	)
Net income (loss) allocated to general partner	$	(5,213	)	$	(3,918	)
Net income (loss) allocated to limited partners	$	(516,110	)	$	(387,910	)
Net income (loss) per BAC	$	(0.27	)	$	(0.20	)

(continued)

F-36

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 22
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	253		$	2,293
Miscellaneous	16,476			18,948
	16,729			21,241
Share of income (losses) from operating limited partnerships	(150,382		)	(75,579		)
Expenses
Fund management fee	233,460			232,797
Amortization	6,140			6,140
General and administrative expenses	25,461			42,375
Professional fees	34,278			57,765
Impairment loss	541,202			12,843
	840,541			351,920
NET INCOME (LOSS)	$	(974,194	)	$	(406,258	)
Net income (loss) allocated to general partner	$	(9,742	)	$	(4,063	)
Net income (loss) allocated to limited partners	$	(964,452	)	$	(402,195	)
Net income (loss) per BAC	$	(0.38	)	$	(0.16	)

(continued)

F-37

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 23
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	475		$	1,496
Miscellaneous	801			14,425
	1,276			15,921
Share of income (losses) from operating limited partnerships	(45,676		)	(41,128		)
Expenses
Fund management fee	205,950			230,200
Amortization	9,131			9,131
General and administrative expenses	28,508			40,821
Professional fees	30,802			33,270
Impairment loss	799,427			11,863
	1,073,818			325,285
NET INCOME (LOSS)	$	(1,118,218	)	$	(350,492	)
Net income (loss) allocated to general partner	$	(11,182	)	$	(3,505	)
Net income (loss) allocated to limited partners	$	(1,107,036	)	$	(346,987	)
Net income (loss) per BAC	$	(0.33	)	$	(0.10	)

(continued)

F-38

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 24
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	1,371		$	3,954
Miscellaneous	34,107			29,823
	35,478			33,777
Share of income (losses) from operating limited partnerships	(164,712		)	(266,967		)
Expenses
Fund management fee	194,662			205,898
Amortization	10,204			10,204
General and administrative expenses	22,299			177,688
Professional fees	30,162			33,650
Impairment loss	282,261			—
	539,588			427,440
NET INCOME (LOSS)	$	(668,822	)	$	(660,630	)
Net income (loss) allocated to general partner	$	(6,688	)	$	(6,606	)
Net income (loss) allocated to limited partners	$	(662,134	)	$	(654,024	)
Net income (loss) per BAC	$	(0.31	)	$	(0.30	)

(continued)

F-39

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 25
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	4,658		$	8,210
Miscellaneous	54,696			32,499
	59,354			40,709
Share of income (losses) from operating limited partnerships	(100,100		)	(257,714		)
Expenses
Fund management fee	212,464			237,885
Amortization	15,218			15,218
General and administrative expenses	70,036			37,706
Professional fees	44,607			35,467
Impairment loss	2,471,550			161,576
	2,813,875			487,852
NET INCOME (LOSS)	$	(2,854,621	)	$	(704,857	)
Net income (loss) allocated to general partner	$	(28,546	)	$	(7,049	)
Net income (loss) allocated to limited partners	$	(2,826,075	)	$	(697,808	)
Net income (loss) per BAC	$	(0.93	)	$	(0.23	)

(continued)

F-40

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 26
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	18,247		$	9,847
Miscellaneous	828,355			2,146
	846,602			11,993
Share of income (losses) from operating limited partnerships	(13,567		)	68,188
Expenses
Fund management fee	353,066			374,280
Amortization	16,904			16,904
General and administrative expenses	162,111			60,693
Professional fees	50,104			57,816
Impairment loss	4,780,554			732,092
	5,362,739			1,241,785
NET INCOME (LOSS)	$	(4,529,704	)	$	(1,161,604	)
Net income (loss) allocated to general partner	$	(45,297	)	$	(11,616	)
Net income (loss) allocated to limited partners	$	(4,484,407	)	$	(1,149,988	)
Net income (loss) per BAC	$	(1.12	)	$	(0.29	)

(continued)

F-41

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 27
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	987		$	2,716
Miscellaneous	7,743			4,337
	8,730			7,053
Share of income (losses) from operating limited partnerships	198,005			(210,302		)
Expenses
Fund management fee	267,389			299,241
Amortization	15,655			15,655
General and administrative expenses	119,420			31,321
Professional fees	27,415			28,216
Impairment loss	4,301,123			431,928
	4,731,002			806,361
NET INCOME (LOSS)	$	(4,524,267	)	$	(1,009,610	)
Net income (loss) allocated to general partner	$	(45,243	)	$	(10,096	)
Net income (loss) allocated to limited partners	$	(4,479,024	)	$	(999,514	)
Net income (loss) per BAC	$	(1.82	)	$	(0.41	)

(continued)

F-42

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 28
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	2,416		$	7,104
Miscellaneous	9,323			85
	11,739			7,189
Share of income (losses) from operating limited partnerships	(685,763		)	(878,230		)
Expenses
Fund management fee	266,094			264,458
Amortization	3,300			3,300
General and administrative expenses	31,591			42,151
Professional fees	37,911			39,798
Impairment loss	4,140,066			2,157,670
	4,478,962			2,507,377
NET INCOME (LOSS)	$	(5,152,986	)	$	(3,378,418	)
Net income (loss) allocated to general partner	$	(51,530	)	$	(33,784	)
Net income (loss) allocated to limited partners	$	(5,101,456	)	$	(3,344,634	)
Net income (loss) per BAC	$	(1.28	)	$	(0.84	)

(continued)

F-43

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 29
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	2,589		$	7,767
Miscellaneous	35,455			—
	38,044			7,767
Share of income (losses) from operating limited partnerships	(1,181,167		)	(1,379,956		)
Expenses
Fund management fee	301,086			264,614
Amortization	3,311			3,311
General and administrative expenses	32,733			44,644
Professional fees	41,022			56,632
Impairment loss	1,715,287			1,335,385
	2,093,439			1,704,586
NET INCOME (LOSS)	$	(3,236,562	)	$	(3,076,775	)
Net income (loss) allocated to general partner	$	(32,366	)	$	(30,768	)
Net income (loss) allocated to limited partners	$	(3,204,196	)	$	(3,046,007	)
Net income (loss) per BAC	$	(0.80	)	$	(0.76	)

(continued)

F-44

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 30
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	4,267		$	7,729
Miscellaneous	—			37,161
	4,267			44,890
Share of income (losses) from operating limited partnerships	(437,912		)	(307,390		)
Expenses
Fund management fee	155,823			142,035
Amortization	21,238			21,238
General and administrative expenses	24,635			32,877
Professional fees	31,839			43,121
Impairment loss	2,814,246			1,080,096
	3,047,781			1,319,367
NET INCOME (LOSS)	$	(3,481,426	)	$	(1,581,867	)
Net income (loss) allocated to general partner	$	(34,814	)	$	(15,819	)
Net income (loss) allocated to limited partners	$	(3,446,612	)	$	(1,566,048	)
Net income (loss) per BAC	$	(1.30	)	$	(0.59	)

(continued)

F-45

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 31
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	2,415		$	4,414
Miscellaneous	5,609			310,145
	8,024			314,559
Share of income (losses) from operating limited partnerships	(1,181,631		)	(925,924		)
Expenses
Fund management fee	321,293			260,096
Amortization	—			—
General and administrative expenses	145,435			115,746
Professional fees	44,121			70,522
Impairment loss	3,983,987			2,354,775
	4,494,836			2,801,139
NET INCOME (LOSS)	$	(5,668,443	)	$	(3,412,504	)
Net income (loss) allocated to general partner	$	(56,684	)	$	(34,125	)
Net income (loss) allocated to limited partners	$	(5,611,759	)	$	(3,378,379	)
Net income (loss) per BAC	$	(1.27	)	$	(0.76	)

(continued)

F-46

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 32
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	6,463		$	12,654
Miscellaneous	5,550			5,250
	12,013			17,904
Share of income (losses) from operating limited partnerships	(1,571,258		)	(1,217,933		)
Expenses
Fund management fee	307,790			280,518
Amortization	36,724			36,724
General and administrative expenses	43,767			46,474
Professional fees	41,039			41,216
Impairment loss	4,272,196			2,018,741
	4,701,516			2,423,673
NET INCOME (LOSS)	$	(6,260,761	)	$	(3,623,702	)
Net income (loss) allocated to general partner	$	(62,608	)	$	(36,237	)
Net income (loss) allocated to limited partners	$	(6,198,153	)	$	(3,587,465	)
Net income (loss) per BAC	$	(1.30	)	$	(0.75	)

(continued)

F-47

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 33
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	994		$	3,062
Miscellaneous	3,450			2,400
	4,444			5,462
Share of income (losses) from operating limited partnerships	(524,307		)	(765,568		)
Expenses
Fund management fee	164,076			151,018
Amortization	27,276			27,276
General and administrative expenses	23,751			31,681
Professional fees	18,808			20,089
Impairment loss	4,328,479			899,634
	4,562,390			1,129,698
NET INCOME (LOSS)	$	(5,082,253	)	$	(1,889,804	)
Net income (loss) allocated to general partner	$	(50,823	)	$	(18,898	)
Net income (loss) allocated to limited partners	$	(5,031,430	)	$	(1,870,906	)
Net income (loss) per BAC	$	(1.91	)	$	(0.71	)

(continued)

F-48

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 34
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	130		$	1,266
Miscellaneous	3,900			2,700
	4,030			3,966
Share of income (losses) from operating limited partnerships	(1,042,792		)	(1,614,602		)
Expenses
Fund management fee	248,033			272,876
Amortization	43,938			43,938
General and administrative expenses	27,984			38,165
Professional fees	27,645			28,110
Impairment loss	4,230,134			1,188,755
	4,577,734			1,571,844
NET INCOME (LOSS)	$	(5,616,496	)	$	(3,182,480	)
Net income (loss) allocated to general partner	$	(56,165	)	$	(31,825	)
Net income (loss) allocated to limited partners	$	(5,560,331	)	$	(3,150,655	)
Net income (loss) per BAC	$	(1.58	)	$	(0.89	)

(continued)

F-49

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 35
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	585		$	2,824
Miscellaneous	3,000			3,450
	3,585			6,274
Share of income (losses) from operating limited partnerships	(800,389		)	(839,663		)
Expenses
Fund management fee	189,975			199,972
Amortization	129,235			129,235
General and administrative expenses	38,480			37,487
Professional fees	16,910			20,352
Impairment loss	5,113,606			1,759,833
	5,488,206			2,146,879
NET INCOME (LOSS)	$	(6,285,010	)	$	(2,980,268	)
Net income (loss) allocated to general partner	$	(62,850	)	$	(29,803	)
Net income (loss) allocated to limited partners	$	(6,222,160	)	$	(2,950,465	)
Net income (loss) per BAC	$	(1.89	)	$	(0.89	)

(continued)

F-50

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 36
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	1,158		$	3,295
Miscellaneous	1,200			900
	2,358			4,195
Share of income (losses) from operating limited partnerships	(490,558		)	(504,176		)
Expenses
Fund management fee	119,845			146,392
Amortization	88,462			88,462
General and administrative expenses	21,618			28,201
Professional fees	21,118			18,569
Impairment loss	3,085,005			1,038,910
	3,336,048			1,320,534
NET INCOME (LOSS)	$	(3,824,248	)	$	(1,820,515	)
Net income (loss) allocated to general partner	$	(38,242	)	$	(18,205	)
Net income (loss) allocated to limited partners	$	(3,786,006	)	$	(1,802,310	)
Net income (loss) per BAC	$	(1.80	)	$	(0.86	)

(continued)

F-51

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 37
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	6,273		$	13,848
Miscellaneous	2,250			1,350
	8,523			15,198
Share of income (losses) from operating limited partnerships	(1,297,634		)	(1,201,584		)
Expenses
Fund management fee	194,364			172,294
Amortization	94,821			94,821
General and administrative expenses	110,027			35,589
Professional fees	18,866			18,230
Impairment loss	5,083,007			423,459
	5,501,085			744,393
NET INCOME (LOSS)	$	(6,790,196	)	$	(1,930,779	)
Net income (loss) allocated to general partner	$	(67,902	)	$	(19,308	)
Net income (loss) allocated to limited partners	$	(6,722,294	)	$	(1,911,471	)
Net income (loss) per BAC	$	(2.68	)	$	(0.76	)

(continued)

F-52

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 38
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	3,311		$	5,357
Miscellaneous	3,000			2,300
	6,311			7,657
Share of income (losses) from operating limited partnerships	(578,692		)	(496,433		)
Expenses
Fund management fee	144,527			139,930
Amortization	98,915			98,915
General and administrative expenses	34,648			36,521
Professional fees	21,834			20,151
Impairment loss	5,386,462			432,829
	5,686,386			728,346
NET INCOME (LOSS)	$	(6,258,767	)	$	(1,217,122	)
Net income (loss) allocated to general partner	$	(62,588	)	$	(12,171	)
Net income (loss) allocated to limited partners	$	(6,196,179	)	$	(1,204,951	)
Net income (loss) per BAC	$	(2.44	)	$	(0.47	)

(continued)

F-53

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 39
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	4,660		$	8,832
Miscellaneous	2,100			2,189
	6,760			11,021
Share of income (losses) from operating limited partnerships	(705,389		)	(647,736		)
Expenses
Fund management fee	91,001			116,640
Amortization	90,326			90,326
General and administrative expenses	27,583			34,009
Professional fees	24,213			21,953
Impairment loss	3,386,978			914,628
	3,620,101			1,177,556
NET INCOME (LOSS)	$	(4,318,730	)	$	(1,814,271	)
Net income (loss) allocated to general partner	$	(43,187	)	$	(18,143	)
Net income (loss) allocated to limited partners	$	(4,275,543	)	$	(1,796,128	)
Net income (loss) per BAC	$	(1.87	)	$	(0.78	)

(continued)

F-54

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 40
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	460		$	2,648
Miscellaneous	2,700			1,713
	3,160			4,361
Share of income (losses) from operating limited partnerships	(774,697		)	(822,807		)
Expenses
Fund management fee	168,859			176,164
Amortization	113,728			113,728
General and administrative expenses	38,891			36,754
Professional fees	30,377			28,798
Impairment loss	4,292,781			1,521,514
	4,644,636			1,876,958
NET INCOME (LOSS)	$	(5,416,173	)	$	(2,695,404	)
Net income (loss) allocated to general partner	$	(54,162	)	$	(26,954	)
Net income (loss) allocated to limited partners	$	(5,362,011	)	$	(2,668,450	)
Net income (loss) per BAC	$	(2.04	)	$	(1.01	)

(continued)

F-55

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 41
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	337		$	1,048
Miscellaneous	31,935			3,542
	32,272			4,590
Share of income (losses) from operating limited partnerships	(808,749		)	(920,930		)
Expenses
Fund management fee	214,329			220,704
Amortization	133,927			133,927
General and administrative expenses	32,511			43,873
Professional fees	33,841			58,221
Impairment loss	2,680,272			759,371
	3,094,880			1,216,096
NET INCOME (LOSS)	$	(3,871,357	)	$	(2,132,436	)
Net income (loss) allocated to general partner	$	(38,714	)	$	(21,324	)
Net income (loss) allocated to limited partners	$	(3,832,643	)	$	(2,111,112	)
Net income (loss) per BAC	$	(1.33	)	$	(0.73	)

(continued)

F-56

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 42
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	12,067		$	149,073
Miscellaneous	2,712			2,700
	14,779			151,773
Share of income (losses) from operating limited partnerships	(1,504,122		)	(1,018,646		)
Expenses
Fund management fee	234,925			218,248
Amortization	117,134			117,134
General and administrative expenses	49,044			41,548
Professional fees	41,864			38,371
Impairment loss	4,924,845			465,725
	5,367,812			881,026
NET INCOME (LOSS)	$	(6,857,155	)	$	(1,747,899	)
Net income (loss) allocated to general partner	$	(68,572	)	$	(17,479	)
Net income (loss) allocated to limited partners	$	(6,788,583	)	$	(1,730,420	)
Net income (loss) per BAC	$	(2.47	)	$	(0.63	)

(continued)

F-57

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 43
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	6,826		$	15,744
Miscellaneous	1,350			4,350
	8,176			20,094
Share of income (losses) from operating limited partnerships	(1,935,345		)	(1,356,021		)
Expenses
Fund management fee	290,416			285,130
Amortization	167,349			167,349
General and administrative expenses	37,069			58,806
Professional fees	36,336			42,007
Impairment loss	4,043,890			743,088
	4,575,060			1,296,380
NET INCOME (LOSS)	$	(6,502,229	)	$	(2,632,307	)
Net income (loss) allocated to general partner	$	(65,022	)	$	(26,323	)
Net income (loss) allocated to limited partners	$	(6,437,207	)	$	(2,605,984	)
Net income (loss) per BAC	$	(1.77	)	$	(0.72	)

(continued)

F-58

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 44
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	20,734		$	41,796
Miscellaneous	1,800			4,516
	22,534			46,312
Share of income (losses) from operating limited partnerships	(1,071,100		)	(961,972		)
Expenses
Fund management fee	199,732			241,606
Amortization	113,014			113,014
General and administrative expenses	30,846			40,224
Professional fees	22,635			23,084
Impairment loss	1,773,459			639,663
	2,139,686			1,057,591
NET INCOME (LOSS)	$	(3,188,252	)	$	(1,973,251	)
Net income (loss) allocated to general partner	$	(31,883	)	$	(19,733	)
Net income (loss) allocated to limited partners	$	(3,156,369	)	$	(1,953,518	)
Net income (loss) per BAC	$	(1.17	)	$	(0.72	)

(continued)

F-59

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 45
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	21,187		$	110,812
Miscellaneous	2,550			6,000
	23,737			116,812
Share of income (losses) from operating limited partnerships	(1,116,859		)	(1,516,720		)
Expenses
Fund management fee	318,171			324,393
Amortization	144,882			144,882
General and administrative expenses	39,356			57,921
Professional fees	43,987			53,321
Impairment loss	2,787,550			703,879
	3,333,946			1,284,396
NET INCOME (LOSS)	$	(4,427,068	)	$	(2,684,304	)
Net income (loss) allocated to general partner	$	(44,271	)	$	(26,843	)
Net income (loss) allocated to limited partners	$	(4,382,797	)	$	(2,657,461	)
Net income (loss) per BAC	$	(1.09	)	$	(0.66	)

(continued)

F-60

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

	Series 46
	Year ended March 31, 2009			Year ended March 31, 2008
Income
Interest income	$	13,074		$	71,659
Miscellaneous	3,600			8,636
	16,674			80,295
Share of income (losses) from operating limited partnerships	(764,836		)	(829,583		)
Expenses
Fund management fee	215,300			205,919
Amortization	103,890			103,890
General and administrative expenses	33,518			43,252
Professional fees	28,910			24,749
Impairment loss	3,123,951			104,415
	3,505,569			482,225
NET INCOME (LOSS)	$	(4,253,731	)	$	(1,231,513	)
Net income (loss) allocated to general partner	$	(42,537	)	$	(12,315	)
Net income (loss) allocated to limited partners	$	(4,211,194	)	$	(1,219,198	)
Net income (loss) per BAC	$	(1.41	)	$	(0.41	)

(see notes to financial statements)

F-61

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Years ended March 31, 2009 and 2008

Total	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(112,124,110		)	(1,132,568		)	(113,256,678		)
Partners’ capital (deficit), March 31, 2009	$	97,352,756		$	(6,255,246	)	$	91,097,510

(continued)

F-62

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 20	Limitedpartners			Generalpartner			Total
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	)
Net income (loss)	(1,557,949		)	(15,737		)	(1,573,686		)
Partners’ capital (deficit), March 31, 2009	$	(2,632,703	)	$	(337,958	)	$	(2,970,661	)

(continued)

F-63

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 21	Limitedpartners			Generalpartner			Total
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	)
Net income (loss)	(516,110		)	(5,213		)	(521,323		)
Partners’ capital (deficit), March 31, 2009	$	(1,592,512	)	$	(179,673	)	$	(1,772,185	)

(continued)

F-64

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 22	Limitedpartners			Generalpartner			Total
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	)
Net income (loss)	(964,452		)	(9,742		)	(974,194		)
Partners’ capital (deficit), March 31, 2009	$	(2,761,964	)	$	(249,194	)	$	(3,011,158	)

(continued)

F-65

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 23	Limitedpartners			Generalpartner			Total
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	)
Net income (loss)	(1,107,036		)	(11,182		)	(1,118,218		)
Partners’ capital (deficit), March 31, 2009	$	(2,218,498	)	$	(310,133	)	$	(2,528,631	)

(continued)

F-66

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 24	Limitedpartners			Generalpartner			Total
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	)
Net income (loss)	(662,134		)	(6,688		)	(668,822		)
Partners’ capital (deficit), March 31, 2009	$	(2,090,958	)	$	(208,290	)	$	(2,299,248	)

(continued)

F-67

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 25	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(2,826,075		)	(28,546		)	(2,854,621		)
Partners’ capital (deficit), March 31, 2009	$	(1,732,532	)	$	(277,545	)	$	(2,010,077	)

(continued)

F-68

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 26	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(4,484,407		)	(45,297		)	(4,529,704		)
Partners’ capital (deficit), March 31, 2009	$	(977,021	)	$	(353,559	)	$	(1,330,580	)

(continued)

F-69

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 27	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(4,479,024		)	(45,243		)	(4,524,267		)
Partners’ capital (deficit), March 31, 2009	$	266,174		$	(205,844	)	$	60,330

(continued)

F-70

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 28	Limited partners			General partner			Total
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
Net income (loss)	(5,101,456		)	(51,530		)	(5,152,986		)
Partners’ capital (deficit), March 31, 2009	$	445,603		$	(342,719	)	$	102,884

(continued)

F-71

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 29	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(3,204,196		)	(32,366		)	(3,236,562		)
Partners’ capital (deficit), March 31, 2009	$	(1,084,161	)	$	(353,019	)	$	(1,437,180	)

(continued)

F-72

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 30	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(3,446,612		)	(34,814		)	(3,481,426		)
Partners’ capital (deficit), March 31, 2009	$	763,884		$	(221,634	)	$	542,250

(continued)

F-73

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 31	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(5,611,759		)	(56,684		)	(5,668,443		)
Partners’ capital (deficit), March 31, 2009	$	(442,447	)	$	(387,559	)	$	(830,006	)

(continued)

F-74

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 32	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(6,198,153		)	(62,608		)	(6,260,761		)
Partners’ capital (deficit), March 31, 2009	$	1,720,324		$	(393,089	)	$	1,327,235

(continued)

F-75

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 33	Limited partners			General partner			Total
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
Net income (loss)	(5,031,430		)	(50,823		)	(5,082,253		)
Partners’ capital (deficit), March 31, 2009	$	833,496		$	(219,642	)	$	613,854

(continued)

F-76

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 34	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(5,560,331		)	(56,165		)	(5,616,496		)
Partners’ capital (deficit), March 31, 2009	$	684,035		$	(296,516	)	$	387,519

(continued)

F-77

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 35	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(6,222,160		)	(62,850		)	(6,285,010		)
Partners’ capital (deficit), March 31, 2009	$	5,127,834		$	(233,077	)	$	4,894,757

(continued)

F-78

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 36	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(3,786,006		)	(38,242		)	(3,824,248		)
Partners’ capital (deficit), March 31, 2009	$	2,676,938		$	(153,428	)	$	2,523,510

(continued)

F-79

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 37	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(6,722,294		)	(67,902		)	(6,790,196		)
Partners’ capital (deficit), March 31, 2009	$	3,461,812		$	(182,773	)	$	3,279,039

(continued)

F-80

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 38	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(6,196,179		)	(62,588		)	(6,258,767		)
Partners’ capital (deficit), March 31, 2009	$	5,660,862		$	(163,309	)	$	5,497,553

(continued)

F-81

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 39	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(4,275,543		)	(43,187		)	(4,318,730		)
Partners’ capital (deficit), March 31, 2009	$	5,570,172		$	(142,161	)	$	5,428,011

(continued)

F-82

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 40	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(5,362,011		)	(54,162		)	(5,416,173		)
Partners’ capital (deficit), March 31, 2009	$	6,019,493		$	(166,412	)	$	5,853,081

(continued)

F-83

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 41	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(3,832,643		)	(38,714		)	(3,871,357		)
Partners’ capital (deficit), March 31, 2009	$	5,720,221		$	(193,906	)	$	5,526,315

(continued)

F-84

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 42	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(6,788,583		)	(68,572		)	(6,857,155		)
Partners’ capital (deficit), March 31, 2009	$	7,899,543		$	(163,579	)	$	7,735,964

(continued)

F-85

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 43	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(6,437,207		)	(65,022		)	(6,502,229		)
Partners’ capital (deficit), March 31, 2009	$	13,062,697		$	(192,823	)	$	12,869,874

(continued)

F-86

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 44	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(3,156,369		)	(31,883		)	(3,188,252		)
Partners’ capital (deficit), March 31, 2009	$	12,774,229		$	(110,815	)	$	12,663,414

(continued)

F-87

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 45	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(4,382,797		)	(44,271		)	(4,427,068		)
Partners’ capital (deficit), March 31, 2009	$	22,127,060		$	(133,729	)	$	21,993,331

(continued)

F-88

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2009 and 2008

Series 46	Limitedpartners			Generalpartner			Total
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
Net income (loss)	(4,211,194		)	(42,537		)	(4,253,731		)
Partners’ capital (deficit), March 31, 2009	$	18,071,175		$	(82,860	)	$	17,988,315

(see notes to financial statements)

F-89

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

	Total
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(113,256,678	)	$	(49,243,404	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	19,195,557			18,207,857
Impairment loss	85,330,656			22,053,317
Distributions received from operating limited partnerships	710,947			506,900
Amortization	1,610,248			1,610,248
Changes in assets and liabilities
Other assets	458,071			404,628
Accounts payable and accrued expenses	(33,073		)	11,480
Accounts payable - affiliates	5,491,903			5,576,168
Net cash provided by (used in) operating activities	(492,369		)	(872,806		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	(175,087		)	(2,032,678		)
(Advances to) repayments from operating limited partnerships	—			438,769
Net cash provided by (used in) investing activities	(175,087		)	(1,593,909		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(667,456		)	(2,466,715		)
Cash and cash equivalents, beginning	6,849,444			9,316,159
Cash and cash equivalents, ending	$	6,181,988		$	6,849,444

(continued)

F-90

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Total
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	62,114	$	406,082
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	236,476	$	1,111,756
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	12,142

(continued)

F-91

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 20
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(1,573,686	)	$	447,494
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	414,907			(910,973		)
Impairment loss	873,961			160,645
Distributions received from operating limited partnerships	—			29,799
Amortization	3,572			3,572
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	287,752			212,752
Net cash provided by (used in) operating activities	6,125			(56,330		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			(17,112		)
Net cash provided by (used in) investing activities	—			(17,112		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	6,125			(73,442		)
Cash and cash equivalents, beginning	168,406			241,848
Cash and cash equivalents, ending	$	174,531		$	168,406

(continued)

F-92

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 20
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-93

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 21
	Year ended March 31, 2009			Year ended March 31, 2008
Cash flows from operating activities
Net income (loss)	$	(521,323	)	$	(391,828	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	31,018			129,454
Impairment loss	114,377			—
Distributions received from operating limited partnerships	—			—
Amortization	1,954			1,954
Changes in assets and liabilities
Other assets	174,655			17,000
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	208,924			236,927
Net cash provided by (used in) operating activities	9,224			(6,112		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	(3		)	—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	(3		)	—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	9,221			(6,112		)
Cash and cash equivalents, beginning	6,279			12,391
Cash and cash equivalents, ending	$	15,500		$	6,279

(continued)

F-94

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 21
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	236,476	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—

(continued)

F-95

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 22
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(974,194	)	$	(406,258	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	150,382			75,579
Impairment loss	541,202			12,843
Distributions received from operating limited partnerships	1,300			2,600
Amortization	6,140			6,140
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	271,467			275,211
Net cash provided by (used in) operating activities	(4,084		)	(33,504		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			(14,663		)
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			(14,663		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(4,084		)	(48,167		)
Cash and cash equivalents, beginning	81,744			129,911
Cash and cash equivalents, ending	$	77,660		$	81,744

(continued)

F-96

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 22
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-97

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 23
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(1,118,218	)	$	(350,492	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	45,676			41,128
Impairment loss	799,427			11,863
Distributions received from operating limited partnerships	1,300			2,597
Amortization	9,131			9,131
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	257,476			261,235
Net cash provided by (used in) operating activities	(5,589		)	(24,157		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(5,589		)	(24,157		)
Cash and cash equivalents, beginning	40,491			64,648
Cash and cash equivalents, ending	$	34,902		$	40,491

(continued)

F-98

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 23
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-99

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 24
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(668,822	)	$	(660,630	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	164,712			266,967
Impairment loss	282,261			—
Distributions received from operating limited partnerships	17,638			6,238
Amortization	10,204			10,204
Changes in assets and liabilities
Other assets	—			145,443
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	177,736			202,736
Net cash provided by (used in) operating activities	(16,652		)	(28,661		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(16,652		)	(28,661		)
Cash and cash equivalents, beginning	135,973			164,634
Cash and cash equivalents, ending	$	119,321		$	135,973

(continued)

F-100

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 24
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-101

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 25
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(2,854,621	)	$	(704,857	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	100,100			257,714
Impairment loss	2,471,550			161,576
Distributions received from operating limited partnerships	36,277			35,304
Amortization	15,218			15,218
Changes in assets and liabilities
Other assets	40,320			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	222,676			172,676
Net cash provided by (used in) operating activities	31,139			(61,988		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	(51,732		)	—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	(51,732		)	—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(20,593		)	(61,988		)
Cash and cash equivalents, beginning	187,189			249,177
Cash and cash equivalents, ending	$	166,596		$	187,189

(continued)

F-102

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 25
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-103

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 26
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(4,529,704	)	$	(1,161,604	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	13,567			(68,188		)
Impairment loss	4,780,554			732,092
Distributions received from operating limited partnerships	106,156			115,536
Amortization	16,904			16,904
Changes in assets and liabilities
Other assets	131,938			14,076
Accounts payable and accrued expenses	(381		)	291
Accounts payable - affiliates	(340,240		)	334,760
Net cash provided by (used in) operating activities	178,794			(16,133		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	(15,000		)	—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	(15,000		)	—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	163,794			(16,133		)
Cash and cash equivalents, beginning	202,820			218,953
Cash and cash equivalents, ending	$	366,614		$	202,820

(continued)

F-104

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 26
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-105

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 27
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(4,524,267	)	$	(1,009,610	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	(198,005		)	210,302
Impairment loss	4,301,123			431,928
Distributions received from operating limited partnerships	442			5,134
Amortization	15,655			15,655
Changes in assets and liabilities
Other assets	97,452			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	330,245			333,672
Net cash provided by (used in) operating activities	22,264			(12,538		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	22,264			(12,538		)
Cash and cash equivalents, beginning	87,690			100,228
Cash and cash equivalents, ending	$	109,954		$	87,690

(continued)

F-106

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 27
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-107

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 28
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(5,152,986	)	$	(3,378,418	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	685,763			878,230
Impairment loss	4,140,066			2,157,670
Distributions received from operating limited partnerships	71,310			109,017
Amortization	3,300			3,300
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	259,116			159,116
Net cash provided by (used in) operating activities	6,188			(70,704		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	6,188			(70,704		)
Cash and cash equivalents, beginning	185,940			256,644
Cash and cash equivalents, ending	$	192,128		$	185,940

(continued)

F-108

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 28
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-109

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 29
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(3,236,562	)	$	(3,076,775	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,181,167			1,379,956
Impairment loss	1,715,287			1,335,385
Distributions received from operating limited partnerships	934			—
Amortization	3,311			3,311
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	334,692			337,980
Net cash provided by (used in) operating activities	(1,552		)	(19,762		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	(35,455		)	—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	(35,455		)	—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(37,007		)	(19,762		)
Cash and cash equivalents, beginning	174,993			194,755
Cash and cash equivalents, ending	$	137,986		$	174,993

(continued)

F-110

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 29
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	131	$	—
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.	$	—	$	—

(continued)

F-111

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 30
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(3,481,426	)	$	(1,581,867	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	437,912			307,390
Impairment loss	2,814,246			1,080,096
Distributions received from operating limited partnerships	35,131			26,451
Amortization	21,238			21,238
Changes in assets and liabilities
Other assets	—			16,499
Accounts payable and accrued expenses	(381		)	(21,122		)
Accounts payable - affiliates	161,169			136,169
Net cash provided by (used in) operating activities	(12,111		)	(15,146		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(12,111		)	(15,146		)
Cash and cash equivalents, beginning	276,205			291,351
Cash and cash equivalents, ending	$	264,094		$	276,205

(continued)

F-112

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 30
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-113

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 31
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(5,668,443	)	$	(3,412,504	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,181,631			925,924
Impairment loss	3,983,987			2,354,775
Distributions received from operating limited partnerships	9,274			6,001
Amortization	—			—
Changes in assets and liabilities
Other assets	109,137			—
Accounts payable and accrued expenses	(5,357		)	5,357
Accounts payable - affiliates	314,152			234,563
Net cash provided by (used in) operating activities	(75,619		)	114,116
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			(100		)
(Advances to) repayments from operating limited partnerships	—			25,698
Net cash provided by (used in) investing activities	—			25,598
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(75,619		)	139,714
Cash and cash equivalents, beginning	258,422			118,708
Cash and cash equivalents, ending	$	182,803		$	258,422

(continued)

F-114

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 31
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-115

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 32
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(6,260,761	)	$	(3,623,702	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,571,258			1,217,933
Impairment loss	4,272,196			2,018,741
Distributions received from operating limited partnerships	—			19,000
Amortization	36,724			36,724
Changes in assets and liabilities
Other assets	8,638			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	303,345			331,540
Net cash provided by (used in) operating activities	(68,981		)	617
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(68,981		)	617
Cash and cash equivalents, beginning	306,548			305,931
Cash and cash equivalents, ending	$	237,567		$	306,548

(continued)

F-116

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 32
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-117

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 33
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(5,082,253	)	$	(1,889,804	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	524,307			765,568
Impairment loss	4,328,479			899,634
Distributions received from operating limited partnerships	5,555			1,783
Amortization	27,276			27,276
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	(447		)	447
Accounts payable - affiliates	190,453			192,003
Net cash provided by (used in) operating activities	(6,630		)	(3,093		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(6,630		)	(3,093		)
Cash and cash equivalents, beginning	186,282			189,375
Cash and cash equivalents, ending	$	179,652		$	186,282

(continued)

F-118

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 33
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-119

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 34
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(5,616,496	)	$	(3,182,480	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,042,792			1,614,602
Impairment loss	4,230,134			1,188,755
Distributions received from operating limited partnerships	2,440			4,508
Amortization	43,938			43,938
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	311,484			313,358
Net cash provided by (used in) operating activities	13,911			(16,938		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	(8,244		)	—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	(8,244		)	—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	5,667			(16,938		)
Cash and cash equivalents, beginning	66,702			83,640
Cash and cash equivalents, ending	$	72,369		$	66,702

(continued)

F-120

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 34
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-121

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 35
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(6,285,010	)	$	(2,980,268	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	800,389			839,663
Impairment loss	5,113,606			1,759,833
Distributions received from operating limited partnerships	2,625			2,000
Amortization	129,235			129,235
Changes in assets and liabilities
Other assets	12,418			—
Accounts payable and accrued expenses	(7,198		)	7,198
Accounts payable - affiliates	203,360			203,360
Net cash provided by (used in) operating activities	(30,575		)	(38,979		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			(163,782		)
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			(163,782		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(30,575		)	(202,761		)
Cash and cash equivalents, beginning	148,626			351,387
Cash and cash equivalents, ending	$	118,051		$	148,626

(continued)

F-122

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 35
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-123

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 36
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(3,824,248	)	$	(1,820,515	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	490,558			504,176
Impairment loss	3,085,005			1,038,910
Distributions received from operating limited partnerships	11,630			16,545
Amortization	88,462			88,462
Changes in assets and liabilities
Other assets	1,370			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	151,524			178,490
Net cash provided by (used in) operating activities	3,920			6,449
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	3,920			6,449
Cash and cash equivalents, beginning	97,695			91,246
Cash and cash equivalents, ending	$	101,615		$	97,695

(continued)

F-124

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 36
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-125

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 37
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(6,790,196	)	$	(1,930,779	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,297,634			1,201,584
Impairment loss	5,083,007			423,459
Distributions received from operating limited partnerships	20,790			26,778
Amortization	94,821			94,821
Changes in assets and liabilities
Other assets	81,235			—
Accounts payable and accrued expenses	(522		)	522
Accounts payable - affiliates	179,864			179,864
Net cash provided by (used in) operating activities	(33,367		)	(3,751		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(33,367		)	(3,751		)
Cash and cash equivalents, beginning	305,864			309,615
Cash and cash equivalents, ending	$	272,497		$	305,864

(continued)

F-126

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 37
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-127

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 38
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(6,258,767	)	$	(1,217,122	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	578,692			496,433
Impairment loss	5,386,462			432,829
Distributions received from operating limited partnerships	178,676			2,045
Amortization	98,915			98,915
Changes in assets and liabilities
Other assets	4,875			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	139,400			114,400
Net cash provided by (used in) operating activities	127,872			(72,119		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	127,872			(72,119		)
Cash and cash equivalents, beginning	133,521			205,640
Cash and cash equivalents, ending	$	261,393		$	133,521

(continued)

F-128

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 38
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-129

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 39
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(4,318,730	)	$	(1,814,271	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	705,389			647,736
Impairment loss	3,386,978			914,628
Distributions received from operating limited partnerships	105,884			8,651
Amortization	90,326			90,326
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	111,800			36,800
Net cash provided by (used in) operating activities	81,266			(115,749		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	81,266			(115,749		)
Cash and cash equivalents, beginning	158,655			274,404
Cash and cash equivalents, ending	$	239,921		$	158,655

(continued)

F-130

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 39
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-131

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 40
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(5,416,173	)	$	(2,695,404	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	774,697			822,807
Impairment loss	4,292,781			1,521,514
Distributions received from operating limited partnerships	1,074			1,746
Amortization	113,728			113,728
Changes in assets and liabilities
Other assets	9,873			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	209,756			200,017
Net cash provided by (used in) operating activities	(14,645		)	(35,211		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(14,645		)	(35,211		)
Cash and cash equivalents, beginning	142,164			177,375
Cash and cash equivalents, ending	$	127,519		$	142,164

(continued)

F-132

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 40
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	8,592	$	—
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.	$	—	$	—

(continued)

F-133

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 41
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(3,871,357	)	$	(2,132,436	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) income from operating limited partnerships	808,749			920,930
Impairment loss	2,680,272			759,371
Distributions received from operating limited partnerships	5,786			19,102
Amortization	133,927			133,927
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	(9,584		)	9,584
Accounts payable - affiliates	270,859			292,870
Net cash provided by (used in) operating activities	18,652			3,348
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			—
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	18,652			3,348
Cash and cash equivalents, beginning	21,723			18,375
Cash and cash equivalents, ending	$	40,375		$	21,723

(continued)

F-134

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 41
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—

(continued)

F-135

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 42
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(6,857,155	)	$	(1,747,899	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,504,122			1,018,646
Impairment loss	4,924,845			465,725
Distributions received from operating limited partnerships	417			2,641
Amortization	117,134			117,134
Changes in assets and liabilities
Other assets	(101,647		)	985
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	127,320			173,096
Net cash provided by (used in) operating activities	(285,345		)	30,709
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	(4,211		)	(164,252		)
(Advances to) repayments from operating limited partnerships	—			322,033
Net cash provided by (used in) investing activities	(4,211		)	157,781
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(289,556		)	188,490
Cash and cash equivalents, beginning	649,411			460,921
Cash and cash equivalents, ending	$	359,855		$	649,411

(continued)

F-136

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 42
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	92,074
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.	$	—	$	—

(continued)

F-137

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 43
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(6,502,229	)	$	(2,632,307	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) income from operating limited partnerships	1,935,345			1,356,021
Impairment loss	4,043,890			743,088
Distributions received from operating limited partnerships	61,839			24,369
Amortization	167,349			167,349
Changes in assets and liabilities
Other assets	(117,628		)	10,000
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	256,780			166,780
Net cash provided by (used in) operating activities	(155,035		)	(164,319		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	(2,268		)	(88,443		)
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	(2,268		)	(88,443		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(157,303		)	(252,762		)
Cash and cash equivalents, beginning	343,255			596,017
Cash and cash equivalents, ending	$	185,952		$	343,255

(continued)

F-138

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 43
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	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.	$	—	$	—

(continued)

F-139

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 44
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(3,188,252	)	$	(1,973,251	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	1,071,100			961,972
Impairment loss	1,773,459			639,663
Distributions received from operating limited partnerships	7,116			12,387
Amortization	113,014			113,014
Changes in assets and liabilities
Other assets	—			—
Accounts payable and accrued expenses	(381		)	381
Accounts payable - affiliates	209,701			169,701
Net cash provided by (used in) operating activities	(14,243		)	(76,133		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	(58,174		)	—
(Advances to) repayments from operating limited partnerships	—			108,150
Net cash provided by (used in) investing activities	(58,174		)	108,150
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(72,417		)	32,017
Cash and cash equivalents, beginning	864,250			832,233
Cash and cash equivalents, ending	$	791,833		$	864,250

(continued)

F-140

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 44
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	53,391	$	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.	$	—	$	—

(continued)

F-141

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 45
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(4,427,068	)	$	(2,684,304	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) income from operating limited partnerships	1,116,859			1,516,720
Impairment loss	2,787,550			703,879
Distributions received from operating limited partnerships	22,401			22,850
Amortization	144,882			144,882
Changes in assets and liabilities
Other assets	5,435			625
Accounts payable and accrued expenses	(678		)	678
Accounts payable - affiliates	191,564			91,564
Net cash provided by (used in) operating activities	(159,055		)	(203,106		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			(170,826		)
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			(170,826		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(159,055		)	(373,932		)
Cash and cash equivalents, beginning	1,030,160			1,404,092
Cash and cash equivalents, ending	$	871,105		$	1,030,160

(continued)

F-142

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 45
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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

(continued)

F-143

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 46
	Year endedMarch 31, 2009			Year endedMarch 31, 2008
Cash flows from operating activities
Net income (loss)	$	(4,253,731	)	$	(1,231,513	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	764,836			829,583
Impairment loss	3,123,951			104,415
Distributions received from operating limited partnerships	4,952			3,818
Amortization	103,890			103,890
Changes in assets and liabilities
Other assets	—			200,000
Accounts payable and accrued expenses	(1,667		)	1,667
Accounts payable - affiliates	149,528			34,528
Net cash provided by (used in) operating activities	(108,241		)	46,388
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			(1,430,612		)
(Advances to) repayments from operating limited partnerships	—			—
Net cash provided by (used in) investing activities	—			(1,430,612		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(108,241		)	(1,384,224		)
Cash and cash equivalents, beginning	588,436			1,972,660
Cash and cash equivalents, ending	$	480,195		$	588,436

(continued)

F-144

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - - CONTINUED

	Series 46
	Year endedMarch 31, 2009		Year endedMarch 31, 2008
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.	$	—	$	—
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-145

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS

March 31, 2009 and 2008

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-146

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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

The BACs issued and outstanding in each series at March 31, 2009 and 2008 are as follows:

	2009	2008
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-147

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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 $651,233 and $614,683 as of March 31, 2009 and 2008, 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.  The partnership also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships.  Impairment losses have been recognized for the years ended March 31, 2009 and  2008 of  $85,330,656 and  $22,053,317, 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-148

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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 were 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.

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-149

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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

Investments in Operating Limited Partnerships (Continued)

During the years ended March 31, 2009 and 2008, the fund acquired interests in operating limited partnerships as follows:

	2009	2008
Series 20	—	—
Series 21	—	—
Series 22	—	—
Series 23	—	—
Series 24	—	—
Series 25	—	—
Series 26	—	—
Series 27	—	—
Series 28	—	—
Series 29	—	—
Series 30	—	—
Series 31	—	—
Series 32	—	—
Series 33	—	—
Series 34	—	—
Series 35	—	—
Series 36	—	—
Series 37	—	—
Series 38	—	—
Series 39	—	—
Series 40	—	—
Series 41	—	—
Series 42	—	—
Series 43	—	—
Series 44	—	—
Series 45	—	—
Series 46	—	1
	—	1

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 certain General Partner equity interests in their respective operating limited partnerships.

F-150

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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

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.  The costs were being amortized on the straight-line method over 27.5 years.  As of March 31, 2009, an impairment of $1,351,978 was recorded.  The lives of the remaining capitalized interest were reassessed and are noted below:

Accumulated amortization for capitalized interest as of March 31, 2009 and 2008, as well as the March 31, 2009 impairments and the remaining lives are as follows:

	Accumulated Amortization		Accumulated Amortization		Capitalized Interest Impairment		Remaining Life of Capitalized Interest
	2009		2008		2009		Years
Series 20	$	—	$	—	$	—	—
Series 21	—		—		—		—
Series 22	—		—		—		—
Series 23	—		—		—		—
Series 24	—		—		—		—
Series 25	—		44,732		86,980		—
Series 26	—		—		—		—
Series 27	7,081		6,373		—		4
Series 28	—		—		—		—
Series 29	—		—		—		—
Series 30	—		—		—		—
Series 31	—		—		—		—
Series 32	—		56,945		110,727		—
Series 33	—		—		—		—
Series 34	5,819		5,237		—		2
Series 35	—		50,962		117,847		—
Series 36	—		32,820		75,899		—
Series 37	—		38,680		89,449		—
Series 38	—		21,077		58,712		—
Series 39	—		17,813		49,619		—
Series 40	—		67,991		232,300		—
Series 41	—		110,357		377,052		—
Series 42	—		15,189		65,307		—
Series 43	—		5,169		27,065		—
Series 44	2,046		1,656		—		8
Series 45	—		10,162		61,021		—
Series 46	—		—		—		—
	$	14,946	$	485,163	$	1,351,978

The annual amortization for capitalized interest expense for the years 2010, 2011, 2012, 2013, and 2014 is estimated to be $9,273, $9,273, $4,182, $4,182 and $1,084, respectively.

F-151

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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

Deferred Acquisition Costs

Acquisition costs were amortized on the straight-line method over 27.5 years.  As of March 31, 2009, an impairment of $16,813,106 was recorded.  The lives of the remaining acquisition costs were reassessed and are noted below.

Accumulated amortization as of March 31, 2009 and 2008, as well as the March 31, 2009 impairments and the remaining lives are as follows:

	Accumulated Amortization		Accumulated Amortization		Acquisition Costs Impairment		Remaining Life Acquistion Costs
	2009		2008		2009		Years
Series 20	$	—	$	32,149	$	62,514	—
Series 21	—		17,585		34,192		—
Series 22	—		55,259		107,446		—
Series 23	—		77,850		159,787		—
Series 24	—		91,840		178,582		—
Series 25	—		92,234		145,062		3
Series 26	—		154,374		252,527		2
Series 27	149,468		134,521		—		4
Series 28	—		29,701		57,762		—
Series 29	32,972		29,661		—		2
Series 30			191,011		162,953		2
Series 31	—		—		—		—
Series 32	—		272,290		138,909		3
Series 33	—		244,593		441,461		3
Series 34	431,775		388,419		—		2
Series 35	—		1,102,072		1,860,902		4
Series 36	—		752,259		1,386,792		3
Series 37	—		716,607		1,191,943		4
Series 38	—		623,337		1,813,141		4
Series 39	—		548,618		1,689,322		4
Series 40	—		532,963		1,968,409		4
Series 41	—		692,088		954,584		5
Series 42	—		564,174		1,423,228		8
Series 43	—		731,350		1,015,420		8
Series 44	532,873		431,195		—		8
Series 45	—		497,633		410,614		8
Series 46	—		351,633		1,357,556		8
	$	1,147,088	$	9,355,416	$	16,813,106

The annual amortization for deferred acquisition costs for the years 2010, 2011, 2012, 2013, and 2014 is estimated to be $2,422,678, $2,422,678, $1,875,720, $1,691,416 and $1,334,164, respectively.

F-152

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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.

In June 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48), an interpretation of FASB Statement No. 109. FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained upon examination by the applicable tax authority, based on the technical merits of the tax position, and then recognizing the tax benefit that is more-likely-than-not to be realized. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current reporting period. As required, the Fund adopted FIN 48 effective April 1, 2007 and concluded that the effect is not material to its financial statements. Accordingly, no cumulative effect adjustment related to the adoption of FIN 48 was recorded.

Cash and Cash Equivalents

Cash equivalents include 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-153

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 and 2008 are as follows:

	2009	2008
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-154

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-155

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2009 and 2008, 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, 2009 and 2008, are as follows:

	2009		2008
Series 20	$	337,752	$	337,752
Series 21	180,372		180,372
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	334,692		337,980
Series 30	186,169		186,169
Series 31	364,152		394,666
Series 32	328,345		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		246,830
Series 42	252,320		252,320
Series 43	306,780		306,780
Series 44	284,701		284,701
Series 45	366,564		366,564
Series 46	249,528		249,528
	$	7,079,752	$	7,116,749

F-156

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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 to the partnership for the years ended March 31, 2009 and 2008, are as follows:

	2009		2008
Series 20	$	55,948	$	84,954
Series 21	21,723		5,126
Series 22	21,131		21,794
Series 23	34,314		10,064
Series 24	33,074		21,838
Series 25	60,212		34,791
Series 26	81,694		60,480
Series 27	47,815		15,963
Series 28	68,022		69,658
Series 29	33,606		73,366
Series 30	30,346		44,134
Series 31	42,859		134,570
Series 32	20,555		51,022
Series 33	9,888		22,946
Series 34	45,163		20,320
Series 35	38,385		28,388
Series 36	40,754		14,207
Series 37	10,500		32,570
Series 38	19,873		24,470
Series 39	45,799		20,160
Series 40	31,158		23,853
Series 41	32,501		26,126
Series 42	17,395		34,072
Series 43	16,364		21,650
Series 44	84,969		43,095
Series 45	48,393		42,171
Series 46	34,228		43,609
	$	1,026,669	$	1,025,397

F-157

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

The fund management fees paid for the years ended March 31, 2009  and 2008, are as follows:

	2009		2008
Series 20	$	50,000	$	125,000
Series 21	—		—
Series 22	—		—
Series 23	—		—
Series 24	50,000		25,000
Series 25	50,000		100,000
Series 26	775,000		100,000
Series 27	—		—
Series 28	75,000		175,000
Series 29	—		—
Series 30	25,000		50,000
Series 31	50,000		150,000
Series 32	25,000		—
Series 33	—		—
Series 34	—		—
Series 35	25,000		25,000
Series 36	25,000		—
Series 37	25,000		25,000
Series 38	25,000		50,000
Series 39	25,000		100,000
Series 40	—		—
Series 41	—		—
Series 42	125,000		100,000
Series 43	50,000		140,000
Series 44	75,000		115,000
Series 45	175,000		275,000
Series 46	100,000		215,000
	$	1,750,000	$	1,770,000

F-158

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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 for the years ended March 31, 2009 and 2008, are as follows:.

	2009		2008
Series 20	$	—	$	—
Series 21	108,007		79,455
Series 22	37,496		20,620
Series 23	47,736		30,524
Series 24	—		—
Series 25	—		—
Series 26	—		—
Series 27	41,806		26,765
Series 28	—		—
Series 29	—		—
Series 30	—		—
Series 31	—		—
Series 32	—		—
Series 33	34,528		18,039
Series 34	47,228		28,940
Series 35	—		—
Series 36	110,046		94,121
Series 37	—		—
Series 38	69,191		69,191
Series 39	220,455		220,455
Series 40	307,469		297,730
Series 41	340,438		316,409
Series 42	221,615		221,615
Series 43	51,482		51,482
Series 44	—		—
Series 45	—		—
Series 46	—		—
	$	1,637,497	$	1,475,346

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-159

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

During the years ended March 31, 2009 and 2008, 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:

	2009		2008
Series 20	$	17,881	$	21,639
Series 21	13,553		17,555
Series 22	16,876		20,620
Series 23	17,213		20,971
Series 24	15,388		20,318
Series 25	16,434		20,246
Series 26	20,948		24,403
Series 27	15,042		18,467
Series 28	20,746		22,392
Series 29	20,459		22,271
Series 30	17,749		19,574
Series 31	20,988		22,815
Series 32	20,217		22,156
Series 33	16,488		18,039
Series 34	18,287		20,162
Series 35	17,719		19,636
Series 36	15,926		17,892
Series 37	21,479		23,561
Series 38	22,012		24,049
Series 39	21,380		23,448
Series 40	22,690		24,666
Series 41	24,030		27,677
Series 42	23,924		25,816
Series 43	25,154		27,571
Series 44	22,264		24,517
Series 45	26,557		29,347
Series 46	23,335		25,538
	$	534,739	$	605,346

Accounts payable - affiliates at March 31, 2009 and 2008 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-160

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2009 and 2008, 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, 2009 and 2008 by series are as follows:

	2009	2008
Series 20	22	22
Series 21	13	13
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	21	22
Series 30	18	18
Series 31	26	26
Series 32	16	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	15
	510	512

F-161

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

During the year ended March 31, 2009 the Fund disposed of one operating limited partnership in Series 29 and one operating limited partnership in Series 32.   No proceeds were received from the dispositions and no gains were recorded.

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.

F-162

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 and 2008, contributions are payable to operating limited partnerships as follows:

	2009		2008
Series 20	$	—	$	—
Series 21	—		236,479
Series 22	9,352		9,352
Series 23	—		—
Series 24	9,999		9,999
Series 25	10,001		61,733
Series 26	14,490		29,490
Series 27	39,749		39,749
Series 28	40,968		40,968
Series 29	10,197		45,783
Series 30	127,396		127,396
Series 31	66,294		66,294
Series 32	298,561		298,561
Series 33	194,154		194,154
Series 34	—		8,244
Series 35	—		—
Series 36	—		—
Series 37	138,438		138,438
Series 38	—		—
Series 39	—		—
Series 40	102		8,694
Series 41	100		100
Series 42	452,937		457,148
Series 43	307,738		310,006
Series 44	590,561		702,126
Series 45	16,724		16,724
Series 46	20,138		20,138
	$	2,347,899	$	2,821,576

F-163

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2009 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	$	595,641,992		$	24,751,070		$	12,367,163
Acquisition costs of operating limited partnerships	46,131,056			3,540,340			1,923,140
Cumulative distributions from operating limited partnerships	(7,148,485		)	(3,612,833		)	(29,005		)
Cumulative impairment loss in investments in operating limited partnerships	(209,578,825		)	(4,604,488		)	(746,232		)
Cumulative losses from operating limited partnerships	(305,872,417		)	(20,074,089		)	(13,417,187		)
Investments in operating limited partnerships per balance sheet	119,173,321			—			97,879

F-164

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2008 (see note A).	(6,787,905		)	—			(236,474		)
The fund has recorded acquisition costs at March 31, 2009 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).	(36,349,415		)	(3,366,332		)	(3,666,793		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	1,989,552			253,099			174,071
Cumulative impairment loss in investments in operating limited partnerships	209,578,825			4,604,488			746,232
Other	(4,936,282		)	(145,391		)	(24,421		)
Equity per operating limited partnerships’ combined financial statements	$	277,937,134		$	1,187,776		$	(2,396,758	)

F-165

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2009 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	(120,970		)	(58,149		)	(152,898		)
Cumulative impairment loss in investments in operating limited partnerships	(6,562,719		)	(11,676,945		)	(5,389,926		)
Cumulative losses from operating limited partnerships	(14,116,696		)	(15,566,854		)	(11,963,949		)
Investments in operating limited partnerships per balance sheet	—			—			—

F-166

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2008 (see note A).	(481,359		)	(11,581		)	(30,158		)
The fund has recorded acquisition costs at March 31, 2009 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).	(4,574,176		)	(2,754,095		)	(2,680,592		)
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	6,562,719			11,676,945			5,389,926
Other	(271,822		)	(69,454		)	182,710
Equity per operating limited partnerships’ combined financial statements	$	1,126,568		$	8,631,972		$	2,501,849

F-167

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2009 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	$	21,913,216		$	28,887,643		$	16,970,475
Acquisition costs of operating limited partnerships	2,803,677			3,968,917			2,467,629
Cumulative distributions from operating limited partnerships	(265,151		)	(455,894		)	(69,055		)
Cumulative impairment loss in investments in operating limited partnerships	(11,724,939		)	(17,902,141		)	(10,580,622		)
Cumulative losses from operating limited partnerships	(12,717,342		)	(13,160,275		)	(6,093,227		)
Investments in operating limited partnerships per balance sheet	9,461			1,338,250			2,695,200

F-168

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2008 (see note A).	(111,404		)	(108,982		)	(316,117		)
The fund has recorded acquisition costs at March 31, 2009 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).	(4,690,637		)	(2,931,539		)	(1,215,186		)
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	11,724,939			17,902,141			10,580,622
Other	(219,121		)	(228,871		)	(42,654		)
Equity per operating limited partnerships’ combined financial statements	$	6,408,219		$	16,216,733		$	11,537,649

F-169

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2009 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		$	28,419,361		$	15,301,412
Acquisition costs of operating limited partnerships	4,191,674			4,100,111			1,640,751
Cumulative distributions from operating limited partnerships	(529,321		)	(26,147		)	(169,889		)
Cumulative impairment loss in investments in operating limited partnerships	(17,484,651		)	(10,500,801		)	(7,524,223		)
Cumulative losses from operating limited partnerships	(14,055,570		)	(21,383,002		)	(8,030,725		)
Investments in operating limited partnerships per balance sheet	688,188			609,522			1,217,326

F-170

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2008 (see note A).	(289,605		)	(158,645		)	(135,225		)
The fund has recorded acquisition costs at March 31, 2009 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).	(214,652		)	(1,611,939		)	(318,066		)
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	17,484,651			10,500,801			7,524,223
Other	(215,223		)	(57,119		)	(4,468		)
Equity per operating limited partnerships’ combined financial statements	$	17,034,258		$	8,958,772		$	8,055,801

F-171

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2009 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		$	34,079,966		$	19,377,023
Acquisition costs of operating limited partnerships	4,586,765			4,291,123			2,010,987
Cumulative distributions from operating limited partnerships	(60,564		)	(98,227		)	(22,915		)
Cumulative impairment loss in investments in operating limited partnerships	(14,357,798		)	(16,120,674		)	(11,210,624		)
Cumulative losses from operating limited partnerships	(21,398,218		)	(19,120,417		)	(8,365,341		)
Investments in operating limited partnerships per balance sheet	647,143			3,031,771			1,789,130

F-172

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2008 (see note A).	(138,370		)	(1,715,608		)	(1,561,054		)
The fund has recorded acquisition costs at March 31, 2009 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).	(1,680,389		)	(981,501		)	(24,948		)
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	14,357,798			16,120,674			11,210,624
Other	(327,579		)	(420,490		)	(10,495		)
Equity per operating limited partnerships’ combined financial statements	$	12,949,823		$	14,335,949		$	10,788,924

F-173

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2009 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	$	25,652,136		$	23,888,138		$	15,338,469
Acquisition costs of operating limited partnerships	2,566,310			—			—
Cumulative distributions from operating limited partnerships	(21,895		)	(14,531		)	(60,499		)
Cumulative impairment loss in investments in operating limited partnerships	(10,379,300		)	(8,342,254		)	(4,813,149		)
Cumulative losses from operating limited partnerships	(15,857,395		)	(9,886,814		)	(6,632,380		)
Investments in operating limited partnerships per balance sheet	1,959,856			5,644,539			3,832,441

F-174

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2008 (see note A).	(38,698		)	—			(14,791		)
The fund has recorded acquisition costs at March 31, 2009 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).	(346,282		)	(612,005		)	(1,820,755		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	6,464			78,017			1,370
Cumulative impairment loss in investments in operating limited partnerships	10,379,300			8,342,254			4,813,149
Other	(143,300		)	(144,148		)	(111,809		)
Equity per operating limited partnerships’ combined financial statements	$	11,521,806		$	13,308,657		$	6,699,605

F-175

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2009 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	$	18,513,938		$	18,910,878		$	16,749,466
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(105,700		)	(362,408		)	(174,162		)
Cumulative impairment loss in investments in operating limited partnerships	(5,725,704		)	(5,753,161		)	(3,580,647		)
Cumulative losses from operating limited partnerships	(8,787,719		)	(6,500,003		)	(6,930,948		)
Investments in operating limited partnerships per balance sheet	3,894,815			6,295,306			6,063,709

F-176

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2008 (see note A).	(155,365		)	—			—
The fund has recorded acquisition costs at March 31, 2009 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	5,725,704			5,753,161			3,580,647
Other	15,363			(235,259		)	(129,984		)
Equity per operating limited partnerships’ combined financial statements	$	9,784,327		$	11,872,669		$	9,793,591

F-177

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2009 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	$	19,569,292		$	18,451,656		$	19,953,905
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(47,339		)	(396,828		)	(24,627		)
Cumulative impairment loss in investments in operating limited partnerships	(5,506,211		)	(3,348,914		)	(4,380,914		)
Cumulative losses from operating limited partnerships	(6,689,380		)	(8,422,510		)	(8,087,824		)
Investments in operating limited partnerships per balance sheet	7,326,362			6,283,404			7,460,540

F-178

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2008 (see note A).	(25,172		)	(33,807		)	(480,654		)
The fund has recorded acquisition costs at March 31, 2009 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).	—			(545,494		)	(361,568		)
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	5,506,211			3,348,914			4,380,914
Other	(446,432		)	(652,717		)	(98,395		)
Equity per operating limited partnerships’ combined financial statements	$	12,439,780		$	8,401,349		$	10,947,870

F-179

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2009 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	$	26,818,608		$	19,498,587		$	29,707,426
Acquisition costs of operating limited partnerships	—			—			—
Cumulative distributions from operating limited partnerships	(141,170		)	(22,790		)	(90,624		)
Cumulative impairment loss in investments in operating limited partnerships	(3,859,298		)	(2,413,122		)	(3,218,558		)
Cumulative losses from operating limited partnerships	(11,274,938		)	(6,620,424		)	(7,213,256		)
Investments in operating limited partnerships per balance sheet	11,543,202			10,442,251			19,184,988

F-180

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2008 (see note A).	(223,508		)	(373,551		)	(129,725		)
The fund has recorded acquisition costs at March 31, 2009 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).	(828,938		)	(1,015,896		)	(107,632		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	—			(21,155		)	28,744
Cumulative impairment loss in investments in operating limited partnerships	3,859,298			2,413,122			3,218,558
Other	(307,736		)	(331,443		)	(294,674		)
Equity per operating limited partnerships’ combined financial statements	$	14,042,318		$	11,113,328		$	21,900,259

F-181

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2009 is summarized as follows:

	Series 46
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	22,509,676
Acquisition costs of operating limited partnerships	—
Cumulative distributions from operating limited partnerships	(14,894		)
Cumulative impairment loss in investments in operating limited partnerships	(1,870,810		)
Cumulative losses from operating limited partnerships	(3,505,934		)
Investments in operating limited partnerships per balance sheet	17,118,038

F-182

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2008 (see note A).	(18,052		)
The fund has recorded acquisition costs at March 31, 2009 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	1,870,810
Other	(201,350		)
Equity per operating limited partnerships’ combined financial statements	$	18,774,040

F-183

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-184

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-185

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-186

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-187

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-188

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-189

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-190

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-191

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-192

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - - CONTINUED

March 31, 2009 and 2008

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-193

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-194

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-195

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-196

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-197

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-198

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-199

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-200

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-201

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-202

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-203

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2008 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,421,049,248	$	49,605,124		$	21,181,693
Construction in progress	267,144		—			—
Land	126,395,113		6,112,210			2,839,206
Other assets	150,192,082		9,332,778			2,045,850
	$	1,697,903,587	$	65,050,112		$	26,066,749
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	1,121,059,748	$	59,460,743		$	20,983,010
Accounts payable and accrued expenses	52,233,263		3,540,386			1,515,441
Other liabilities	161,495,239		4,070,910			5,408,009
	1,334,788,250		67,072,039			27,906,460
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	277,937,134		1,187,776			(2,396,758		)
Other partners	85,178,203		(3,209,703		)	557,047
	363,115,337		(2,021,927		)	(1,839,711		)
	$	1,697,903,587	$	65,050,112		$	26,066,749

F-204

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2008 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 22			Series 23			Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	52,384,744			$	50,959,512		$	43,254,693
Construction in progress	267,144			—			—
Land	4,250,201			3,957,131			3,886,295
Other assets	5,620,473			5,111,323			4,780,219
	62,522,562			$	60,027,966		$	51,921,207
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	50,094,575			$	38,958,342		$	40,803,304
Accounts payable and accrued expenses	3,926,361			6,965,632			1,888,600
Other liabilities	8,235,940			7,254,078			4,395,693
	62,256,876			53,178,052			47,087,597
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	1,126,568			8,631,972			2,501,849
Other partners	(860,882		)	(1,782,058		)	2,331,761
	265,686			6,849,914			4,833,610
	$	62,522,562		$	60,027,966		$	51,921,207

F-205

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2008 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25		Series 26		Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	48,046,561	$	63,749,272	$	55,496,567
Construction in progress	—		—		—
Land	3,701,410		5,310,128		6,005,394
Other assets	8,175,226		12,122,469		7,782,649
	$	59,923,197	$	81,181,869	$	69,284,610
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	40,248,559	$	53,627,016	$	44,482,008
Accounts payable and accrued expenses	3,095,596		3,246,866		1,322,848
Other liabilities	6,208,603		5,650,264		8,541,865
	49,552,758		62,524,146		54,346,721
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	6,408,219		16,216,733		11,537,649
Other partners	3,962,220		2,440,990		3,400,240
	10,370,439		18,657,723		14,937,889
	$	59,923,197	$	81,181,869	$	69,284,610

F-206

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2008 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28		Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	54,571,009	$	47,841,657	$	35,288,999
Construction in progress	—		—		—
Land	5,523,586		2,816,806		2,406,880
Other assets	6,699,472		4,946,973		3,663,003
	$	66,794,067	$	55,605,436	$	41,358,882
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	40,833,023	$	36,765,693	$	24,981,133
Accounts payable and accrued expenses	1,920,925		1,674,836		1,166,145
Other liabilities	3,529,092		7,672,682		4,866,210
	46,283,040		46,113,211		31,013,488
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	17,034,258		8,958,772		8,055,801
Other partners	3,476,769		533,453		2,289,593
	20,511,027		9,492,225		10,345,394
	$	66,794,067	$	55,605,436	$	41,358,882

F-207

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2008 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31			Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	54,834,189		$	57,905,954	$	49,278,499
Construction in progress	—			—		—
Land	4,222,958			4,281,042		5,245,180
Other assets	5,949,802			5,925,343		4,434,550
	$	65,006,949		$	68,112,339	$	58,958,229
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	45,995,554		$	40,036,493	$	33,801,967
Accounts payable and accrued expenses	1,179,412			2,806,866		1,371,726
Other liabilities	6,189,585			4,697,771		3,205,542
	53,364,551			47,541,130		38,379,235
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	12,949,823			14,335,949		10,788,924
Other partners	(1,307,425		)	6,235,260		9,790,070
	11,642,398			20,571,209		20,578,994
	$	65,006,949		$	68,112,339	$	58,958,229

F-208

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2008 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34		Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	53,744,378	$	45,592,905	$	40,843,695
Construction in progress	—		—		—
Land	5,358,490		3,734,936		2,791,180
Other assets	4,483,451		3,372,020		4,046,646
	$	63,586,319	$	52,699,861	$	47,681,521
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	43,851,649	$	24,891,419	$	34,945,240
Accounts payable and accrued expenses	2,273,725		959,320		1,259,633
Other liabilities	5,588,845		8,039,021		3,455,784
	51,714,219		33,889,760		39,660,657
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	11,521,806		13,308,657		6,699,605
Other partners	350,294		5,501,444		1,321,259
	11,872,100		18,810,101		8,020,864
	$	63,586,319	$	52,699,861	$	47,681,521

F-209

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2008 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 37		Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	40,593,398	$	31,545,064	$	26,801,809
Construction in progress	—		—		—
Land	2,432,620		2,144,257		1,801,039
Other assets	3,547,951		2,345,322		2,159,930
	$	46,573,969	$	36,034,643	$	30,762,778
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	30,151,085	$	18,010,424	$	14,233,625
Accounts payable and accrued expenses	1,619,174		534,070		482,231
Other liabilities	3,039,147		1,637,909		1,792,211
	34,809,406		20,182,403		16,508,067
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	9,784,327		11,872,669		9,793,591
Other partners	1,980,236		3,979,571		4,461,120
	11,764,563		15,852,240		14,254,711
	$	46,573,969	$	36,034,643	$	30,762,778

F-210

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2008 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	63,848,467	$	91,764,694	$	71,379,671
Construction in progress	—		—		—
Land	5,081,041		11,358,983		7,416,333
Other assets	4,632,736		9,664,734		7,504,784
	$	73,562,244	$	112,788,411	$	86,300,788
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	48,401,387	$	86,247,388	$	52,929,983
Accounts payable and accrued expenses	1,125,190		1,775,698		2,547,515
Other liabilities	8,032,730		11,376,840		11,542,080
	57,559,307		99,399,926		67,019,578
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	12,439,780		8,401,349		10,947,870
Other partners	3,563,157		4,987,136		8,333,340
	16,002,937		13,388,485		19,281,210
	$	73,562,244	$	112,788,411	$	86,300,788

F-211

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2008 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44		Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	70,389,777	$	69,007,633	$	84,048,748
Construction in progress	—		—		—
Land	6,704,151		7,662,597		6,939,644
Other assets	5,667,992		5,349,918		7,100,667
	$	82,761,920	$	82,020,148	$	98,089,059
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	50,536,842	$	57,520,455	$	61,601,480
Accounts payable and accrued expenses	1,387,933		1,037,362		1,119,837
Other liabilities	9,520,644		8,911,909		5,434,313
	61,445,419		67,469,726		68,155,630
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	14,042,318		11,113,328		21,900,259
Other partners	7,274,183		3,437,094		8,033,170
	21,316,501		14,550,422		29,933,429
	$	82,761,920	$	82,020,148	$	98,089,059

F-212

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2008 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	47,090,536
Construction in progress	—
Land	2,411,415
Other assets	3,725,801
	$	53,227,752
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	26,667,351
Accounts payable and accrued expenses	489,935
Other liabilities	3,197,562
	30,354,848
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	18,774,040
Other partners	4,098,864
	22,872,904
	$	53,227,752

F-213

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-214

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-215

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-216

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-217

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-218

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-219

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-220

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-221

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-222

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-223

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2008 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2008 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	231,676,969		$	12,892,062		$	4,462,376
Interest and other	12,168,503			795,255			106,473
	243,845,472			13,687,317			4,568,849
Expenses
Interest	62,685,352			3,413,769			1,326,453
Depreciation and amortization	69,199,771			3,145,681			920,716
Taxes and insurance	30,369,474			1,918,673			588,332
Repairs and maintenance	42,038,713			2,813,863			587,223
Operating expenses	80,038,402			3,572,932			1,630,115
Other expenses	7,356,872			672,059			76,721
	291,688,584			15,536,977			5,129,560
NET LOSS	$	(47,843,112	)	$	(1,849,660	)	$	(560,711	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(31,371,456	)	$	(1,189,522	)	$	(492,938	)
Net income (loss) allocated to other partners	$	(16,471,656	)	$	(660,138	)	$	(67,773	)

* Amounts include $796,781, $461,920, $1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220, $1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481, $427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 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, 2009 and 2008

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, 2008 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2008 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	9,811,382		$	8,995,183		$	9,190,286
Interest and other	829,951			628,303			160,951
	10,641,333			9,623,486			9,351,237
Expenses
Interest	2,664,551			2,536,616			2,313,186
Depreciation and amortization	2,797,822			2,313,934			2,706,521
Taxes and insurance	1,654,019			1,356,187			1,177,926
Repairs and maintenance	2,860,289			2,080,500			1,730,471
Operating expenses	3,476,412			3,277,850			3,082,444
Other expenses	280,201			369,806			106,878
	13,733,294			11,934,893			11,117,426
NET LOSS	$	(3,091,961	)	$	(2,311,407	)	$	(1,766,189	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,386,300	)	$	(1,019,496	)	$	(1,007,476	)
Net income (loss) allocated to other partners	$	(1,705,661	)	$	(1,291,911	)	$	(758,713	)

* Amounts include $796,781, $461,920, $1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220, $1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481, $427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 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, 2009 and 2008

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, 2008 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2008 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	12,821,510		$	12,251,010		$	10,093,201
Interest and other	335,140			618,641			391,776
	13,156,650			12,869,651			10,484,977
Expenses
Interest	2,865,229			2,300,508			2,731,223
Depreciation and amortization	2,918,076			3,157,121			2,547,401
Taxes and insurance	1,722,991			1,755,156			1,214,068
Repairs and maintenance	3,528,493			1,971,363			1,290,039
Operating expenses	4,082,438			4,250,404			2,934,411
Other expenses	198,164			366,693			286,451
	15,315,391			13,801,245			11,003,593
NET LOSS	$	(2,158,741	)	$	(931,594	)	$	(518,616	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,761,396	)	$	(913,872	)	$	33,573
Net income (loss) allocated to other partners	$	(397,345	)	$	(17,722	)	$	(552,189	)

* Amounts include $796,781, $461,920, $1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220, $1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481, $427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 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, 2009 and 2008

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, 2008 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2008 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	9,729,199		$	6,778,730		$	6,401,396
Interest and other	215,750			424,152			249,945
	9,944,949			7,202,882			6,651,341
Expenses
Interest	2,067,201			1,907,500			1,226,523
Depreciation and amortization	2,936,155			2,468,621			1,626,655
Taxes and insurance	1,237,740			1,037,861			803,950
Repairs and maintenance	1,578,795			1,253,209			1,238,136
Operating expenses	3,304,339			2,866,548			2,804,534
Other expenses	337,235			164,188			91,581
	11,461,465			9,697,927			7,791,379
NET LOSS	$	(1,516,516	)	$	(2,495,045	)	$	(1,140,038	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(844,388	)	$	(2,436,009	)	$	(755,978	)
Net income (loss) allocated to other partners	$	(672,128	)	$	(59,036	)	$	(384,060	)

* Amounts include $796,781, $461,920, $1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220, $1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481, $427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 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, 2009 and 2008

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, 2008 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2008 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	10,039,438		$	8,787,117		$	7,769,265
Interest and other	503,202			380,811			342,837
	10,542,640			9,167,928			8,112,102
Expenses
Interest	1,523,511			2,305,145			2,022,504
Depreciation and amortization	2,927,976			3,295,844			2,272,089
Taxes and insurance	1,421,738			1,232,398			1,282,459
Repairs and maintenance	1,841,853			1,221,772			1,053,763
Operating expenses	4,801,197			3,178,556			2,538,761
Other expenses	319,247			194,550			459,677
	12,835,522			11,428,265			9,629,253
NET LOSS	$	(2,292,882	)	$	(2,260,337	)	$	(1,517,151	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(2,289,452	)	$	(1,798,622	)	$	(549,255	)
Net income (loss) allocated to other partners	$	(3,430	)	$	(461,715	)	$	(967,896	)

* Amounts include $796,781, $461,920, $1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220, $1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481, $427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 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, 2009 and 2008

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, 2008 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2008 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	8,126,163		$	6,036,997		$	6,373,812
Interest and other	651,532			491,616			339,382
	8,777,695			6,528,613			6,713,194
Expenses
Interest	2,426,912			1,771,331			2,033,762
Depreciation and amortization	2,983,259			2,096,616			1,874,789
Taxes and insurance	1,143,784			892,144			622,400
Repairs and maintenance	1,183,214			1,094,223			1,451,190
Operating expenses	3,037,884			2,224,912			2,271,760
Other expenses	50,175			78,200			99,230
	10,825,228			8,157,426			8,353,131
NET LOSS	$	(2,047,533	)	$	(1,628,813	)	$	(1,639,937	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,384,749	)	$	(1,032,870	)	$	(917,851	)
Net income (loss) allocated to other partners	$	(662,784	)	$	(595,943	)	$	(722,086	)

* Amounts include $796,781, $461,920, $1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220, $1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481, $427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 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, 2009 and 2008

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, 2008 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2008 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	5,699,829		$	4,227,311		$	3,380,239
Interest and other	316,535			179,252			217,963
	6,016,364			4,406,563			3,598,202
Expenses
Interest	1,360,998			1,114,123			868,055
Depreciation and amortization	2,031,855			1,482,940			1,313,280
Taxes and insurance	748,549			528,608			443,245
Repairs and maintenance	1,018,130			648,984			453,077
Operating expenses	2,696,589			1,468,048			1,441,091
Other expenses	76,613			51,984			87,461
	7,932,734			5,294,687			4,606,209
NET LOSS	$	(1,916,370	)	$	(888,124	)	$	(1,008,007	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,297,634	)	$	(578,692	)	$	(705,389	)
Net income (loss) allocated to other partners	$	(618,736	)	$	(309,432	)	$	(302,618	)

* Amounts include $796,781, $461,920, $1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220, $1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481, $427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 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, 2009 and 2008

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, 2008 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2008 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	8,840,062		$	14,940,535		$	10,517,920
Interest and other	536,805			989,046			570,293
	9,376,867			15,929,581			11,088,213
Expenses
Interest	3,145,067			5,663,853			3,397,617
Depreciation and amortization	2,742,487			4,097,394			3,266,946
Taxes and insurance	1,148,823			1,751,906			1,038,682
Repairs and maintenance	1,485,918			2,281,400			1,668,321
Operating expenses	2,424,473			3,494,702			3,490,973
Other expenses	103,759			465,407			854,554
	11,050,527			17,754,662			13,717,093
NET LOSS	$	(1,673,660	)	$	(1,825,081	)	$	(2,628,880	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(774,697	)	$	(1,004,910	)	$	(1,689,854	)
Net income (loss) allocated to other partners	$	(898,963	)	$	(820,171	)	$	(939,026	)

* Amounts include $796,781, $461,920, $1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220, $1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481, $427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 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, 2009 and 2008

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, 2008 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2008 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	8,996,346		$	9,114,821		$	10,239,816
Interest and other	639,996			292,603			689,662
	9,636,342			9,407,424			10,929,478
Expenses
Interest	2,711,247			2,877,525			2,656,440
Depreciation and amortization	3,249,810			3,048,903			3,419,588
Taxes and insurance	917,486			925,385			1,175,536
Repairs and maintenance	1,632,261			1,517,507			1,745,738
Operating expenses	3,218,176			2,958,450			3,769,377
Other expenses	1,025,716			377,645			115,795
	12,754,696			11,705,415			12,882,474
NET LOSS	$	(3,118,354	)	$	(2,297,991	)	$	(1,952,996	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(2,231,669	)	$	(1,433,281	)	$	(1,143,893	)
Net income (loss) allocated to other partners	$	(886,685	)	$	(864,710	)	$	(809,103	)

* Amounts include $796,781, $461,920, $1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220, $1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481, $427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 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-232

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2008 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2008 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	5,160,963
Interest and other	270,631
	5,431,594
Expenses
Interest	1,454,503
Depreciation and amortization	1,557,292
Taxes and insurance	629,428
Repairs and maintenance	808,981
Operating expenses	1,741,026
Other expenses	46,882
	6,238,112
NET LOSS	$	(806,518	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(764,836	)
Net income (loss) allocated to other partners	$	(41,682	)

* Amounts include $796,781, $461,920, $1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220, $1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481, $427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 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-233

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-234

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-235

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-236

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-237

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-238

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-239

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-240

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-241

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-242

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-243

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE D - NOTES RECEIVABLE

Notes receivable at March 31, 2009 and 2008 consist of advance installments of $723,071 and $892,005, 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 + 1.00%.  Prime was 3.25% and 5.25% as of March 31, 2009 and 2008, 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, 2009 and 2008 approximates fair value.  The notes at March 31, 2009 and 2008 by series are as follows:

	2009		2008
Series 20	$	—	$	—
Series 21	—		236,476
Series 22	—		—
Series 23	—		—
Series 24	—		—
Series 25	—		—
Series 26	—		129,062
Series 27	—		—
Series 28	—		—
Series 29	—		—
Series 30	—		—
Series 31	—		—
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		292,933
Series 43	186,626		186,626
Series 44	196,604		—
Series 45	—		—
Series 46	—		—
	$	723,071	$	892,005

F-244

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	(113,256,678	)	$	(1,573,686	)	$	(521,323	)
Operating limited partnership rents received in advance	32,257			—			(7,146		)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	5,329,752			287,752			180,372
Other	3,333,786			(174,584		)	171,479
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(12,331,916		)	(796,781		)	(461,920		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(5,802,253		)	(75,063		)	(293,315		)
Impairment loss not recognized for tax purposes	85,330,656			873,961			114,377
Difference due to fiscal year for book purposes and calendar year for tax purposes	(167,592		)	3,827			148,353
Income (loss) for tax return purposes, December 31, 2008	$	(37,531,988	)	$	(1,454,574	)	$	(669,123	)

F-245

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	(974,194	)	$	(1,118,218	)	$	(668,822	)
Operating limited partnership rents received in advance	—			—			1,829
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	254,591			240,264			177,736
Other	116,718			(252,769		)	395,625
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(1,240,851		)	(979,955		)	(842,764		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(40,494		)	(199,365		)	(108,192		)
Impairment loss not recognized for tax purposes	541,202			799,427			282,261
Difference due to fiscal year for book purposes and calendar year for tax purposes	3,450			16,572			(135,132		)
Income (loss) for tax return purposes, December 31, 2008	$	(1,339,578	)	$	(1,494,044	)	$	(897,459	)

F-246

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(2,854,621	)	$	(4,529,704	)	$	(4,524,267	)
Operating limited partnership rents received in advance	(456		)	—			(545		)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	222,676			(340,240		)	315,204
Other	973,979			1,333,432			(211,556		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(1,661,296		)	(900,388		)	(164,494		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(124,976		)	(490,988		)	(356,197		)
Impairment loss not recognized for tax purposes	2,471,550			4,780,554			4,301,123
Difference due to fiscal year for book purposes and calendar year for tax purposes	(29,636		)	(535,553		)	94,481
Income (loss) for tax return purposes, December 31, 2008	$	(1,002,780	)	$	(682,887	)	$	(546,251	)

F-247

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(5,152,986	)	$	(3,236,562	)	$	(3,481,426	)
Operating limited partnership rents received in advance	(177		)	(1,988		)	(767		)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	259,116			334,692			161,169
Other	40,402			123,799			78,303
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(161,220		)	(1,255,416		)	(318,066		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(299,443		)	(219,568		)	(141,816		)
Impairment loss not recognized for tax purposes	4,140,066			1,715,287			2,814,246
Difference due to fiscal year for book purposes and calendar year for tax purposes	(154,524		)	51,536			(79,129		)
Income (loss) for tax return purposes, December 31, 2008	$	(1,328,766	)	$	(2,488,220	)	$	(967,486	)

F-248

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	(5,668,443	)	$	(6,260,761	)	$	(5,082,253	)
Operating limited partnership rents received in advance	434			17,699			2,553
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	314,152			303,345			173,964
Other	1,014,538			201,226			(76,900		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(1,107,821		)	(346,834		)	(24,948		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(399,170		)	(225,401		)	(120,156		)
Impairment loss not recognized for tax purposes	3,983,987			4,272,196			4,328,479
Difference due to fiscal year for book purposes and calendar year for tax purposes	267,008			161,866			9,246
Income (loss) for tax return purposes, December 31, 2008	$	(1,595,315	)	$	(1,876,664	)	$	(790,015	)

F-249

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	(5,616,496	)	$	(6,285,010	)	$	(3,824,248	)
Operating limited partnership rents received in advance	1,320			587			2,292
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	293,196			203,360			135,599
Other	(20,947		)	21,026			(12,404		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(341,956		)	(232,481		)	(427,293		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(213,583		)	(287,734		)	(131,983		)
Impairment loss not recognized for tax purposes	4,230,134			5,113,606			3,085,005
Difference due to fiscal year for book purposes and calendar year for tax purposes	(19,195		)	11,784			3,682
Income (loss) for tax return purposes, December 31, 2008	$	(1,687,527	)	$	(1,454,862	)	$	(1,169,350	)

F-250

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(6,790,196	)	$	(6,258,767	)	$	(4,318,730	)
Operating limited partnership rents received in advance	26,479			—			—
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	179,864			139,400			111,800
Other	(151,378		)	46,009			72,699
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	(194,109		)	(198,744		)	(121,862		)
Impairment loss not recognized for tax purposes	5,083,007			5,386,462			3,386,978
Difference due to fiscal year for book purposes and calendar year for tax purposes	92,859			18,948			13,280
Income (loss) for tax return purposes, December 31, 2008	$	(1,753,474	)	$	(866,692	)	$	(855,835	)

F-251

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(5,416,173	)	$	(3,871,357	)	$	(6,857,155	)
Operating limited partnership rents received in advance	6,486			(5,681		)	(5,484		)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	200,017			246,830			127,320
Other	14,593			(311,881		)	180,212
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			(196,161		)	(185,732		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(120,788		)	(56,423		)	(84,105		)
Impairment loss not recognized for tax purposes	4,292,781			2,680,272			4,924,845
Difference due to fiscal year for book purposes and calendar year for tax purposes	2,655			(10,512		)	(82,564		)
Income (loss) for tax return purposes, December 31, 2008	$	(1,020,429	)	$	(1,524,913	)	$	(1,982,663	)

F-252

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(6,502,229	)	$	(3,188,252	)	$	(4,427,068	)
Operating limited partnership rents received in advance	(5,610		)	23			409
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	256,780			209,701			191,564
Other	(107,971		)	655,839			(541,425		)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(296,324		)	(362,181		)	(27,034		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(169,573		)	(242,991		)	(379,394		)
Impairment loss not recognized for tax purposes	4,043,890			1,773,459			2,787,550
Difference due to fiscal year for book purposes and calendar year for tax purposes	12,905			21,372			(28,735		)
Income (loss) for tax return purposes, December 31, 2008	$	(2,768,132	)	$	(1,133,030	)	$	(2,424,133	)

F-253

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(4,253,731	)
Operating limited partnership rents received in advance	—
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	149,528
Other	(244,278		)
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	(506,820		)
Impairment loss not recognized for tax purposes	3,123,951
Difference due to fiscal year for book purposes and calendar year for tax purposes	(26,436		)
Income (loss) for tax return purposes, December 31, 2008	$	(1,757,786	)

F-254

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-255

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-256

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-257

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-258

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-259

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-260

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-261

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-262

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-263

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-264

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2008	$	228,426,732		$	(2,757,562	)	$	(1,278,168	)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	36,349,415			3,366,332			3,666,793
Impairment loss in investment in operating limited partnerships	(209,578,825		)	(4,604,488		)	(746,232		)
Historic tax credits - cumulative	978,267			570,617			—
Less share of loss - three months ended March 31, 2009	(2,628,827		)	(286,158		)	(623,372		)
Impairment loss not recognized for tax purposes	—			—			—
Other	65,626,559			3,711,259			(921,142		)
Investments in operating limited partnerships - as reported	$	119,173,321		$	—		$	97,879

F-265

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2008	$	(260,718	)	$	3,995,683		$	2,416,089
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	4,574,176			2,754,095			2,680,592
Impairment loss in investment in operating limited partnerships	(6,562,719		)	(11,676,945		)	(5,389,926		)
Historic tax credits - cumulative	223,537			—			—
Less share of loss - three months ended March 31, 2009	(259,228		)	(179,850		)	(95,695		)
Impairment loss not recognized for tax purposes	—			—			—
Other	2,284,952			5,107,017			388,940
Investments in operating limited partnerships - as reported	$	—		$	—		$	—

F-266

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2008	$	6,769,443		$	10,202,311		$	6,660,572
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	4,690,637			2,931,539			1,215,186
Impairment loss in investment in operating limited partnerships	(11,724,939		)	(17,902,141		)	(10,580,622		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2009	(335,542		)	(123,194		)	(205,532		)
Impairment loss not recognized for tax purposes	—			—			—
Other	609,862			6,229,735			5,605,596
Investments in operating limited partnerships - as reported	$	9,461		$	1,338,250		$	2,695,200

F-267

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2008	$	15,284,572		$	7,272,760		$	5,707,068
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	214,652			1,611,939			318,066
Impairment loss in investment in operating limited partnerships	(17,484,651		)	(10,500,801		)	(7,524,223		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2009	(129,668		)	(265,241		)	—
Impairment loss not recognized for tax purposes	—			—			—
Other	2,803,283			2,490,865			2,716,415
Investments in operating limited partnerships - as reported	$	688,188		$	609,522		$	1,217,326

F-268

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2008	$	9,437,301		$	17,391,391		$	10,881,109
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,680,389			981,501			24,948
Impairment loss in investment in operating limited partnerships	(14,357,798		)	(16,120,674		)	(11,210,624		)
Historic tax credits - cumulative	—			184,113			—
Less share of loss - three months ended March 31, 2009	(125,347		)	—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	4,012,598			595,440			2,093,697
Investments in operating limited partnerships - as reported	$	647,143		$	3,031,771		$	1,789,130

F-269

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2008	$	9,667,330		$	10,355,729		$	5,158,768
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	346,282			612,005			1,820,755
Impairment loss in investment in operating limited partnerships	(10,379,300		)	(8,342,254		)	(4,813,149		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2009	—			—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	2,325,544			3,019,059			1,666,067
Investments in operating limited partnerships - as reported	$	1,959,856		$	5,644,539		$	3,832,441

F-270

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2008	$	8,119,489		$	9,885,417		$	8,558,001
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			—			—
Impairment loss in investment in operating limited partnerships	(5,725,704		)	(5,753,161		)	(3,580,647		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2009	—			—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	1,501,030			2,163,050			1,086,355
Investments in operating limited partnerships - as reported	$	3,894,815		$	6,295,306		$	6,063,709

F-271

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2008	$	11,132,090		$	5,347,460		$	9,871,876
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			545,494			361,568
Impairment loss in investment in operating limited partnerships	(5,506,211		)	(3,348,914		)	(4,380,914		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2009	—			—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	1,700,483			3,739,364			1,608,010
Investments in operating limited partnerships - as reported	$	7,326,362		$	6,283,404		$	7,460,540

F-272

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2008	$	12,839,659		$	9,998,651		$	19,511,718
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	828,938			1,015,896			107,632
Impairment loss in investment in operating limited partnerships	(3,859,298		)	(2,413,122		)	(3,218,558		)
Historic tax credits - cumulative	—			—			—
Less share of loss - three months ended March 31, 2009	—			—			—
Impairment loss not recognized for tax purposes	—			—			—
Other	1,733,903			1,840,826			2,784,196
Investments in operating limited partnerships - as reported	$	11,543,202		$	10,442,251		$	19,184,988

F-273

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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, 2009 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2008	$	16,258,693
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—
Impairment loss in investment in operating limited partnerships	(1,870,810		)
Historic tax credits - cumulative	—
Less share of loss - three months ended March 31, 2009	—
Impairment loss not recognized for tax purposes	—
Other	2,730,155
Investments in operating limited partnerships - as reported	$	17,118,038

F-274

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-275

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-276

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-277

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-278

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-279

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-280

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-281

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-282

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-283

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

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-284

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE F - CASH EQUIVALENTS

Cash equivalents of $6,098,836 and $6,766,084 as of March 31, 2009 and 2008, respectively, include tax-exempt sweep accounts and money market accounts with interest rates ranging from 0.43% 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) 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 insurance.  Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2009.

NOTE H - SUBSEQUENT EVENTS

Subsequent to March 31, 2009, the Fund has entered into agreements to either sell or transfer interests in five operating limited partnerships all of which closed in May 2009.  The sales prices and other terms for the disposition of the operating limited partnerships have been determined.  The proceeds received for these five operating limited partnerships were $709,404. The gain on the sales of these operating limited partnerships was $327,885 and was recognized in the first quarter of the fiscal year ended 2010.

F-285

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2009 and 2008

NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Fund is subject to the disclosure provisions of FASB Statement No. 107, “Disclosures about Fair Value of Financial Instruments,” (FAS 107), which requires disclosure of the fair value of the Fund’s financial instruments.  As of March 31, 2009, the Fund’s financial instruments relate to other assets, notes receivable, and accounts payable - affiliates.  Management has not disclosed the fair value of the financial instruments because determination of such fair value is deemed to be impractical.  The other assets, notes receivable, and accounts payable - affiliates are due from or owed to affiliates of the Fund.  The unique nature of these financial instruments makes determination of any fair value impractical. See notes B, D, and E for disclosure of the carrying amount and terms of these financial instruments.

F-286