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

Attached files

file	filename
EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b410cert906mnt.htm
EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b410cert906jpm.htm
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b410cert302mnt.htm
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b410cert302jpm.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2018
or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 0-26200

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

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

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

(617) 624-8900

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý

No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ý

No 

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

Large accelerated filer □		Accelerated Filer □
Non-accelerated filer ý		Smaller Reporting Company ý
		Emerging Growth Company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

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

Yes 

No ý

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2018

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
			Pages
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets			4-31
		Condensed Statements of Operations			32-87
		Condensed Statements of Changes in Partners' Capital (Deficit)			88-97
		Condensed Statements of Cash Flows			98-125
		Notes to Condensed Financial Statements			126-161

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			162-201

	Item 3. Quantitative and Qualitative Disclosures About Market Risk			202

	Item 4. Controls and Procedures			202

PART II OTHER INFORMATION

	Item 1. Legal Proceedings			203

	Item 1A. Risk Factors			203

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			203

	Item 3. Defaults Upon Senior Securities			203

	Item 4. Mine Safety Disclosures			203

	Item 5. Other Information			203

	Item 6. Exhibits			203

	Signatures			204

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		24,517,197		27,208,717
Other assets		40,088		40,088

	$	24,557,285	$	27,248,805




LIABILITIES

Accounts payable and accrued expenses	$	660,673	$	654,673
Accounts payable affiliates (Note C)		25,656,166		29,495,273
Capital contributions payable		137,645		176,746

		26,454,484		30,326,692


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 83,175,478 outstanding as of September 30, 2018 and March 31, 2018.		4,099,917		2,931,035
General Partner		(5,997,116)		(6,008,922)

		(1,897,199)		(3,077,887)

	$	24,557,285	$	27,248,805

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 20


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		182,677		241,987
Other assets		-		-

	$	182,677	$	241,987




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,256,706		1,444,723
Capital contributions payable		-		-

		1,256,706		1,444,723


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,829,200 outstanding as of September 30, 2018 and March 31, 2018.		(755,036)		(882,456)
General Partner		(318,993)		(320,280)

		(1,074,029)		(1,202,736)

	$	182,677	$	241,987

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 21


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		-		-
Other assets		-		-

	$	-	$	-




LIABILITIES

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

		-		-


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,879,500 outstanding as of September 30, 2018 and March 31, 2018.		(898,231)		(898,231)
General Partner		898,231		898,231

		-		-

	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 22


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		177,624		221,864
Other assets		-		-

	$	177,624	$	221,864




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,865,961		2,878,109
Capital contributions payable		-		-

		2,865,961		2,878,109


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,550,645 outstanding as of September 30, 2018 and March 31, 2018.		(2,442,370)		(2,410,599)
General Partner		(245,967)		(245,646)

		(2,688,337)		(2,656,245)

	$	177,624	$	221,864

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 23


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		181,808		446,136
Other assets		-		-

	$	181,808	$	446,136




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		694,499		933,387
Capital contributions payable		-		-

		694,499		933,387


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,303,327 outstanding as of September 30, 2018 and March 31, 2018.		(222,718)		(197,532)
General Partner		(289,973)		(289,719)

		(512,691)		(487,251)

	$	181,808	$	446,136

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 24


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		406,838		453,512
Other assets		-		-

	$	406,838	$	453,512




LIABILITIES

Accounts payable and accrued expenses	$	-	$	5,000
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		-		5,000


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,169,878 issued and 2,152,753 outstanding as of September 30, 2018 and March 31, 2018.		582,022		623,279
General Partner		(175,184)		(174,767)

		406,838		448,512

	$	406,838	$	453,512

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 25


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		-		-
Other assets		-		-

	$	-	$	-




LIABILITIES

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

		-		-


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and 3,016,809 outstanding as of September 30, 2018 and March 31, 2018.		219,815		219,815
General Partner		(219,815)		(219,815)

		-		-

	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 26


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		594,707		642,258
Other assets		-		-

	$	594,707	$	642,258




LIABILITIES

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

		-		-


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and 3,965,400 outstanding as of September 30, 2018 and March 31, 2018.		907,103		954,178
General Partner		(312,396)		(311,920)

		594,707		642,258

	$	594,707	$	642,258

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 27


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		6,479,574		6,799,933
Other assets		-		-

	$	6,479,574	$	6,799,933




LIABILITIES

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

		-		-


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,443,900 outstanding as of September 30, 2018 and March 31, 2018.		6,621,226		6,938,381
General Partner		(141,652)		(138,448)

		6,479,574		6,799,933

	$	6,479,574	$	6,799,933

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 28


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		716,042		742,564
Other assets		-		-

	$	716,042	$	742,564




LIABILITIES

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

		-		-


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and 3,984,138 outstanding as of September 30, 2018 and March 31, 2018.		990,718		1,016,975
General Partner		(274,676)		(274,411)

		716,042		742,564

	$	716,042	$	742,564

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 29


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		201,649		622,414
Other assets		-		-

	$	201,649	$	622,414




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,062,314		3,559,561
Capital contributions payable		785		885

		3,063,099		3,560,446


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,955,225 outstanding as of September 30, 2018 and March 31, 2018.		(2,494,188)		(2,570,004)
General Partner		(367,262)		(368,028)

		(2,861,450)		(2,938,032)

	$	201,649	$	622,414

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 30


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		279,972		453,433
Other assets		-		-

	$	279,972	$	453,433




LIABILITIES

Accounts payable and accrued expenses	$	6,500	$	3,500
Accounts payable affiliates (Note C)		1,454,221		1,620,957
Capital contributions payable		48,627		65,176

		1,509,348		1,689,633


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,621,200 outstanding as of September 30, 2018 and March 31, 2018.		(990,026)		(996,782)
General Partner		(239,350)		(239,418)

		(1,229,376)		(1,236,200)

	$	279,972	$	453,433

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 31


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,967,831		1,971,680
Other assets		25,000		25,000

	$	1,992,831	$	1,996,680




LIABILITIES

Accounts payable and accrued expenses	$	2,500	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		43,842		66,294

		46,342		66,294


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,382,757 outstanding as of September 30, 2018 and March 31, 2018.		2,306,283		2,290,341
General Partner		(359,794)		(359,955)

		1,946,489		1,930,386

	$	1,992,831	$	1,996,680

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 32


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		238,569		563,697
Other assets		-		-

	$	238,569	$	563,697




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		178,937		924,936
Capital contributions payable		1,229		1,229

		180,166		926,165


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,736,198 outstanding as of September 30, 2018 and March 31, 2018.		464,182		47,520
General Partner		(405,779)		(409,988)

		58,403		(362,468)

	$	238,569	$	563,697

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 33


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		231,039		452,033
Other assets		-		-

	$	231,039	$	452,033




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,072,651		1,252,955
Capital contributions payable		-		-

		1,072,651		1,252,955


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,626,533 outstanding as of September 30, 2018 and March 31, 2018.		(607,416)		(567,133)
General Partner		(234,196)		(233,789)

		(841,612)		(800,922)

	$	231,039	$	452,033

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 34


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		229,938		394,837
Other assets		-		-

	$	229,938	$	394,837




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,715,100		2,840,368
Capital contributions payable		-		-

		2,715,100		2,840,368


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,509,919 outstanding as of September 30, 2018 and March 31, 2018.		(2,159,921)		(2,120,686)
General Partner		(325,241)		(324,845)

		(2,485,162)		(2,445,531)

	$	229,938	$	394,837

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 35


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		4,407,984		4,428,306
Other assets		-		-

	$	4,407,984	$	4,428,306




LIABILITIES

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

		-		-


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,279,913 outstanding as of September 30, 2018 and March 31, 2018.		4,645,929		4,666,048
General Partner		(237,945)		(237,742)

		4,407,984		4,428,306

	$	4,407,984	$	4,428,306

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 36


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		2,288,444		2,106,050
Other assets		-		-

	$	2,288,444	$	2,106,050




LIABILITIES

Accounts payable and accrued expenses	$	131,000	$	131,000
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		131,000		131,000


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,092,704 outstanding as of September 30, 2018 and March 31, 2018.		2,314,533		2,133,963
General Partner		(157,089)		(158,913)

		2,157,444		1,975,050

	$	2,288,444	$	2,106,050

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 37


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,018,996		517,887
Other assets		-		-

	$	1,018,996	$	517,887




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		-		513,149
Capital contributions payable		-		-

		-		513,149


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,489,100 outstanding as of September 30, 2018 and March 31, 2018.		1,224,370		220,255
General Partner		(205,374)		(215,517)

		1,018,996		4,738

	$	1,018,996	$	517,887

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 38


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,482,411		1,492,145
Other assets		-		-

	$	1,482,411	$	1,492,145




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		-		18,234
Capital contributions payable		-		-

		-		18,234


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and 2,538,700 outstanding as of September 30, 2018 and March 31, 2018.		1,685,871		1,677,456
General Partner		(203,460)		(203,545)

		1,482,411		1,473,911

	$	1,482,411	$	1,492,145

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 39


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		-		-
Other assets		-		-

	$	-	$	-




LIABILITIES

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

		-		-


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,288,351 outstanding as of September 30, 2018 and March 31, 2018.		196,043		196,043
General Partner		(196,043)		(196,043)

		-		-

	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 40


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		240,570		431,341
Other assets		-		-

	$	240,570	$	431,341




LIABILITIES

Accounts payable and accrued expenses	$	5,500	$	-
Accounts payable affiliates (Note C)		2,241,257		2,413,069
Capital contributions payable		102		102

		2,246,859		2,413,171


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,621,756 outstanding as of September 30, 2018 and March 31, 2018.		(1,761,282)		(1,737,068)
General Partner		(245,007)		(244,762)

		(2,006,289)		(1,981,830)

	$	240,570	$	431,341

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 41


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		254,427		741,152
Other assets		-		-

	$	254,427	$	741,152




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,445,456		2,893,606
Capital contributions payable		-		-

		2,445,456		2,893,606


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and 2,874,926 outstanding as of September 30, 2018 and March 31, 2018.		(1,919,950)		(1,881,761)
General Partner		(271,079)		(270,693)

		(2,191,029)		(2,152,454)

	$	254,427	$	741,152

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 42


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,318,553		1,327,017
Other assets		11,300		11,300

	$	1,329,853	$	1,338,317




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		254		254

		254		254


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and 2,732,262 outstanding as of September 30, 2018 and March 31, 2018.		1,557,241		1,565,620
General Partner		(227,642)		(227,557)

		1,329,599		1,338,063

	$	1,329,853	$	1,338,317

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 43


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		333,478		854,364
Other assets		-		-

	$	333,478	$	854,364




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		440,011		915,591
Capital contributions payable		26,082		26,082

		466,093		941,673


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and 3,629,487 outstanding as of September 30, 2018 and March 31, 2018.		190,232		235,085
General Partner		(322,847)		(322,394)

		(132,615)		(87,309)

	$	333,478	$	854,364

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 44


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		106,507		84,006
Other assets		-		-

	$	106,507	$	84,006




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,952,865		2,830,127
Capital contributions payable		-		-

		2,952,865		2,830,127


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,693,973 outstanding as of September 30, 2018 and March 31, 2018.		(2,580,447)		(2,481,212)
General Partner		(265,911)		(264,909)

		(2,846,358)		(2,746,121)

	$	106,507	$	84,006

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 45


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		874,021		753,702
Other assets		-		-

	$	874,021	$	753,702




LIABILITIES

Accounts payable and accrued expenses	$	515,173	$	515,173
Accounts payable affiliates (Note C)		2,479,600		2,584,511
Capital contributions payable		16,724		16,724

		3,011,497		3,116,408


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and 4,008,167 outstanding as of September 30, 2018 and March 31, 2018.		(1,762,439)		(1,985,417)
General Partner		(375,037)		(377,289)

		(2,137,476)		(2,362,706)

	$	874,021	$	753,702

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 46


		September 30, 2018		March 31, 2018


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		303,538		466,399
Other assets		3,788		3,788

	$	307,326	$	470,187




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,796,588		1,871,990
Capital contributions payable		-		-

		1,796,588		1,871,990


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,968,635 outstanding as of September 30, 2018 and March 31, 2018.		(1,211,627)		(1,125,043)
General Partner		(277,635)		(276,760)

		(1,489,262)		(1,401,803)

	$	307,326	$	470,187

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

		2018		2017

Income
Interest income	$	52,135	$	22,898
Other income		75,634		104,930

		127,769		127,828



Share of income from Operating Partnerships (Note D)		1,430,313		5,720,798


Expenses
Professional fees		58,780		426,290
Fund management fee, net (Note C)		404,905		553,340
General and administrative expenses		165,278		142,325

		628,963		1,121,955


NET INCOME (LOSS)	$	929,119	$	4,726,671




Net income (loss) allocated to assignees	$	919,829	$	4,679,402




Net income (loss) allocated to general partner	$	9,290	$	47,269




Net income (loss) per BAC	$	.01	$	.06

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 20

		2018		2017

Income
Interest income	$	393	$	33
Other income		-		-

		393		33



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


Expenses
Professional fees		1,565		10,643
Fund management fee, net (Note C)		2,549		5,240
General and administrative expenses		7,138		5,809

		11,252		21,692


NET INCOME (LOSS)	$	(10,859)	$	(21,659)




Net income (loss) allocated to assignees	$	(10,750)	$	(21,442)




Net income (loss) allocated to general partner	$	(109)	$	(217)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 21

		2018		2017

Income
Interest income	$	-	$	27
Other income		-		859

		-		886



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


Expenses
Professional fees		-		8,330
Fund management fee, net (Note C)		-		1,131
General and administrative expenses		-		4,643

		-		14,104


NET INCOME (LOSS)	$	-	$	(13,218)




Net income (loss) allocated to assignees	$	-	$	(13,086)




Net income (loss) allocated to general partner	$	-	$	(132)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 22

		2018		2017

Income
Interest income	$	591	$	80
Other income		-		-

		591		80



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


Expenses
Professional fees		1,565		9,180
Fund management fee, net (Note C)		6,426		7,303
General and administrative expenses		6,452		5,130

		14,443		21,613


NET INCOME (LOSS)	$	(13,852)	$	(21,533)




Net income (loss) allocated to assignees	$	(13,713)	$	(21,318)




Net income (loss) allocated to general partner	$	(139)	$	(215)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 23

		2018		2017

Income
Interest income	$	633	$	1,358
Other income		1,977		1,977

		2,610		3,335



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


Expenses
Professional fees		1,686		12,166
Fund management fee, net (Note C)		5,556		5,556
General and administrative expenses		6,983		5,637

		14,225		23,359


NET INCOME (LOSS)	$	(11,615)	$	(20,024)




Net income (loss) allocated to assignees	$	(11,499)	$	(19,824)




Net income (loss) allocated to general partner	$	(116)	$	(200)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 24

		2018		2017

Income
Interest income	$	528	$	79
Other income		582		404

		1,110		483



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


Expenses
Professional fees		1,746		10,353
Fund management fee, net (Note C)		9,594		11,410
General and administrative expenses		6,114		5,055

		17,454		26,818


NET INCOME (LOSS)	$	(16,344)	$	(26,335)




Net income (loss) allocated to assignees	$	(16,181)	$	(26,072)




Net income (loss) allocated to general partner	$	(163)	$	(263)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 25

		2018		2017

Income
Interest income	$	-	$	71
Other income		-		10,178

		-		10,249



Share of income from Operating Partnerships (Note D)		-		97,399


Expenses
Professional fees		-		9,698
Fund management fee, net (Note C)		-		3,748
General and administrative expenses		-		5,523

		-		18,969


NET INCOME (LOSS)	$	-	$	88,679




Net income (loss) allocated to assignees	$	-	$	87,792




Net income (loss) allocated to general partner	$	-	$	887




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 26

		2018		2017

Income
Interest income	$	1,023	$	132
Other income		-		106

		1,023		238



Share of income from Operating Partnerships (Note D)		-		80,000


Expenses
Professional fees		2,166		15,501
Fund management fee, net (Note C)		13,938		19,704
General and administrative expenses		7,234		6,160

		23,338		41,365


NET INCOME (LOSS)	$	(22,315)	$	38,873




Net income (loss) allocated to assignees	$	(22,092)	$	38,484




Net income (loss) allocated to general partner	$	(223)	$	389




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 27

		2018		2017

Income
Interest income	$	13,765	$	7,606
Other income		1,366		10,103

		15,131		17,709



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


Expenses
Professional fees		2,670		58,769
Fund management fee, net (Note C)		5,255		7,555
General and administrative expenses		6,244		5,070

		14,169		71,394


NET INCOME (LOSS)	$	962	$	(53,685)




Net income (loss) allocated to assignees	$	952	$	(53,148)




Net income (loss) allocated to general partner	$	10	$	(537)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 28

		2018		2017

Income
Interest income	$	1,047	$	146
Other income		-		-

		1,047		146



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


Expenses
Professional fees		1,686		11,689
Fund management fee, net (Note C)		7,296		8,844
General and administrative expenses		7,029		5,815

		16,011		26,348


NET INCOME (LOSS)	$	(14,964)	$	(26,202)




Net income (loss) allocated to assignees	$	(14,814)	$	(25,940)




Net income (loss) allocated to general partner	$	(150)	$	(262)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 29

		2018		2017

Income
Interest income	$	962	$	87
Other income		-		-

		962		87



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


Expenses
Professional fees		1,866		12,992
Fund management fee, net (Note C)		7,261		17,160
General and administrative expenses		7,222		5,797

		16,349		35,949


NET INCOME (LOSS)	$	(15,387)	$	(35,862)




Net income (loss) allocated to assignees	$	(15,233)	$	(35,503)




Net income (loss) allocated to general partner	$	(154)	$	(359)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 30

		2018		2017

Income
Interest income	$	789	$	69
Other income		-		-

		789		69



Share of income from Operating Partnerships (Note D)		17,549		2,091


Expenses
Professional fees		1,866		11,355
Fund management fee, net (Note C)		7,462		12,609
General and administrative expenses		6,262		4,886

		15,590		28,850


NET INCOME (LOSS)	$	2,748	$	(26,690)




Net income (loss) allocated to assignees	$	2,721	$	(26,423)




Net income (loss) allocated to general partner	$	27	$	(267)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 31

		2018		2017

Income
Interest income	$	4,528	$	1,393
Other income		-		640

		4,528		2,033



Share of income from Operating Partnerships (Note D)		61,952		45,000


Expenses
Professional fees		1,986		20,446
Fund management fee, net (Note C)		16,535		21,699
General and administrative expenses		7,084		5,823

		25,605		47,968


NET INCOME (LOSS)	$	40,875	$	(935)




Net income (loss) allocated to assignees	$	40,466	$	(926)




Net income (loss) allocated to general partner	$	409	$	(9)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 32

		2018		2017

Income
Interest income	$	341	$	459
Other income		-		-

		341		459



Share of income from Operating Partnerships (Note D)		-		1,533,999


Expenses
Professional fees		1,866		14,753
Fund management fee, net (Note C)		19,794		26,370
General and administrative expenses		7,173		5,839

		28,833		46,962


NET INCOME (LOSS)	$	(28,492)	$	1,487,496




Net income (loss) allocated to assignees	$	(28,207)	$	1,472,621




Net income (loss) allocated to general partner	$	(285)	$	14,875




Net income (loss) per BAC	$	(.01)	$	.31

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,

(Unaudited)

Series 33

		2018		2017

Income
Interest income	$	829	$	88
Other income		2,536		-

		3,365		88



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


Expenses
Professional fees		1,686		9,843
Fund management fee, net (Note C)		8,898		16,397
General and administrative expenses		6,049		4,762

		16,633		31,002


NET INCOME (LOSS)	$	(13,268)	$	(30,914)




Net income (loss) allocated to assignees	$	(13,135)	$	(30,605)




Net income (loss) allocated to general partner	$	(133)	$	(309)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 34

		2018		2017

Income
Interest income	$	540	$	465
Other income		1,539		1,539

		2,079		2,004



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


Expenses
Professional fees		1,626		12,958
Fund management fee, net (Note C)		8,166		8,166
General and administrative expenses		6,559		5,226

		16,351		26,350


NET INCOME (LOSS)	$	(14,272)	$	(24,346)




Net income (loss) allocated to assignees	$	(14,129)	$	(24,103)




Net income (loss) allocated to general partner	$	(143)	$	(243)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 35

		2018		2017

Income
Interest income	$	8,426	$	2,181
Other income		-		2,818

		8,426		4,999



Share of income from Operating Partnerships (Note D)		-		2,653,528


Expenses
Professional fees		1,626		12,474
Fund management fee, net (Note C)		4,053		15,022
General and administrative expenses		6,499		5,339

		12,178		32,835


NET INCOME (LOSS)	$	(3,752)	$	2,625,692




Net income (loss) allocated to assignees	$	(3,714)	$	2,599,435




Net income (loss) allocated to general partner	$	(38)	$	26,257




Net income (loss) per BAC	$	(.00)	$	.79

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 36

		2018		2017

Income
Interest income	$	5,249	$	1,896
Other income		-		1,294

		5,249		3,190



Share of income from Operating Partnerships (Note D)		243,163		-


Expenses
Professional fees		10,708		13,115
Fund management fee, net (Note C)		5,990		7,626
General and administrative expenses		5,794		4,665

		22,492		25,406


NET INCOME (LOSS)	$	225,920	$	(22,216)




Net income (loss) allocated to assignees	$	223,661	$	(21,994)




Net income (loss) allocated to general partner	$	2,259	$	(222)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 37

		2018		2017

Income
Interest income	$	717	$	2,064
Other income		-		5,432

		717		7,496



Share of income from Operating Partnerships (Note D)		1,020,649		-


Expenses
Professional fees		1,566		12,645
Fund management fee, net (Note C)		3,396		12,501
General and administrative expenses		9,704		4,618

		14,666		29,764


NET INCOME (LOSS)	$	1,006,700	$	(22,268)




Net income (loss) allocated to assignees	$	996,633	$	(22,045)




Net income (loss) allocated to general partner	$	10,067	$	(223)




Net income (loss) per BAC	$	.40	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 38

		2018		2017

Income
Interest income	$	1,720	$	2,611
Other income		24,000		10,160

		25,720		12,771



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


Expenses
Professional fees		1,746		13,776
Fund management fee, net (Note C)		16,581		17,734
General and administrative expenses		6,006		4,869

		24,333		36,379


NET INCOME (LOSS)	$	1,387	$	(23,608)




Net income (loss) allocated to assignees	$	1,373	$	(23,372)




Net income (loss) allocated to general partner	$	14	$	(236)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 39

		2018		2017

Income
Interest income	$	-	$	447
Other income		-		-

		-		447



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


Expenses
Professional fees		-		14,305
Fund management fee, net (Note C)		-		1,709
General and administrative expenses		-		4,623

		-		20,637


NET INCOME (LOSS)	$	-	$	(20,190)




Net income (loss) allocated to assignees	$	-	$	(19,988)




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




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 40

		2018		2017

Income
Interest income	$	787	$	64
Other income		1,250		1,250

		2,037		1,314



Share of income from Operating Partnerships (Note D)		44,500		588,952


Expenses
Professional fees		2,046		16,553
Fund management fee, net (Note C)		21,194		28,709
General and administrative expenses		6,017		4,812

		29,257		50,074


NET INCOME (LOSS)	$	17,280	$	540,192




Net income (loss) allocated to assignees	$	17,107	$	534,790




Net income (loss) allocated to general partner	$	173	$	5,402




Net income (loss) per BAC	$	.01	$	.20

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 41

		2018		2017

Income
Interest income	$	875	$	258
Other income		-		-

		875		258



Share of income from Operating Partnerships (Note D)		-		719,829


Expenses
Professional fees		2,466		16,805
Fund management fee, net (Note C)		34,076		50,647
General and administrative expenses		10,538		5,261

		47,080		72,713


NET INCOME (LOSS)	$	(46,205)	$	647,374




Net income (loss) allocated to assignees	$	(45,743)	$	640,900




Net income (loss) allocated to general partner	$	(462)	$	6,474




Net income (loss) per BAC	$	(.02)	$	.22

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 42

		2018		2017

Income
Interest income	$	3,873	$	328
Other income		290		15,789

		4,163		16,117



Share of income from Operating Partnerships (Note D)		42,500		-


Expenses
Professional fees		2,286		14,660
Fund management fee, net (Note C)		15,249		36,957
General and administrative expenses		6,129		5,114

		23,664		56,731


NET INCOME (LOSS)	$	22,999	$	(40,614)




Net income (loss) allocated to assignees	$	22,769	$	(40,208)




Net income (loss) allocated to general partner	$	230	$	(406)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 43

		2018		2017

Income
Interest income	$	1,360	$	95
Other income		639		6,909

		1,999		7,004



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


Expenses
Professional fees		2,526		16,878
Fund management fee, net (Note C)		44,591		51,006
General and administrative expenses		7,509		5,445

		54,626		73,329


NET INCOME (LOSS)	$	(52,627)	$	(66,325)




Net income (loss) allocated to assignees	$	(52,101)	$	(65,662)




Net income (loss) allocated to general partner	$	(526)	$	(663)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 44

		2018		2017

Income
Interest income	$	99	$	6
Other income		13,800		11,864

		13,899		11,870



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


Expenses
Professional fees		1,926		20,201
Fund management fee, net (Note C)		46,192		57,825
General and administrative expenses		6,159		4,851

		54,277		82,877


NET INCOME (LOSS)	$	(40,378)	$	(71,007)




Net income (loss) allocated to assignees	$	(39,974)	$	(70,297)




Net income (loss) allocated to general partner	$	(404)	$	(710)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 45

		2018		2017

Income
Interest income	$	2,148	$	533
Other income		4,116		6,228

		6,264		6,761



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


Expenses
Professional fees		5,678		30,803
Fund management fee, net (Note C)		47,015		59,041
General and administrative expenses		6,981		6,383

		59,674		96,227


NET INCOME (LOSS)	$	(53,410)	$	(89,466)




Net income (loss) allocated to assignees	$	(52,876)	$	(88,571)




Net income (loss) allocated to general partner	$	(534)	$	(895)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 46

		2018		2017

Income
Interest income	$	912	$	322
Other income		23,539		17,380

		24,451		17,702



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


Expenses
Professional fees		2,226		15,399
Fund management fee, net (Note C)		47,838		41,671
General and administrative expenses		6,399		5,170

		56,463		62,240


NET INCOME (LOSS)	$	(32,012)	$	(44,538)




Net income (loss) allocated to assignees	$	(31,692)	$	(44,093)




Net income (loss) allocated to general partner	$	(320)	$	(445)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

		2018		2017

Income
Interest income	$	102,997	$	36,833
Other income		262,123		192,644

		365,120		229,477



Share of income from Operating Partnerships (Note D)		2,619,630		10,250,429


Expenses
Professional fees		426,907		555,656
Fund management fee, net (Note C)		816,630		1,073,715
General and administrative expenses		249,562		249,354

		1,493,099		1,878,725


NET INCOME (LOSS)	$	1,491,651	$	8,601,181




Net income (loss) allocated to assignees	$	1,476,735	$	8,515,170




Net income (loss) allocated to general partner	$	14,916	$	86,011




Net income (loss) per BAC	$	.02	$	.10

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 20

		2018		2017

Income
Interest income	$	979	$	68
Other income		-		-

		979		68



Share of income from Operating Partnerships (Note D)		155,337		-


Expenses
Professional fees		11,670		13,623
Fund management fee, net (Note C)		4,820		8,959
General and administrative expenses		11,119		10,047

		27,609		32,629


NET INCOME (LOSS)	$	128,707	$	(32,561)




Net income (loss) allocated to assignees	$	127,420	$	(32,235)




Net income (loss) allocated to general partner	$	1,287	$	(326)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 21

		2018		2017

Income
Interest income	$	-	$	56
Other income		-		859

		-		915



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


Expenses
Professional fees		-		10,960
Fund management fee, net (Note C)		-		3,387
General and administrative expenses		-		8,149

		-		22,496


NET INCOME (LOSS)	$	-	$	(21,581)




Net income (loss) allocated to assignees	$	-	$	(21,365)




Net income (loss) allocated to general partner	$	-	$	(216)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 22

		2018		2017

Income
Interest income	$	1,124	$	164
Other income		-		-

		1,124		164



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


Expenses
Professional fees		11,045		12,160
Fund management fee, net (Note C)		12,352		14,106
General and administrative expenses		9,819		8,962

		33,216		35,228


NET INCOME (LOSS)	$	(32,092)	$	(35,064)




Net income (loss) allocated to assignees	$	(31,771)	$	(34,713)




Net income (loss) allocated to general partner	$	(321)	$	(351)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 23

		2018		2017

Income
Interest income	$	1,556	$	2,224
Other income		3,955		3,955

		5,511		6,179



Share of income from Operating Partnerships (Note D)		-		959,665


Expenses
Professional fees		12,601		15,921
Fund management fee, net (Note C)		7,506		9,362
General and administrative expenses		10,844		9,773

		30,951		35,056


NET INCOME (LOSS)	$	(25,440)	$	930,788




Net income (loss) allocated to assignees	$	(25,186)	$	921,480




Net income (loss) allocated to general partner	$	(254)	$	9,308




Net income (loss) per BAC	$	(.01)	$	.28

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 24

		2018		2017

Income
Interest income	$	1,121	$	161
Other income		582		404

		1,703		565



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


Expenses
Professional fees		13,741		13,678
Fund management fee, net (Note C)		20,355		22,831
General and administrative expenses		9,281		8,837

		43,377		45,346


NET INCOME (LOSS)	$	(41,674)	$	(44,781)




Net income (loss) allocated to assignees	$	(41,257)	$	(44,333)




Net income (loss) allocated to general partner	$	(417)	$	(448)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 25

		2018		2017

Income
Interest income	$	-	$	143
Other income		-		10,178

		-		10,321



Share of income from Operating Partnerships (Note D)		-		97,399


Expenses
Professional fees		-		12,678
Fund management fee, net (Note C)		-		9,682
General and administrative expenses		-		9,567

		-		31,927


NET INCOME (LOSS)	$	-	$	75,793




Net income (loss) allocated to assignees	$	-	$	75,035




Net income (loss) allocated to general partner	$	-	$	758




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 26

		2018		2017

Income
Interest income	$	1,948	$	269
Other income		420		526

		2,368		795



Share of income from Operating Partnerships (Note D)		10,500		80,000


Expenses
Professional fees		20,446		20,226
Fund management fee, net (Note C)		28,547		41,249
General and administrative expenses		11,426		10,674

		60,419		72,149


NET INCOME (LOSS)	$	(47,551)	$	8,646




Net income (loss) allocated to assignees	$	(47,075)	$	8,560




Net income (loss) allocated to general partner	$	(476)	$	86




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 27

		2018		2017

Income
Interest income	$	26,237	$	11,943
Other income		1,366		10,103

		27,603		22,046



Share of income from Operating Partnerships (Note D)		-		3,291,567


Expenses
Professional fees		14,660		76,539
Fund management fee, net (Note C)		12,890		22,523
General and administrative expenses		9,449		8,902

		36,999		107,964


NET INCOME (LOSS)	$	(9,396)	$	3,205,649




Net income (loss) allocated to assignees	$	(9,302)	$	3,173,593




Net income (loss) allocated to general partner	$	(94)	$	32,056




Net income (loss) per BAC	$	(.00)	$	1.30

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 28

		2018		2017

Income
Interest income	$	1,978	$	295
Other income		446		446

		2,424		741



Share of income from Operating Partnerships (Note D)		8,500		-


Expenses
Professional fees		12,426		15,714
Fund management fee, net (Note C)		14,140		15,688
General and administrative expenses		10,880		10,098

		37,446		41,500


NET INCOME (LOSS)	$	(26,522)	$	(40,759)




Net income (loss) allocated to assignees	$	(26,257)	$	(40,351)




Net income (loss) allocated to general partner	$	(265)	$	(408)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 29

		2018		2017

Income
Interest income	$	2,207	$	179
Other income		-		-

		2,207		179



Share of income from Operating Partnerships (Note D)		123,094		-


Expenses
Professional fees		15,121		16,667
Fund management fee, net (Note C)		22,354		37,706
General and administrative expenses		11,244		10,147

		48,719		64,520


NET INCOME (LOSS)	$	76,582	$	(64,341)




Net income (loss) allocated to assignees	$	75,816	$	(63,698)




Net income (loss) allocated to general partner	$	766	$	(643)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 30

		2018		2017

Income
Interest income	$	1,588	$	127
Other income		2,049		1,243

		3,637		1,370



Share of income from Operating Partnerships (Note D)		41,555		265,984


Expenses
Professional fees		16,371		15,030
Fund management fee, net (Note C)		12,574		(19,291)
General and administrative expenses		9,423		8,649

		38,368		4,388


NET INCOME (LOSS)	$	6,824	$	262,966




Net income (loss) allocated to assignees	$	6,756	$	260,336




Net income (loss) allocated to general partner	$	68	$	2,630




Net income (loss) per BAC	$	.00	$	.10

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 31

		2018		2017

Income
Interest income	$	8,498	$	2,411
Other income		476		1,116

		8,974		3,527



Share of income from Operating Partnerships (Note D)		69,452		45,000


Expenses
Professional fees		17,126		25,871
Fund management fee, net (Note C)		34,127		41,898
General and administrative expenses		11,070		10,108

		62,323		77,877


NET INCOME (LOSS)	$	16,103	$	(29,350)




Net income (loss) allocated to assignees	$	15,942	$	(29,057)




Net income (loss) allocated to general partner	$	161	$	(293)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 32

		2018		2017

Income
Interest income	$	1,611	$	782
Other income		-		-

		1,611		782



Share of income from Operating Partnerships (Note D)		487,880		1,548,505


Expenses
Professional fees		15,503		18,778
Fund management fee, net (Note C)		41,881		46,240
General and administrative expenses		11,236		10,230

		68,620		75,248


NET INCOME (LOSS)	$	420,871	$	1,474,039




Net income (loss) allocated to assignees	$	416,662	$	1,459,299




Net income (loss) allocated to general partner	$	4,209	$	14,740




Net income (loss) per BAC	$	.09	$	.31

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,

(Unaudited)

Series 33

		2018		2017

Income
Interest income	$	1,772	$	179
Other income		2,536		-

		4,308		179



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


Expenses
Professional fees		13,676		12,993
Fund management fee, net (Note C)		22,216		26,295
General and administrative expenses		9,106		8,454

		44,998		47,742


NET INCOME (LOSS)	$	(40,690)	$	(47,563)




Net income (loss) allocated to assignees	$	(40,283)	$	(47,087)




Net income (loss) allocated to general partner	$	(407)	$	(476)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 34

		2018		2017

Income
Interest income	$	1,134	$	803
Other income		1,539		1,539

		2,673		2,342



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


Expenses
Professional fees		11,736		16,633
Fund management fee, net (Note C)		20,532		20,532
General and administrative expenses		10,036		9,220

		42,304		46,385


NET INCOME (LOSS)	$	(39,631)	$	(44,043)




Net income (loss) allocated to assignees	$	(39,235)	$	(43,603)




Net income (loss) allocated to general partner	$	(396)	$	(440)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 35

		2018		2017

Income
Interest income	$	16,237	$	3,635
Other income		-		2,818

		16,237		6,453



Share of income from Operating Partnerships (Note D)		-		2,653,528


Expenses
Professional fees		11,911		15,974
Fund management fee, net (Note C)		14,706		32,503
General and administrative expenses		9,942		9,318

		36,559		57,795


NET INCOME (LOSS)	$	(20,322)	$	2,602,186




Net income (loss) allocated to assignees	$	(20,119)	$	2,576,164




Net income (loss) allocated to general partner	$	(203)	$	26,022




Net income (loss) per BAC	$	(.01)	$	.78

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 36

		2018		2017

Income
Interest income	$	9,687	$	3,300
Other income		5,119		3,968

		14,806		7,268



Share of income from Operating Partnerships (Note D)		243,163		-


Expenses
Professional fees		55,250		16,790
Fund management fee, net (Note C)		11,706		13,342
General and administrative expenses		8,619		8,235

		75,575		38,367


NET INCOME (LOSS)	$	182,394	$	(31,099)




Net income (loss) allocated to assignees	$	180,570	$	(30,788)




Net income (loss) allocated to general partner	$	1,824	$	(311)




Net income (loss) per BAC	$	.09	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 37

		2018		2017

Income
Interest income	$	1,527	$	3,225
Other income		21,485		16,657

		23,012		19,882



Share of income from Operating Partnerships (Note D)		1,020,649		-


Expenses
Professional fees		11,221		15,970
Fund management fee, net (Note C)		5,562		16,984
General and administrative expenses		12,620		8,249

		29,403		41,203


NET INCOME (LOSS)	$	1,014,258	$	(21,321)




Net income (loss) allocated to assignees	$	1,004,115	$	(21,108)




Net income (loss) allocated to general partner	$	10,143	$	(213)




Net income (loss) per BAC	$	.40	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 38

		2018		2017

Income
Interest income	$	4,556	$	3,346
Other income		50,000		10,546

		54,556		13,892



Share of income from Operating Partnerships (Note D)		7,000		-


Expenses
Professional fees		12,216		17,801
Fund management fee, net (Note C)		31,815		35,968
General and administrative expenses		9,025		8,561

		53,056		62,330


NET INCOME (LOSS)	$	8,500	$	(48,438)




Net income (loss) allocated to assignees	$	8,415	$	(47,954)




Net income (loss) allocated to general partner	$	85	$	(484)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 39

		2018		2017

Income
Interest income	$	-	$	694
Other income		-		386

		-		1,080



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


Expenses
Professional fees		-		17,980
Fund management fee, net (Note C)		-		3,418
General and administrative expenses		-		8,185

		-		29,583


NET INCOME (LOSS)	$	-	$	(28,503)




Net income (loss) allocated to assignees	$	-	$	(28,218)




Net income (loss) allocated to general partner	$	-	$	(285)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 40

		2018		2017

Income
Interest income	$	1,418	$	93
Other income		1,250		2,910

		2,668		3,003



Share of income from Operating Partnerships (Note D)		44,500		588,952


Expenses
Professional fees		16,741		21,453
Fund management fee, net (Note C)		45,638		58,475
General and administrative expenses		9,248		8,529

		71,627		88,457


NET INCOME (LOSS)	$	(24,459)	$	503,498




Net income (loss) allocated to assignees	$	(24,214)	$	498,463




Net income (loss) allocated to general partner	$	(245)	$	5,035




Net income (loss) per BAC	$	(.01)	$	.19

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 41

		2018		2017

Income
Interest income	$	2,077	$	409
Other income		41,340		11,143

		43,417		11,552



Share of income from Operating Partnerships (Note D)		14,000		719,829


Expenses
Professional fees		24,071		22,404
Fund management fee, net (Note C)		57,860		103,637
General and administrative expenses		14,061		9,206

		95,992		135,247


NET INCOME (LOSS)	$	(38,575)	$	596,134




Net income (loss) allocated to assignees	$	(38,189)	$	590,173




Net income (loss) allocated to general partner	$	(386)	$	5,961




Net income (loss) per BAC	$	(.01)	$	.20

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 42

		2018		2017

Income
Interest income	$	6,986	$	672
Other income		6,591		15,789

		13,577		16,461



Share of income from Operating Partnerships (Note D)		42,500		-


Expenses
Professional fees		21,826		19,678
Fund management fee, net (Note C)		33,396		78,792
General and administrative expenses		9,319		8,888

		64,541		107,358


NET INCOME (LOSS)	$	(8,464)	$	(90,897)




Net income (loss) allocated to assignees	$	(8,379)	$	(89,988)




Net income (loss) allocated to general partner	$	(85)	$	(909)




Net income (loss) per BAC	$	(.00)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 43

		2018		2017

Income
Interest income	$	3,296	$	194
Other income		49,644		40,981

		52,940		41,175



Share of income from Operating Partnerships (Note D)		9,000		-


Expenses
Professional fees		23,336		22,721
Fund management fee, net (Note C)		72,674		95,956
General and administrative expenses		11,236		9,560

		107,246		128,237


NET INCOME (LOSS)	$	(45,306)	$	(87,062)




Net income (loss) allocated to assignees	$	(44,853)	$	(86,191)




Net income (loss) allocated to general partner	$	(453)	$	(871)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 44

		2018		2017

Income
Interest income	$	244	$	13
Other income		13,800		11,864

		14,044		11,877



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


Expenses
Professional fees		14,286		24,226
Fund management fee, net (Note C)		90,656		114,651
General and administrative expenses		9,339		8,637

		114,281		147,514


NET INCOME (LOSS)	$	(100,237)	$	(135,637)




Net income (loss) allocated to assignees	$	(99,235)	$	(134,281)




Net income (loss) allocated to general partner	$	(1,002)	$	(1,356)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 45

		2018		2017

Income
Interest income	$	3,593	$	899
Other income		26,321		27,833

		29,914		28,732



Share of income from Operating Partnerships (Note D)		342,500		-


Expenses
Professional fees		31,291		42,889
Fund management fee, net (Note C)		104,532		124,852
General and administrative expenses		11,361		11,015

		147,184		178,756


NET INCOME (LOSS)	$	225,230	$	(150,024)




Net income (loss) allocated to assignees	$	222,978	$	(148,524)




Net income (loss) allocated to general partner	$	2,252	$	(1,500)




Net income (loss) per BAC	$	.06	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 46

		2018		2017

Income
Interest income	$	1,623	$	549
Other income		33,204		17,380

		34,827		17,929



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


Expenses
Professional fees		18,636		20,299
Fund management fee, net (Note C)		93,791		93,970
General and administrative expenses		9,859		9,154

		122,286		123,423


NET INCOME (LOSS)	$	(87,459)	$	(105,494)




Net income (loss) allocated to assignees	$	(86,584)	$	(104,439)




Net income (loss) allocated to general partner	$	(875)	$	(1,055)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2018
(Unaudited)


		Assignees		General Partner		Total


Partners' capital (deficit) April 1, 2018	$	2,931,035	$	(6,008,922)	$	(3,077,887)

Distributions		(307,853)		(3,110)		(310,963)

Net income (loss)		1,476,735		14,916		1,491,651


Partners' capital (deficit), September 30, 2018	$	4,099,917	$	(5,997,116)	$	(1,897,199)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2018
(Unaudited)

		Assignees		General Partner		Total

Series 20
Partners' capital (deficit) April 1, 2018	$	(882,456)	$	(320,280)	$	(1,202,736)

Distributions		-		-		-

Net income (loss)		127,420		1,287		128,707


Partners' capital (deficit), September 30, 2018	$	(755,036)	$	(318,993)	$	(1,074,029)

		Assignees		General Partner		Total

Series 21
Partners' capital (deficit) April 1, 2018	$	(898,231)	$	898,231	$	-

Distributions		-		-		-

Net income (loss)		-		-		-


Partners' capital (deficit), September 30, 2018	$	(898,231)	$	898,231	$	-

		Assignees		General Partner		Total

Series 22
Partners' capital (deficit) April 1, 2018	$	(2,410,599)	$	(245,646)	$	(2,656,245)

Distributions		-		-		-

Net income (loss)		(31,771)		(321)		(32,092)


Partners' capital (deficit), September 30, 2018	$	(2,442,370)	$	(245,967)	$	(2,688,337)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2018
(Unaudited)

		Assignees		General Partner		Total

Series 23
Partners' capital (deficit) April 1, 2018	$	(197,532)	$	(289,719)	$	(487,251)

Distributions		-		-		-

Net income (loss)		(25,186)		(254)		(25,440)


Partners' capital (deficit), September 30, 2018	$	(222,718)	$	(289,973)	$	(512,691)

		Assignees		General Partner		Total

Series 24
Partners' capital (deficit) April 1, 2018	$	623,279	$	(174,767)	$	448,512

Distributions		-		-		-

Net income (loss)		(41,257)		(417)		(41,674)


Partners' capital (deficit), September 30, 2018	$	582,022	$	(175,184)	$	406,838

		Assignees		General Partner		Total

Series 25
Partners' capital (deficit) April 1, 2018	$	219,815	$	(219,815)	$	-

Distributions		-		-		-

Net income (loss)		-		-		-


Partners' capital (deficit), September 30, 2018	$	219,815	$	(219,815)	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2018
(Unaudited)

		Assignees		General Partner		Total

Series 26
Partners' capital (deficit) April 1, 2018	$	954,178	$	(311,920)	$	642,258

Distributions		-		-		-

Net income (loss)		(47,075)		(476)		(47,551)


Partners' capital (deficit), September 30, 2018	$	907,103	$	(312,396)	$	594,707

		Assignees		General Partner		Total

Series 27
Partners' capital (deficit) April 1, 2018	$	6,938,381	$	(138,448)	$	6,799,933

Distributions		(307,853)		(3,110)		(310,963)

Net income (loss)		(9,302)		(94)		(9,396)


Partners' capital (deficit), September 30, 2018	$	6,621,226	$	(141,652)	$	6,479,574

		Assignees		General Partner		Total

Series 28
Partners' capital (deficit) April 1, 2018	$	1,016,975	$	(274,411)	$	742,564

Distributions		-		-		-

Net income (loss)		(26,257)		(265)		(26,522)


Partners' capital (deficit), September 30, 2018	$	990,718	$	(274,676)	$	716,042

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2018
(Unaudited)

		Assignees		General Partner		Total

Series 29
Partners' capital (deficit) April 1, 2018	$	(2,570,004)	$	(368,028)	$	(2,938,032)

Distributions		-		-		-

Net income (loss)		75,816		766		76,582


Partners' capital (deficit), September 30, 2018	$	(2,494,188)	$	(367,262)	$	(2,861,450)

		Assignees		General Partner		Total

Series 30
Partners' capital (deficit) April 1, 2018	$	(996,782)	$	(239,418)	$	(1,236,200)

Distributions		-		-		-

Net income (loss)		6,756		68		6,824


Partners' capital (deficit), September 30, 2018	$	(990,026)	$	(239,350)	$	(1,229,376)

		Assignees		General Partner		Total

Series 31
Partners' capital (deficit) April 1, 2018	$	2,290,341	$	(359,955)	$	1,930,386

Distributions		-		-		-

Net income (loss)		15,942		161		16,103


Partners' capital (deficit), September 30, 2018	$	2,306,283	$	(359,794)	$	1,946,489

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2018
(Unaudited)

		Assignees		General Partner		Total

Series 32
Partners' capital (deficit) April 1, 2018	$	47,520	$	(409,988)	$	(362,468)

Distributions		-		-		-

Net income (loss)		416,662		4,209		420,871


Partners' capital (deficit), September 30, 2018	$	464,182	$	(405,779)	$	58,403

		Assignees		General Partner		Total

Series 33
Partners' capital (deficit) April 1, 2018	$	(567,133)	$	(233,789)	$	(800,922)

Distributions		-		-		-

Net income (loss)		(40,283)		(407)		(40,690)


Partners' capital (deficit), September 30, 2018	$	(607,416)	$	(234,196)	$	(841,612)

		Assignees		General Partner		Total

Series 34
Partners' capital (deficit) April 1, 2018	$	(2,120,686)	$	(324,845)	$	(2,445,531)

Distributions		-		-		-

Net income (loss)		(39,235)		(396)		(39,631)


Partners' capital (deficit), September 30, 2018	$	(2,159,921)	$	(325,241)	$	(2,485,162)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2018
(Unaudited)

		Assignees		General Partner		Total

Series 35
Partners' capital (deficit) April 1, 2018	$	4,666,048	$	(237,742)	$	4,428,306

Distributions		-		-		-

Net income (loss)		(20,119)		(203)		(20,322)


Partners' capital (deficit), September 30, 2018	$	4,645,929	$	(237,945)	$	4,407,984

		Assignees		General Partner		Total

Series 36
Partners' capital (deficit) April 1, 2018	$	2,133,963	$	(158,913)	$	1,975,050

Distributions		-		-		-

Net income (loss)		180,570		1,824		182,394


Partners' capital (deficit), September 30, 2018	$	2,314,533	$	(157,089)	$	2,157,444

		Assignees		General Partner		Total

Series 37
Partners' capital (deficit) April 1, 2018	$	220,255	$	(215,517)	$	4,738

Distributions		-		-		-

Net income (loss)		1,004,115		10,143		1,014,258


Partners' capital (deficit), September 30, 2018	$	1,224,370	$	(205,374)	$	1,018,996

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2018
(Unaudited)

		Assignees		General Partner		Total

Series 38
Partners' capital (deficit) April 1, 2018	$	1,677,456	$	(203,545)	$	1,473,911

Distributions		-		-		-

Net income (loss)		8,415		85		8,500


Partners' capital (deficit), September 30, 2018	$	1,685,871	$	(203,460)	$	1,482,411

		Assignees		General Partner		Total

Series 39
Partners' capital (deficit) April 1, 2018	$	196,043	$	(196,043)	$	-

Distributions		-		-		-

Net income (loss)		-		-		-


Partners' capital (deficit), September 30, 2018	$	196,043	$	(196,043)	$	-

		Assignees		General Partner		Total

Series 40
Partners' capital (deficit) April 1, 2018	$	(1,737,068)	$	(244,762)	$	(1,981,830)

Distributions		-		-		-

Net income (loss)		(24,214)		(245)		(24,459)


Partners' capital (deficit), September 30, 2018	$	(1,761,282)	$	(245,007)	$	(2,006,289)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2018
(Unaudited)

		Assignees		General Partner		Total

Series 41
Partners' capital (deficit) April 1, 2018	$	(1,881,761)	$	(270,693)	$	(2,152,454)

Distributions		-		-		-

Net income (loss)		(38,189)		(386)		(38,575)


Partners' capital (deficit), September 30, 2018	$	(1,919,950)	$	(271,079)	$	(2,191,029)

		Assignees		General Partner		Total

Series 42
Partners' capital (deficit) April 1, 2018	$	1,565,620	$	(227,557)	$	1,338,063

Distributions		-		-		-

Net income (loss)		(8,379)		(85)		(8,464)


Partners' capital (deficit), September 30, 2018	$	1,557,241	$	(227,642)	$	1,329,599

		Assignees		General Partner		Total

Series 43
Partners' capital (deficit) April 1, 2018	$	235,085	$	(322,394)	$	(87,309)

Distributions		-		-		-

Net income (loss)		(44,853)		(453)		(45,306)


Partners' capital (deficit), September 30, 2018	$	190,232	$	(322,847)	$	(132,615)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2018
(Unaudited)

		Assignees		General Partner		Total

Series 44
Partners' capital (deficit) April 1, 2018	$	(2,481,212)	$	(264,909)	$	(2,746,121)

Distributions		-		-		-

Net income (loss)		(99,235)		(1,002)		(100,237)


Partners' capital (deficit), September 30, 2018	$	(2,580,447)	$	(265,911)	$	(2,846,358)

		Assignees		General Partner		Total

Series 45
Partners' capital (deficit) April 1, 2018	$	(1,985,417)	$	(377,289)	$	(2,362,706)

Distributions		-		-		-

Net income (loss)		222,978		2,252		225,230


Partners' capital (deficit), September 30, 2018	$	(1,762,439)	$	(375,037)	$	(2,137,476)

		Assignees		General Partner		Total

Series 46
Partners' capital (deficit) April 1, 2018	$	(1,125,043)	$	(276,760)	$	(1,401,803)

Distributions		-		-		-

Net income (loss)		(86,584)		(875)		(87,459)


Partners' capital (deficit), September 30, 2018	$	(1,211,627)	$	(277,635)	$	(1,489,262)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	1,491,651	$	8,601,181
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(2,619,630)		(10,250,429)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		6,000		(16,847)
Decrease (Increase) in other assets		-		(11,300)
(Decrease) Increase in accounts payable affiliates		(3,839,107)		(4,585,437)


Net cash (used in) provided by operating activities		(4,961,086)		(6,262,832)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		2,580,529		10,210,466


Net cash (used in) provided by investing activities		2,580,529		10,210,466

		-		-
Cash flows from financing activities:
Distributions		(310,963)		-


Net cash used in financing activities		(310,963)		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,691,520)		3,947,634


Cash and cash equivalents, beginning		27,208,717		27,209,997


Cash and cash equivalents, ending	$	24,517,197	$	31,157,631

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 20

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	128,707	$	(32,561)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(155,337)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(188,017)		11,071


Net cash (used in) provided by operating activities		(214,647)		(21,490)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		155,337		-


Net cash (used in) provided by investing activities		155,337		-

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(59,310)		(21,490)


Cash and cash equivalents, beginning		241,987		271,060


Cash and cash equivalents, ending	$	182,677	$	249,570

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 21

		2018		2017


Cash flows from operating activities:
Net income (loss)	$	-	$	(21,581)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		5,438


Net cash (used in) provided by operating activities		-		(16,143)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


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

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		-		(16,143)


Cash and cash equivalents, beginning		-		241,102


Cash and cash equivalents, ending	$	-	$	224,959

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 22

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(32,092)	$	(35,064)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(12,148)		14,606


Net cash (used in) provided by operating activities		(44,240)		(20,458)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


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

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(44,240)		(20,458)


Cash and cash equivalents, beginning		221,864		252,064


Cash and cash equivalents, ending	$	177,624	$	231,606

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 23

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(25,440)	$	930,788
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(959,665)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		5,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(238,888)		(477,438)


Net cash (used in) provided by operating activities		(264,328)		(501,315)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		959,665


Net cash (used in) provided by investing activities		-		959,665

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(264,328)		458,350


Cash and cash equivalents, beginning		446,136		659,167


Cash and cash equivalents, ending	$	181,808	$	1,117,517

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 24

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(41,674)	$	(44,781)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(5,000)		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(46,674)		(44,781)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


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

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(46,674)		(44,781)


Cash and cash equivalents, beginning		453,512		427,181


Cash and cash equivalents, ending	$	406,838	$	382,400

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 25

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	-	$	75,793
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(97,399)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		6,912
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		-		(14,694)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		97,399


Net cash (used in) provided by investing activities		-		97,399

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		-		82,705


Cash and cash equivalents, beginning		-		344,461


Cash and cash equivalents, ending	$	-	$	427,166

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 26

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(47,551)	$	8,646
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(10,500)		(80,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		6,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(58,051)		(65,354)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		10,500		80,000


Net cash (used in) provided by investing activities		10,500		80,000

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(47,551)		14,646


Cash and cash equivalents, beginning		642,258		677,679


Cash and cash equivalents, ending	$	594,707	$	692,325

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 27

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(9,396)	$	3,205,649
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(3,291,567)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(31,673)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(9,396)		(117,591)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		3,291,567


Net cash (used in) provided by investing activities		-		3,291,567

		-		-
Cash flows from financing activities:
Distributions		(310,963)		-


Net cash used in financing activities		(310,963)		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(320,359)		3,173,976


Cash and cash equivalents, beginning		6,799,933		3,606,473


Cash and cash equivalents, ending	$	6,479,574	$	6,780,449

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 28

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(26,522)	$	(40,759)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(8,500)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(35,022)		(40,759)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		8,500		-


Net cash (used in) provided by investing activities		8,500		-

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(26,522)		(40,759)


Cash and cash equivalents, beginning		742,564		812,483


Cash and cash equivalents, ending	$	716,042	$	771,724

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 29

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	76,582	$	(64,341)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(123,094)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(497,247)		41,093


Net cash (used in) provided by operating activities		(543,759)		(23,248)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		122,994		-


Net cash (used in) provided by investing activities		122,994		-

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(420,765)		(23,248)


Cash and cash equivalents, beginning		622,414		345,648


Cash and cash equivalents, ending	$	201,649	$	322,400

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 30

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	6,824	$	262,966
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(41,555)		(265,984)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		3,000		5,500
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(166,736)		29,263


Net cash (used in) provided by operating activities		(198,467)		31,745


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		25,006		226,021


Net cash (used in) provided by investing activities		25,006		226,021

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(173,461)		257,766


Cash and cash equivalents, beginning		453,433		270,126


Cash and cash equivalents, ending	$	279,972	$	527,892

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 31

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	16,103	$	(29,350)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(69,452)		(45,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		2,500		3,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(50,849)		(71,350)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		47,000		45,000


Net cash provided by investing activities		47,000		45,000


Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(3,849)		(26,350)


Cash and cash equivalents, beginning		1,971,680		2,047,648


Cash and cash equivalents, ending	$	1,967,831	$	2,021,298

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 32

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	420,871	$	1,474,039
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(487,880)		(1,548,505)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		3,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(745,999)		(531,317)


Net cash (used in) provided by operating activities		(813,008)		(602,783)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		487,880		1,548,505


Net cash provided by investing activities		487,880		1,548,505


Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(325,128)		945,722


Cash and cash equivalents, beginning		563,697		837,185


Cash and cash equivalents, ending	$	238,569	$	1,782,907

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 33

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(40,690)	$	(47,563)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(180,304)		32,795


Net cash (used in) provided by operating activities		(220,994)		(14,768)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


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

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(220,994)		(14,768)


Cash and cash equivalents, beginning		452,033		337,765


Cash and cash equivalents, ending	$	231,039	$	322,997

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 34

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(39,631)	$	(44,043)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(125,268)		(217,768)


Net cash (used in) provided by operating activities		(164,899)		(261,811)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


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

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(164,899)		(261,811)


Cash and cash equivalents, beginning		394,837		849,078


Cash and cash equivalents, ending	$	229,938	$	587,267

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 35

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(20,322)	$	2,602,186
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(2,653,528)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		3,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		(551,982)


Net cash (used in) provided by operating activities		(20,322)		(600,324)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		2,653,528


Net cash (used in) provided by investing activities		-		2,653,528

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(20,322)		2,053,204


Cash and cash equivalents, beginning		4,428,306		2,392,767


Cash and cash equivalents, ending	$	4,407,984	$	4,445,971

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 36

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	182,394	$	(31,099)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(243,163)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		(767,505)


Net cash (used in) provided by operating activities		(60,769)		(798,604)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		243,163		-


Net cash (used in) provided by investing activities		243,163		-

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		182,394		(798,604)


Cash and cash equivalents, beginning		2,106,050		2,934,317


Cash and cash equivalents, ending	$	2,288,444	$	2,135,713

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 37

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	1,014,258	$	(21,321)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(1,020,649)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(513,149)		(934,637)


Net cash (used in) provided by operating activities		(519,540)		(955,958)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		1,020,649		-


Net cash (used in) provided by investing activities		1,020,649		-

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		501,109		(955,958)


Cash and cash equivalents, beginning		517,887		2,096,039


Cash and cash equivalents, ending	$	1,018,996	$	1,140,081

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 38

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	8,500	$	(48,438)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(7,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(6,543)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(18,234)		(795,425)


Net cash (used in) provided by operating activities		(16,734)		(850,406)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		7,000		-


Net cash (used in) provided by investing activities		7,000		-

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(9,734)		(850,406)


Cash and cash equivalents, beginning		1,492,145		3,042,864


Cash and cash equivalents, ending	$	1,482,411	$	2,192,458

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 39

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	-	$	(28,503)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(6,543)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		(916,748)


Net cash (used in) provided by operating activities		-		(951,794)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


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

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		-		(951,794)


Cash and cash equivalents, beginning		-		1,248,898


Cash and cash equivalents, ending	$	-	$	297,104

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 40

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(24,459)	$	503,498
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(44,500)		(588,952)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		5,500		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(171,812)		9,475


Net cash (used in) provided by operating activities		(235,271)		(75,979)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		44,500		588,952

				-
Net cash (used in) provided by investing activities		44,500		588,952

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(190,771)		512,973


Cash and cash equivalents, beginning		431,341		248,318


Cash and cash equivalents, ending	$	240,570	$	761,291

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 41

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(38,575)	$	596,134
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(14,000)		(719,829)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(4,500)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(448,150)		35,086


Net cash (used in) provided by operating activities		(500,725)		(93,109)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		14,000		719,829


Net cash (used in) provided by investing activities		14,000		719,829

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(486,725)		626,720


Cash and cash equivalents, beginning		741,152		322,902


Cash and cash equivalents, ending	$	254,427	$	949,622

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 42

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(8,464)	$	(90,897)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(42,500)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		(11,300)
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(50,964)		(102,197)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		42,500		-


Net cash (used in) provided by investing activities		42,500		-

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(8,464)		(102,197)


Cash and cash equivalents, beginning		1,327,017		1,072,528


Cash and cash equivalents, ending	$	1,318,553	$	970,331

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 43

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(45,306)	$	(87,062)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(9,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(475,580)		115,386


Net cash (used in) provided by operating activities		(529,886)		28,324


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		9,000		-


Net cash (used in) provided by investing activities		9,000		-

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(520,886)		28,324


Cash and cash equivalents, beginning		854,364		351,638


Cash and cash equivalents, ending	$	333,478	$	379,962

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 44

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(100,237)	$	(135,637)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		122,738		122,513


Net cash (used in) provided by operating activities		22,501		(13,124)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


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

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		22,501		(13,124)


Cash and cash equivalents, beginning		84,006		66,324


Cash and cash equivalents, ending	$	106,507	$	53,200

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 45

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	225,230	$	(150,024)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(342,500)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(104,911)		86,059


Net cash (used in) provided by operating activities		(222,181)		(63,965)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		342,500		-


Net cash (used in) provided by investing activities		342,500		-

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		120,319		(63,965)


Cash and cash equivalents, beginning		753,702		803,153


Cash and cash equivalents, ending	$	874,021	$	739,188

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 46

		2018		2017


Cash flows from operating activities:

Net income (loss)	$	(87,459)	$	(105,494)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(75,402)		104,598


Net cash (used in) provided by operating activities		(162,861)		(896)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


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

		-		-
Cash flows from financing activities:
Distributions		-		-


Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(162,861)		(896)


Cash and cash equivalents, beginning		466,399		651,129


Cash and cash equivalents, ending	$	303,538	$	650,233

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2018
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring and, as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates IV L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner of the Fund is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC IV Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. On April 18, 1996, an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998, an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective.

Below is a summary of the BACs sold and total equity raised, by series, as of the date of this filing:

Series	Closing Date	BACs Sold	Equity Raised
Series 20	June 24, 1994	3,866,700	$38,667,000
Series 21	December 31, 1994	1,892,700	$18,927,000
Series 22	December 28, 1994	2,564,400	$25,644,000
Series 23	June 23, 1995	3,336,727	$33,366,000
Series 24	September 22, 1995	2,169,878	$21,697,000
Series 25	December 29, 1995	3,026,109	$30,248,000
Series 26	June 25, 1996	3,995,900	$39,959,000
Series 27	September 17, 1996	2,460,700	$24,607,000
Series 28	January 29, 1997	4,000,738	$39,999,000

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE A - ORGANIZATION (continued)

Series	Closing Date	BACs Sold	Equity Raised
Series 29	June 10, 1997	3,991,800	$39,918,000
Series 30	September 10, 1997	2,651,000	$26,490,750
Series 31	January 18, 1998	4,417,857	$44,057,750
Series 32	June 23, 1998	4,754,198	$47,431,000
Series 33	September 21, 1998	2,636,533	$26,362,000
Series 34	February 11, 1999	3,529,319	$35,273,000
Series 35	June 28, 1999	3,300,463	$33,004,630
Series 36	September 28, 1999	2,106,838	$21,068,375
Series 37	January 28, 2000	2,512,500	$25,125,000
Series 38	July 31, 2000	2,543,100	$25,431,000
Series 39	January 31, 2001	2,292,151	$22,921,000
Series 40	July 31, 2001	2,630,256	$26,269,256
Series 41	January 31, 2002	2,891,626	$28,916,260
Series 42	July 31, 2002	2,744,262	$27,442,620
Series 43	December 31, 2002	3,637,987	$36,379,870
Series 44	April 30, 2003	2,701,973	$27,019,730
Series 45	September 16, 2003	4,014,367	$40,143,670
Series 46	December 19, 2003	2,980,998	$29,809,980

The Fund concluded its public offering of BACs in the Fund on December 19, 2003.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of September 30, 2018 and for the three and six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2018.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner of the Fund, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management Limited Partnership as follows:

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended September 30, 2018 and 2017, are as follows:

	2018	2017
Series 20	$ 2,549	$ 5,536
Series 21	-	2,719
Series 22	6,426	7,303
Series 23	5,556	5,556
Series 24	10,761	12,588
Series 25	-	5,440
Series 26	13,938	22,545
Series 27	7,635	9,555
Series 28	7,296	8,844
Series 29	7,261	20,547
Series 30	7,462	12,609
Series 31	16,535	21,699
Series 32	19,794	26,370
Series 33	13,318	16,397
Series 34	12,366	12,366
Series 35	10,653	17,481
Series 36	5,990	7,626
Series 37	3,396	12,501
Series 38	16,581	18,234
Series 39	-	1,709
Series 40	26,594	28,709
Series 41	34,076	52,147
Series 42	27,505	42,870
Series 43	45,091	57,693
Series 44	57,826	57,825
Series 45	67,565	70,359
Series 46	52,299	52,299
	$478,473	$609,527

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the six months ended September 30, 2018 and 2017 are as follows:

	2018	2017
Series 20	$ 193,337	$ -
Series 22	25,000	-
Series 23	250,000	488,550
Series 24	21,522	25,176
Series 25	-	11,374
Series 26	29,547	45,090
Series 27	15,270	24,523
Series 28	16,140	17,688
Series 29	519,601	-
Series 30	185,027	-
Series 31	35,627	43,398
Series 32	787,880	584,057
Series 33	206,940	-
Series 34	150,000	242,500
Series 35	21,306	586,944
Series 36	13,616	782,757
Series 37	526,729	959,639
Series 38	53,049	831,893
Series 39	-	699,711
Series 40	225,000	49,000
Series 41	520,930	70,500
Series 42	56,839	85,740
Series 43	566,306	-
Series 45	242,500	-
Series 46	180,000	-
	$4,842,166	$5,548,540

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2018 and 2017, the Fund has limited partnership interests in 150 and 191 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2018 and 2017 are as follows:

	2018	2017
Series 20	1	3
Series 21	-	2
Series 22	3	3
Series 23	3	3
Series 24	5	6
Series 25	-	-
Series 26	8	9
Series 27	3	4
Series 28	4	5
Series 29	5	8
Series 30	2	6
Series 31	6	8
Series 32	5	6
Series 33	3	5
Series 34	4	4
Series 35	2	2
Series 36	2	3
Series 37	-	2
Series 38	3	4
Series 39	-	1
Series 40	8	9
Series 41	11	16
Series 42	10	15
Series 43	16	19
Series 44	7	7
Series 45	25	27
Series 46	14	14
	150	191

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at September 30, 2018 and 2017, are as follows:

	2018	2017
Series 29	$ 785	$ 8,235
Series 30	48,627	65,176
Series 31	43,842	66,294
Series 32	1,229	1,229
Series 33	-	69,154
Series 37	-	138,438
Series 40	102	102
Series 41	-	100
Series 42	254	73,433
Series 43	26,082	99,265
Series 45	16,724	16,724
	$137,645	$538,150

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the six months ended September 30, 2018 the Fund disposed of nineteen Operating Partnerships. A summary of the dispositions by Series for September 30, 2018 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition

Series 20	1	-	$	155,337	$	155,337
Series 26	1	-		10,500		10,500
Series 28	1	-		8,500		8,500
Series 29	2	-		122,994		123,094
Series 30	3	-		25,006		41,555
Series 31	2	-		47,000		69,452
Series 32	-	1		487,880		487,880
Series 36	-	1		243,163		243,163
Series 37	-	1		1,020,649		1,020,649
Series 38	1	-		7,000		7,000
Series 40	1	-		44,500		44,500
Series 41	-	1		14,000		14,000
Series 42	1	-		42,500		42,500
Series 43	1	-		9,000		9,000
Series 45	1	-		342,500		342,500
Total	15	4	$	2,580,529	$	2,619,630

* Fund proceeds from disposition does not include $100, $16,549 and $22,452, which was due to a writeoff of capital contribution payable as of September 30, 2018, for Series 29, Series 30 and Series 31, respectively.

The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund's investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the six months ended September 30, 2017 the Fund disposed of eighteen Operating Partnerships. A summary of the dispositions by Series for September 30, 2017 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition

Series 23	-	1	$	959,665	$	959,665
Series 25	4	-		97,399		97,399
Series 26	4	-		80,000		80,000
Series 27	-	1		3,291,567		3,291,567
Series 30	1	1		226,021		265,984
Series 31	2	-		45,000		45,000
Series 32	-	1		1,548,505		1,548,505
Series 35	1	-		2,653,528		2,653,528
Series 40	1	-		588,952		588,952
Series 41	1	-		719,829		719,829
Total	14	4	$	10,210,466	$	10,250,429

* Fund proceeds from disposition does not include $39,963 which was due to a writeoff of capital contribution payable as of September 30, 2017, for Series 30.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2018.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

		2018	2017

Revenues
	Rental	$ 22,343,323	$ 26,987,297
	Interest and other	663,683	852,756
		23,007,006	27,840,053

Expenses
	Interest	3,644,356	4,613,504
	Depreciation and amortization	5,775,862	7,332,051
	Operating expenses	16,122,850	19,961,263
		25,543,068	31,906,818

NET LOSS		$ (2,536,062)	$ (4,066,765)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (2,510,699)	$ (4,026,097)

Net loss allocated to other Partners		$ (25,363)	$ (40,668)

* Amounts include $(2,510,699) and $(4,026,097) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 20

		2018	2017
Revenues
	Rental	$ 139,480	$ 266,942
	Interest and other	9,921	16,914
		149,401	283,856

Expenses
	Interest	11,732	25,735
	Depreciation and amortization	28,416	72,185
	Operating expenses	124,517	235,116
		164,665	333,036

NET LOSS		$ (15,264)	$ (49,180)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (15,111)	$ (48,688)

Net loss allocated to other Partners		$ (153)	$ (492)

* Amounts include $(15,111) and $(48,688) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 21

		2018	2017
Revenues
	Rental	$ -	$ 246,778
	Interest and other	-	1,720
		-	248,498

Expenses
	Interest	-	19,832
	Depreciation and amortization	-	41,440
	Operating expenses	-	196,601
		-	257,873

NET LOSS		$ -	$ (9,375)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ -	$ (9,281)

Net loss allocated to other Partners		$ -	$ (94)

* Amounts include $- and $(9,281) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 22

		2018	2017
Revenues
	Rental	$ 255,007	$ 255,056
	Interest and other	6,424	9,109
		261,431	264,165

Expenses
	Interest	21,753	22,684
	Depreciation and amortization	54,539	69,003
	Operating expenses	215,777	207,737
		292,069	299,424

NET LOSS		$ (30,638)	$ (35,259)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (30,332)	$ (34,906)

Net loss allocated to other Partners		$ (306)	$ (353)

* Amounts include $(30,332) and $(34,906) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 23

		2018	2017
Revenues
	Rental	$ 204,371	$ 211,249
	Interest and other	8,421	10,596
		212,792	221,845

Expenses
	Interest	14,889	12,041
	Depreciation and amortization	45,095	44,899
	Operating expenses	169,287	175,607
		229,271	232,547

NET LOSS		$ (16,479)	$ (10,702)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (16,314)	$ (10,595)

Net loss allocated to other Partners		$ (165)	$ (107)

* Amounts include $(16,314) and $(10,595) for 2018 and 2017, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 24

		2018	2017
Revenues
	Rental	$ 428,402	$ 512,589
	Interest and other	13,733	10,241
		442,135	522,830

Expenses
	Interest	34,789	45,126
	Depreciation and amortization	121,938	140,696
	Operating expenses	342,441	413,532
		499,168	599,354

NET LOSS		$ (57,033)	$ (76,524)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (56,463)	$ (75,759)

Net loss allocated to other Partners		$ (570)	$ (765)

* Amounts include $(56,463) and $(75,759) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 25

		2018	2017
Revenues
	Rental	$ -	$ -
	Interest and other	-	-
		-	-

Expenses
	Interest	-	-
	Depreciation and amortization	-	-
	Operating expenses	-	-
		-	-

NET LOSS		$ -	$ -

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ -	$ -

Net loss allocated to other Partners		$ -	$ -

* Amounts include $- and $- for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 26

		2018	2017
Revenues
	Rental	$ 637,353	$ 900,779
	Interest and other	7,655	18,548
		645,008	919,327

Expenses
	Interest	111,673	142,592
	Depreciation and amortization	155,406	232,520
	Operating expenses	536,826	780,980
		803,905	1,156,092

NET LOSS		$ (158,897)	$ (236,765)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (157,308)	$ (234,397)

Net loss allocated to other Partners		$ (1,589)	$ (2,368)

* Amounts include $(157,308) and $(234,397) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 27

		2018	2017
Revenues
	Rental	$ 330,303	$ 402,299
	Interest and other	6,495	5,622
		336,798	407,921

Expenses
	Interest	16,620	23,507
	Depreciation and amortization	88,925	120,642
	Operating expenses	275,358	329,597
		380,903	473,746

NET LOSS		$ (44,105)	$ (65,825)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (43,664)	$ (65,167)

Net loss allocated to other Partners		$ (441)	$ (658)

* Amounts include $(43,664) and $(65,167) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 28

		2018	2017
Revenues
	Rental	$ 411,179	$ 501,140
	Interest and other	22,570	12,635
		433,749	513,775

Expenses
	Interest	66,567	81,516
	Depreciation and amortization	91,762	112,889
	Operating expenses	340,875	391,916
		499,204	586,321

NET LOSS		$ (65,455)	$ (72,546)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (64,800)	$ (71,821)

Net loss allocated to other Partners		$ (655)	$ (725)

* Amounts include $(64,800) and $(71,821) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 29

		2018	2017
Revenues
	Rental	$ 543,919	$ 874,203
	Interest and other	21,495	84,101
		565,414	958,304

Expenses
	Interest	106,247	196,702
	Depreciation and amortization	114,458	247,758
	Operating expenses	459,302	777,606
		680,007	1,222,066

NET LOSS		$ (114,593)	$ (263,762)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (113,447)	$ (261,124)

Net loss allocated to other Partners		$ (1,146)	$ (2,638)

* Amounts include $(113,447) and $(261,124) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 30

		2018	2017
Revenues
	Rental	$ 322,299	$ 515,042
	Interest and other	7,537	12,640
		329,836	527,682

Expenses
	Interest	34,088	46,813
	Depreciation and amortization	76,907	145,249
	Operating expenses	261,993	404,406
		372,988	596,468

NET LOSS		$ (43,152)	$ (68,786)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (42,720)	$ (68,098)

Net loss allocated to other Partners		$ (432)	$ (688)

* Amounts include $(42,720) and $(68,098) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 31

		2018	2017
Revenues
	Rental	$ 563,108	$ 779,319
	Interest and other	21,066	22,666
		584,174	801,985

Expenses
	Interest	41,564	74,857
	Depreciation and amortization	209,468	264,177
	Operating expenses	563,223	695,785
		814,255	1,034,819

NET LOSS		$ (230,081)	$ (232,834)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (227,780)	$ (230,506)

Net loss allocated to other Partners		$ (2,301)	$ (2,328)

* Amounts include $(227,780) and $(230,506) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 32

		2018	2017
Revenues
	Rental	$ 770,495	$ 1,022,002
	Interest and other	11,472	26,860
		781,967	1,048,862

Expenses
	Interest	128,444	164,515
	Depreciation and amortization	219,165	311,842
	Operating expenses	641,294	816,689
		988,903	1,293,046

NET LOSS		$ (206,936)	$ (244,184)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (204,867)	$ (241,742)

Net loss allocated to other Partners		$ (2,069)	$ (2,442)

* Amounts include $(204,867) and $(241,742) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 33

		2018	2017
Revenues
	Rental	$ 632,934	$ 704,712
	Interest and other	23,019	25,494
		655,953	730,206

Expenses
	Interest	101,675	119,565
	Depreciation and amortization	139,535	179,293
	Operating expenses	465,670	538,916
		706,880	837,774

NET LOSS		$ (50,927)	$ (107,568)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (50,418)	$ (106,492)

Net loss allocated to other Partners		$ (509)	$ (1,076)

* Amounts include $(50,418) and $(106,492) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 34

		2018	2017
Revenues
	Rental	$ 495,011	$ 485,873
	Interest and other	25,201	17,506
		520,212	503,379

Expenses
	Interest	57,916	52,131
	Depreciation and amortization	137,095	137,814
	Operating expenses	370,981	377,235
		565,992	567,180

NET LOSS		$ (45,780)	$ (63,801)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (45,322)	$ (63,163)

Net loss allocated to other Partners		$ (458)	$ (638)

* Amounts include $(45,322) and $(63,163) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 35

		2018	2017
Revenues
	Rental	$ 504,934	$ 571,313
	Interest and other	28,304	16,103
		533,238	587,416

Expenses
	Interest	83,244	94,832
	Depreciation and amortization	161,156	173,454
	Operating expenses	303,777	334,048
		548,177	602,334

NET LOSS		$ (14,939)	$ (14,918)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (14,790)	$ (14,769)

Net loss allocated to other Partners		$ (149)	$ (149)

* Amounts include $(14,790) and $(14,769) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 36

		2018	2017
Revenues
	Rental	$ 284,874	$ 322,092
	Interest and other	5,290	9,178
		290,164	331,270

Expenses
	Interest	52,992	64,417
	Depreciation and amortization	70,217	84,557
	Operating expenses	208,729	248,232
		331,938	397,206

NET LOSS		$ (41,774)	$ (65,936)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (41,356)	$ (65,277)

Net loss allocated to other Partners		$ (418)	$ (659)

* Amounts include $(41,356) and $(65,277) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 37

		2018	2017
Revenues
	Rental	$ -	$ 407,915
	Interest and other	-	40,351
		-	448,266

Expenses
	Interest	-	64,154
	Depreciation and amortization	-	139,403
	Operating expenses	-	316,589
		-	520,146

NET LOSS		$ -	$ (71,880)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ -	$ (71,161)

Net loss allocated to other Partners		$ -	$ (719)

* Amounts include $- and $(71,161) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 38

		2018	2017
Revenues
	Rental	$ 810,726	$ 887,427
	Interest and other	16,373	10,837
		827,099	898,264

Expenses
	Interest	111,239	123,561
	Depreciation and amortization	155,514	186,314
	Operating expenses	564,808	640,508
		831,561	950,383

NET LOSS		$ (4,462)	$ (52,119)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (4,417)	$ (51,598)

Net loss allocated to other Partners		$ (45)	$ (521)

* Amounts include $(4,417) and $(51,598) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 39

		2018	2017
Revenues
	Rental	$ -	$ 84,216
	Interest and other	-	-
		-	84,216

Expenses
	Interest	-	3,119
	Depreciation and amortization	-	14,546
	Operating expenses	-	73,250
		-	90,915

NET LOSS		$ -	$ (6,699)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ -	$ (6,632)

Net loss allocated to other Partners		$ -	$ (67)

* Amounts include $- and $(6,632) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 40

		2018	2017
Revenues
	Rental	$ 1,017,456	$ 1,149,937
	Interest and other	26,894	26,095
		1,044,350	1,176,032

Expenses
	Interest	189,214	238,819
	Depreciation and amortization	276,150	335,439
	Operating expenses	794,063	935,512
		1,259,427	1,509,770

NET LOSS		$ (215,077)	$ (333,738)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (212,926)	$ (330,401)

Net loss allocated to other Partners		$ (2,151)	$ (3,337)

* Amounts include $(212,926) and $(330,401) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 41

		2018	2017
Revenues
	Rental	$ 1,815,549	$ 2,581,490
	Interest and other	29,661	53,502
		1,845,210	2,634,992

Expenses
	Interest	340,027	531,094
	Depreciation and amortization	384,753	613,670
	Operating expenses	1,223,663	1,808,103
		1,948,443	2,952,867

NET LOSS		$ (103,233)	$ (317,875)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (102,201)	$ (314,696)

Net loss allocated to other Partners		$ (1,032)	$ (3,179)

* Amounts include $(102,201) and $(314,696) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 42

		2018	2017
Revenues
	Rental	$ 1,196,029	$ 1,823,744
	Interest and other	47,542	76,131
		1,243,571	1,899,875

Expenses
	Interest	242,115	395,600
	Depreciation and amortization	362,541	560,944
	Operating expenses	876,593	1,360,604
		1,481,249	2,317,148

NET LOSS		$ (237,678)	$ (417,273)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (235,301)	$ (413,100)

Net loss allocated to other Partners		$ (2,377)	$ (4,173)

* Amounts include $(235,301) and $(413,100) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 43

		2018	2017
Revenues
	Rental	$ 2,093,498	$ 2,619,352
	Interest and other	90,363	131,204
		2,183,861	2,750,556

Expenses
	Interest	256,666	411,981
	Depreciation and amortization	695,187	863,189
	Operating expenses	1,576,475	2,020,128
		2,528,328	3,295,298

NET LOSS		$ (344,467)	$ (544,742)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (341,022)	$ (539,295)

Net loss allocated to other Partners		$ (3,445)	$ (5,447)

* Amounts include $(341,022) and $(539,295) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 44


Revenues
	Rental	$ 2,981,014	$ 2,931,740
	Interest and other	81,854	90,941
		3,062,868	3,022,681

Expenses
	Interest	695,577	701,213
	Depreciation and amortization	676,174	683,908
	Operating expenses	1,711,083	1,757,026
		3,082,834	3,142,147

NET LOSS		$ (19,966)	$ (119,466)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (19,766)	$ (118,271)

Net loss allocated to other Partners		$ (200)	$ (1,195)

* Amounts include $(19,766) and $(118,271) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 45

		2018	2017
Revenues
	Rental	$ 3,545,117	$ 3,620,177
	Interest and other	80,792	73,570
		3,625,909	3,693,747

Expenses
	Interest	455,418	485,156
	Depreciation and amortization	944,459	984,440
	Operating expenses	2,613,391	2,621,021
		4,013,268	4,090,617

NET LOSS		$ (387,359)	$ (396,870)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (383,485)	$ (392,901)

Net loss allocated to other Partners		$ (3,874)	$ (3,969)

* Amounts include $(383,485) and $(392,901) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 46

		2018	2017
Revenues
	Rental	$ 2,360,265	$ 2,309,911
	Interest and other	71,601	50,192
		2,431,866	2,360,103

Expenses
	Interest	469,907	471,942
	Depreciation and amortization	567,002	571,780
	Operating expenses	1,482,724	1,504,519
		2,519,633	2,548,241

NET LOSS		$ (87,767)	$ (188,138)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (86,889)	$ (186,257)

Net loss allocated to other Partners		$ (878)	$ (1,881)

* Amounts include $(86,889) and $(186,257) for 2018 and 2017, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2018

(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2014 remain open.

NOTE G - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes. Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

Item 2. Management's Discussions and Analysis of Financial Condition and
Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2018. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds was the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions unpaid for the six months ended September 30, 2018 or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnership that are returned to fund reserves. These sources of liquidity, along with the Fund's working capital reserve, are available to meet the obligations of the Partnership. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended September 30, 2018 were $478,473 and total fund management fees accrued as of September 30, 2018 were $25,428,841. During the six months ended September 30, 2018, $4,842,166 of the accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships that will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends that would create insufficient liquidity to meet future third party obligations of the Fund.

Liquidity (continued)

As of September 30, 2018, an affiliate of the general partner of the Fund advanced a total of $227,325 to Series 44 to pay some operating expenses of the Fund, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable affiliates. During the six months ended September 30, 2018, $7,087 was advanced to Series 44 from an affiliate of the general partner. As of September 30, 2017 $220,455 and $54,659 was paid back from Series 39 and Series 45, respectively, to an affiliate of the general partner. All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.

Capital Resources

The Fund offered BACs in the Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,256, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,980,998 BACs from investors admitted as BAC Holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of September 30, 2018.

Series 20

The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $27,693,970. Series 20 has since sold its interest in 23 of the Operating Partnerships and 1 remains.

Prior to the quarter ended September 30, 2018, Series 20 had released all payments of its capital contributions to the Operating Partnerships.

Series 21

The Fund commenced offering BACs in Series 21 on July 5, 1994. Offers and sales of BACs in Series 21 were completed on September 30, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728. Series 21 has since sold its interest in all 14 of the Operating Partnerships.

Prior to the quarter ended September 30, 2018, Series 21 had released all payments of its capital contributions to the Operating Partnerships.

Series 22

The Fund commenced offering BACs in Series 22 on October 12, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748. Series 22 has since sold its interest in 26 of the Operating Partnerships and 3 remain.

Prior to the quarter ended September 30, 2018, Series 22 had released all payments of its capital contributions to the Operating Partnerships.

Series 23

The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on June 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278. Series 23 has since sold its interest in 19 of the Operating Partnerships and 3 remain.

Prior to the quarter ended September 30, 2018, Series 23 had released all payments of its capital contributions to the Operating Partnerships.

Series 24

The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,796,309. Series 24 has since sold its interest in 19 of the Operating Partnerships and 5 remain.

Prior to the quarter ended September 30, 2018, Series 24 had released all payments of its capital contributions to the Operating Partnerships.

Series 25

The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539. Series 25 has since sold its interest in all 22 of the Operating Partnerships.

Prior to the quarter ended September 30, 2018, Series 25 had released all payments of its capital contributions to the Operating Partnerships.

Series 26

The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 14, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215. Series 26 has since sold its interest in 37 of the Operating Partnerships and 8 remain.

Prior to the quarter ended September 30, 2018, Series 26 had released all payments of its capital contributions to the Operating Partnerships.

Series 27

The Fund commenced offering BACs in Series 27 on June 17, 1996. Offers and sales of BACs in Series 27 were completed on September 27, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,881,574. Series 27 has since sold its interest in 13 of the Operating Partnerships and 3 remain.

Prior to the quarter ended September 30, 2018, Series 27 had released all payments of its capital contributions to the Operating Partnerships.

Series 28

The Fund commenced offering BACs in Series 28 on September 30, 1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983. Series 28 has since sold its interest in 22 of the Operating Partnerships and 4 remain.

Prior to the quarter ended September 30, 2018, Series 28 had released all payments of its capital contributions to the Operating Partnerships.

Series 29

The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 20, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877. Series 29 has since sold its interest in 17 of the Operating Partnerships and 5 remain.

During the quarter ended September 30, 2018, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable to 1 Operating Partnership in the amount of $785 as of September 30, 2018. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 30

The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,497,869. Series 30 has since disposed of its interest in 18 of the Operating Partnerships and 2 remain.

During the quarter ended September 30, 2018, Series 30 did not record any releases of capital contributions. Series 30 has outstanding contributions payable to 1 Operating Partnership in the amount of $48,627 as of September 30, 2018. The remaining contributions will be released when Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 31

The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. Series 31 has since disposed of its interest in 21 of the Operating Partnerships and 6 remain.

During the quarter ended September 30, 2018, Series 31 did not record any releases of capital contributions. Series 31 has outstanding contributions payable to 2 Operating Partnerships in the amount of $43,842 as of September 30, 2018. Of the amount outstanding, $25,000 has been funded into an escrow account on behalf of one Operating Partnership. The escrowed funds will be converted to capital and the remaining contributions of $18,842 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 32

The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 17 Operating Partnerships in the amount of $34,129,677. Series 32 has since sold its interest in 12 of the Operating Partnerships and 5 remain. The series has also purchased membership interests in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. In December 2010, the investment general partner sold its membership interests and a gain on the sale of the membership interests has been recorded in the amount of $499,998 as of December 31, 2010. Under the terms of these Assignments of Membership Interests dated December 1, 1998, the series is entitled to various profits, losses, tax credits, cash flow, proceeds from capital transactions and capital accounts as defined in the individual Operating Partnership Agreements. The series utilized $1,092,847 of funds available to invest in Operating Partnerships for this investment.

During the quarter ended September 30, 2018, Series 32 did not record any releases of capital contributions. Series 32 has outstanding contributions payable to 1 Operating Partnership in the amount of $1,229 as of September 30, 2018. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 33

The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,594,100. Series 33 has since sold its interest in 7 of the Operating Partnerships and 3 remain.

Prior to the quarter ended September 30, 2018, Series 33 had released all payments of its capital contributions to the Operating Partnerships.

Series 34

The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,738,978. Series 34 has since sold its interest in 10 of the Operating Partnerships and 4 remain.

Prior to the quarter ended September 30, 2018, Series 34 had released all payments of its capital contributions to the Operating Partnerships.

Series 35

The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,002,391. Series 35 has since sold its interest in 9 of the Operating Partnerships and 2 remain.

Prior to the quarter ended September 30, 2018, Series 35 had released all payments of its capital contributions to the Operating Partnerships.

Series 36

The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,277,041. Series 36 has since sold its interest in 9 of the Operating Partnerships and 2 remain.

Prior to the quarter ended September 30, 2018, Series 36 had released all payments of its capital contributions to the Operating Partnerships.

Series 37

The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,735,142. Series 37 has since sold its interest in all 7 of the Operating Partnerships.

Prior to the quarter ended September 30, 2018, Series 37 had released all payments of its capital contributions to the Operating Partnerships.

Series 38

The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,612,287. Series 38 has since sold its interest in 7 of the Operating Partnerships and 3 remain. In addition, the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended September 30, 2018, Series 38 had released all payments of its capital contributions to the Operating Partnerships.

Series 39

The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492. Series 39 has since sold its interest in all 9 of the Operating Partnerships. In addition, the Fund committed and used $192,987 of Series 39 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended September 30, 2018, Series 39 had released all payments of its capital contributions to the Operating Partnerships.

Series 40

The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,030,772. Series 40 has since sold its interest in 8 of the Operating Partnerships and 8 remain. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire a membership interest in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended September 30, 2018, Series 40 did not record any releases of capital contributions. Series 40 has outstanding contributions payable to 1 Operating Partnership in the amount of $102 as of September 30, 2018. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 41

The Fund commenced offering BACs in Series 41 on August 1, 2001. Offers and sales of BACs in Series 41 were completed on January 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $21,278,631. Series 41 has since sold its interest in 12 of the Operating Partnerships and 11 remain. In addition, the Fund committed and used $195,249 of Series 41 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended September 30, 2018, Series 41 had released all payments of its capital contributions to the Operating Partnerships.

Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120. Series 42 has since sold its interest in 13 of the Operating Partnerships and 10 remain.

During the quarter ended September 30, 2018, Series 42 did not record any releases of capital contributions. Series 42 has outstanding contributions payable to 1 Operating Partnership in the amount of $254 as of September 30, 2018. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 43

The Fund commenced offering BACs in Series 43 on August 1, 2002. Offers and sales of BCAs in Series 43 were completed in June 30, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $26,326,543. Series 43 has since sold its interest in 7 of the Operating Partnerships and 16 remain. The Fund also committed and used $805,160 of Series 43 net offering proceeds to acquire membership interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. In addition, the Fund committed and used $268,451 of Series 43 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended September 30, 2018, Series 43 did not record any releases of capital contributions. Series 43 has outstanding contributions payable to 1 Operating Partnerships in the amount of $26,082 as of September 30, 2018. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 44

The Fund commenced offering BACs in Series 44 on January 14, 2003. Offers and sales of BACs in Series 44 were completed in April 30, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $20,248,519. Series 44 has since sold its interest in 3 of the Operating Partnerships and 7 remain. In addition, the Fund committed and used $164,164 of Series 44 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended September 30, 2018, Series 44 had released all payments of its capital contributions to the Operating Partnerships.

Series 45

The Fund commenced offering BACs in Series 45 on July 1, 2003. Offers and sales of BACs in Series 45 were completed on September 16, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 31 Operating Partnerships in the amount of $30,232,512. Series 45 has since sold its interest in 6 of the Operating Partnerships and 25 remain. In addition, the Fund committed and used $302,862 of Series 45 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended September 30, 2018, Series 45 did not record any releases of capital contributions. Series 45 has outstanding contributions payable to 1 Operating Partnership in the amount of $16,724 as of September 30, 2018. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 46

The Fund commenced offering BACs in Series 46 on September 23, 2003. Offers and sales of BACs in Series 46 were completed on December 19, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $22,495,082. Series 46 has since sold its interest in 1 of the Operating Partnerships and 14 remain. In addition, the Fund committed and used $228,691 of Series 46 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended September 30, 2018, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of September 30, 2018 and 2017, the Fund held limited partnership interests in 150 and 191 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the three and six months ended September 30, 2018, are as follows:

	3 Months Gross Fund Management Fee	3 Months Asset Management and Reporting Fee	3 Months Fund Management Fee Net of Asset Management and Reporting Fee

Series 20	$ 2,549	$ -	$ 2,549
Series 21	-	-	-
Series 22	6,426	-	6,426
Series 23	5,556	-	5,556
Series 24	10,761	1,167	9,594
Series 25	-	-	-
Series 26	13,938	-	13,938
Series 27	7,635	2,380	5,255
Series 28	7,296	-	7,296
Series 29	7,261	-	7,261
Series 30	7,462	-	7,462
Series 31	16,535	-	16,535
Series 32	19,794	-	19,794
Series 33	13,318	4,420	8,898
Series 34	12,366	4,200	8,166
Series 35	10,653	6,600	4,053
Series 36	5,990	-	5,990
Series 37	3,396	-	3,396
Series 38	16,581	-	16,581
Series 39	-	-	-
Series 40	26,594	5,400	21,194
Series 41	34,076	-	34,076
Series 42	27,505	12,256	15,249
Series 43	45,091	500	44,591
Series 44	57,826	11,634	46,192
Series 45	67,565	20,550	47,015
Series 46	52,299	4,461	47,838
	$478,473	$73,568	$404,905

	6 Months Gross Fund Management Fee	6 Months Asset Management and Reporting Fee	6 Months Fund Management Fee Net of Asset Management and Reporting Fee

Series 20	$ 5,320	$ 500	$ 4,820
Series 21	-	-	-
Series 22	12,852	500	12,352
Series 23	11,112	3,606	7,506
Series 24	21,522	1,167	20,355
Series 25	-	-	-
Series 26	29,547	1,000	28,547
Series 27	15,270	2,380	12,890
Series 28	16,140	2,000	14,140
Series 29	22,354	-	22,354
Series 30	18,291	5,717	12,574
Series 31	35,627	1,500	34,127
Series 32	41,881	-	41,881
Series 33	26,636	4,420	22,216
Series 34	24,732	4,200	20,532
Series 35	21,306	6,600	14,706
Series 36	13,616	1,910	11,706
Series 37	13,580	8,018	5,562
Series 38	34,815	3,000	31,815
Series 39	-	-	-
Series 40	53,188	7,550	45,638
Series 41	72,780	14,920	57,860
Series 42	56,839	23,443	33,396
Series 43	90,726	18,052	72,674
Series 44	115,651	24,995	90,656
Series 45	137,589	33,057	104,532
Series 46	104,598	10,807	93,791
	$995,972	$179,342	$816,630

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 20

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 1 property at September 30, 2018, which was at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 20 reflects a net loss from Operating Partnerships of $(15,264) and $(49,180), respectively, which includes depreciation and amortization of $28,416 and $72,185, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2017, the investment general partner transferred its interest in Fair Oaks Lane Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,279,482 and cash proceeds to the investment partnership of $44,000. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $42,000 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $42,000 as of December 31, 2017.

In April 2018, the investment general partner of Boston Capital Tax Credit Fund III - Series 18 and Series 20 transferred their respective interests in Virginia Avenue Affordable Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $499,989 and cash proceeds to the investment partnerships of $823,080 and $156,777 for Series 18 and Series 20, respectively. Of the total proceeds received, $7,560 and $1,440, for Series 18 and Series 20, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $815,520 and $155,337, for Series 18 and Series 20, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $815,520 and $155,337, for Series 18 and Series 20, respectively, as of June 30, 2018.

Series 21

As of September 30, 2017, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of September 30, 2018.

For the six month periods ended September 30, 2018 and 2017, Series 21 reflects a net loss from Operating Partnerships of $- and $(9,375), respectively, which includes depreciation and amortization of $- and $41,440, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2017, the investment general partner transferred its interest in Better Homes of Havelock Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,591,112 and cash proceeds to the investment partnership of $60,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $57,500 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $57,500 as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Liveoak Village Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $672,305 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,500 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,500 as of December 31, 2017.

Series 22

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at September 30, 2018, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 22 reflects a net loss from Operating Partnerships of $(30,638) and $(35,259), respectively, which includes depreciation and amortization of $54,539 and $69,003, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 23

For the six month periods ended September 30, 2018 and 2017, Series 23 reflects a net loss from Operating Partnerships of $(16,479) and $(10,702), respectively, which includes depreciation and amortization of $45,095 and $44,899, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In January 2017, the operating general partner of Sacramento SRO Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 21, 2017. The sales price of the property was $3,800,000, which included the outstanding mortgage balance of approximately $2,701,113 and cash proceeds to the investment partnership of $964,665. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $959,665 were returned to cash reserves held by Series 23. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $959,665 as of June 30, 2017. In October 2017, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $30,297 which was returned to the cash reserves.

Series 24

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at September 30, 2018, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 24 reflects a net loss from Operating Partnerships of $(57,033) and $(76,524), respectively, which includes depreciation and amortization of $121,938 and $140,696, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2018, the operating general partner of Woodland Associates Limited Partnership sold the property to an entity affiliated with the operating general partner. The sales price of the property was $1,295,876, which included the outstanding mortgage balance of approximately $1,038,276 and cash proceeds to the investment partnership of $100,000. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $95,000 will be returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $95,000 as of March 31, 2018.

Series 25

As of September 30, 2017, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of September 30, 2018.

For the six month periods ended September 30, 2018 and 2017, Series 21 reflects a net loss from Operating Partnerships of $- and $-, respectively, which includes depreciation and amortization of $- and $-, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In September 2017, the investment general partner transferred its interest in Ethel Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $736,238 and cash proceeds to the investment partnership of $21,000. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,500 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,500 as of September 30, 2017.

In August 2017, the investment general partner transferred its interest in Horse Cave Family Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $753,559 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,500 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,500 as of September 30, 2017.

In September 2017, the investment general partner transferred its interest in Shannon Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,157,526 and cash proceeds to the investment partnership of $36,000. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $34,500 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $34,500 as of September 30, 2017.

In September 2017, the investment general partner transferred its interest in West Point Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $638,133 and cash proceeds to the investment partnership of $35,311. Of the total proceeds received, $1,412 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $33,899 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $33,899 as of September 30, 2017.

Series 26

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at September 30, 2018, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 26 reflects a net loss from Operating Partnerships of $(158,897) and $(236,765), respectively, which includes depreciation and amortization of $155,406 and $232,520, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In September 2017, the investment general partner transferred its interest in Mason Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $849,683 and cash proceeds to the investment partnership of $18,000. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $16,500 as of September 30, 2017.

In September 2017, the investment general partner transferred its interest in Maxton Green Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $802,661 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $14,500 as of September 30, 2017.

In September 2017, the investment general partner transferred its interest in Meridian Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $651,291 and cash proceeds to the investment partnership of $36,000. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $34,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $34,500 as of September 30, 2017.

In September 2017, the investment general partner transferred its interest in Timmonsville Green Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $970,535 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $14,500 as of September 30, 2017.

In June 2018, the investment general partner transferred its interest in Beckwood Manor One Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $831,636 and cash proceeds to the investment partnership of $14,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $10,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $10,500 as of June 30, 2018.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Southwind Apartments, A L.D.H.A.

T.R. Bobb Apartments Partnership, A L.D.H.A.

Brookhaven Apartments Partnership, A LP

Beauregard Apartments Partnership, A L.D.H.A.

Warrensburg Heights L.P.

Series 27

For the six month periods ended September 30, 2018 and 2017, Series 27 reflects a net loss from Operating Partnerships of $(44,105) and $(65,825), respectively, which includes depreciation and amortization of $88,925 and $120,642, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In October 2016, the investment general partner transferred 50% of its interest in Canisteo Manor, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $438,188 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 27. The remaining 50% investment limited partner interest in the Operating Partnership was transferred in November 2017 for the assumption of approximately $438,188 of the remaining outstanding mortgage balance and nominal consideration. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

In December 2016, the operating general partner of Wayne Housing Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 27, 2017. The sales price of the property was $12,800,000, which included the outstanding mortgage balance of approximately $5,844,046 and cash proceeds to the investment partnership of $3,291,567 which were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $3,291,567 as of June 30, 2017.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Angelou Court

Series 28

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at September 30, 2018, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 28 reflects a net loss from Operating Partnerships of $(65,455) and $(72,546), respectively, which includes depreciation and amortization of $91,762 and $112,889, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2018, the investment general partner transferred its interest in Evergreen Three Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $749,754 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $8,500 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $8,500 as of June 30, 2018.

Maplewood Apartments Partnership, A LA Partnership

Series 29

For the six month periods ended September 30, 2018 and 2017, Series 29 reflects a net loss from Operating Partnerships of $(114,593) and $(263,762), respectively, which includes depreciation and amortization of $114,458 and $247,758, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2017, the operating general partner of Harbor Pointe/MHT LDHA Limited Partnership entered into an agreement to sell the property a non-affiliated entity and the transaction closed on February 6, 2018. The sales price of the property was $1,900,000, which included the outstanding mortgage balance of approximately $1,129,405 and cash proceeds to the investment partnerships of $300,283 and $108,265 for Series 29 and Series 33, respectively. Of the total proceeds received by the investment partnerships, $3,675 and $1,325 for Series 29 and Series 33, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $296,608 and $106,940 for Series 29 and Series 33, respectively, will be returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $296,608 and $106,940 for Series 29 and Series 33, respectively as of March 31, 2018. In addition, equity outstanding for the Operating Partnership in the amount of $7,350 and $2,650 for Series 29 and Series 33, respectively, was recorded as gain on the sale of the Operating Partnership as of March 31, 2018.

In June 2018, the investment general partner transferred its interest in Edgewood Apartments Partnership, A Louisiana Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,914,574 and cash proceeds to the investment partnership of $108,000. Of the total proceeds received, $5,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $102,500 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $102,500 as of June 30, 2018.

In June 2018, the investment general partner transferred its interest in Emerald Trace Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,591,041 and cash proceeds to the investment partnership of $25,494. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,494 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,494 as of June 30, 2018. In addition, equity outstanding for the Operating Partnership in the amount of $100 for Series 29 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2018.

Westfield Apartments Partnership, A Louisiana Partnership

The Lincoln Hotel

Poplarville Housing Inc.

Series 30

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at September 30, 2018, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 30 reflects a net loss from Operating Partnerships of $(43,152) and $(68,786), respectively, which includes depreciation and amortization of $76,907 and $145,249, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In September 2018, the investment general partner transferred its interest in JMC Limited Liability Company to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $885,168 and cash proceeds to the investment partnership of $7,500. Of the total proceeds received, $6,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,000 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,000 as of September 30, 2018. In addition, equity outstanding for the Operating Partnership in the amount of $16,549 for Series 30 was recorded as gain on the transfer of the Operating Partnership as of September 30, 2018.

In February 2017, the operating general partner of Linden Partners II, LLC entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 28, 2017. The sales price of the property was $1,125,000, which included the outstanding mortgage balance of approximately $681,507 and cash proceeds to the investment partnership of $192,168. Of the total proceeds received by the investment partnership, $40,738 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $3,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $148,430 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $148,430 as of June 30, 2017. In July 2017, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $2,091 which was returned to the cash reserves.

In June 2017, the investment general partner transferred its interest in C.V.V.A. Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,432,770 and cash proceeds to the investment partnership of $78,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,500 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. The transfer proceeds were not received as of June 30, 2017, so a receivable in the amount of $75,500 was recorded. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $75,500 as of June 30, 2017. In addition, equity outstanding for the Operating Partnership in the amount of $39,963 for Series 30 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2017.

In March 2018, the investment general partner transferred its interest in Bellwood Four Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $578,951 and cash proceeds to the investment partnership of $14,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $10,500 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $10,500 as of March 31, 2018.

In June 2018, the investment general partner transferred its interest in Emerald Trace II Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $206,800 and cash proceeds to the investment partnership of $24,506. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,506 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,506 as of June 30, 2018.

In June 2018, the investment general partner transferred its interest in Pyramid One, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $500,927 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $5,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $4,500 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,500 as of June 30, 2018.

Series 31

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at September 30, 2018, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 31 reflects a net loss from Operating Partnerships of $(230,081) and $(232,834), respectively, which includes depreciation and amortization of $209,468 and $264,177, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In September 2017, the investment general partner transferred its interest in Ellisville Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $508,068 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,500 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $22,500 as of September 30, 2017.

In September 2017, the investment general partner transferred its interest in Hattiesburg Housing, Inc. to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $773,195 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,500 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $22,500 as of September 30, 2017.

In June 2018, the investment general partner transferred its interest in Heritage One to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $814,632 and cash proceeds to the investment partnership of $11,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $7,500 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $7,500 as of June 30, 2018.

In July 2018, the investment general partner transferred its interest in N.M.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $781,448 and cash proceeds to the investment partnership of $42,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $39,500 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $39,500 as of September 30, 2018. In addition, equity outstanding for the Operating Partnership in the amount of $22,452 for Series 31 was recorded as gain on the transfer of the Operating Partnership as of September 30, 2018.

Canton Housing One, L.P.

Canton Housing Two, L.P.

Canton Housing Three, L.P.

Canton Housing Four, L.P.

Series 32

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at September 30, 2018, all of which were at 100% Qualified Occupancy

For the six month periods ended September 30, 2018 and 2017, Series 32 reflects a net loss from Operating Partnerships of $(206,936) and $(244,184), respectively, which includes depreciation and amortization of $219,165 and $311,842, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2016, the operating general partner of Cogic Village LDHA Limited Partnership entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on February 8, 2017. The sales price of the property was $3,275,000, which included the outstanding mortgage balance of approximately $1,991,521, and cash proceeds to the investment partnership of $522,652. Of the total proceeds received by the investment partnership, $2,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $520,652 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $520,652 as of March 31, 2017. In June 2017, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $14,506 which was returned to the cash reserves.

In July 2017, the operating general partner of Courtside Housing Associates, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 12, 2017. The sales price of the property was $3,625,000, which included the outstanding mortgage balance of approximately $600,000 and cash proceeds to the investment partnership of $1,536,999. Of the total proceeds received by the investment partnership, $3,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,533,999 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,533,999 as of September 30, 2017.

In August 2015, the operating general partner of Pearl Partners, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on October 1, 2015. In December 2017, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $128,747 which was returned to the cash reserves.

In January 2018, the operating general partner of Pyramid Four Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 17, 2018. The sales price of the property was $1,536,000, which included the outstanding mortgage balance of approximately $388,399 and cash proceeds to the investment partnership of $492,880. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $487,880 will be returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $487,880 as of June 30, 2018.

Pecan Manor Apartments

Parkside Plaza, LLP

Series 33

For the six month periods ended September 30, 2018 and 2017, Series 33 reflects a net loss from Operating Partnerships of $(50,927) and $(107,568), respectively, which includes depreciation and amortization of $139,535 and $179,293, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In October 2017, the investment general partner transferred their respective interests in Stearns Assisted Housing Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $435,500 and cash proceeds to the investment partnerships of $1,583 and $3,295 for Series 33 and Series 37, respectively. Of the total proceeds received, $633 and $1,318 for Series 33 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $950 and $1,977 for Series 33 and Series 37, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $950 and $1,977 for Series 33 and Series 37, respectively, as of December 31, 2017. In addition, equity outstanding for the Operating Partnership in the amount of $66,504 and $138,438 for Series 33 and Series 37, respectively, was recorded as gain on the transfer of the Operating Partnership as of December 31, 2017.

Series 34

For the six month periods ended September 30, 2018 and 2017, Series 34 reflects a net loss from Operating Partnerships of $(45,780) and $(63,801), respectively, which includes depreciation and amortization of $137,095 and $137,814, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

RHP 96-I, L.P.

Belmont Affordable Housing II, LP

Series 35

For the six month periods ended September 30, 2018 and 2017, Series 35 reflects a net loss from Operating Partnerships of $(14,939) and $(14,918), respectively, which includes depreciation and amortization of $161,156 and $173,454, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

September 2017, the investment general partner transferred its interest in Cypress Point Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,480,787 and cash proceeds to the investment partnership of $2,656,528. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,653,528 were returned to cash reserves held by Series 35. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,653,528 as of September 30, 2017.

Series 36

For the six month periods ended September 30, 2018 and 2017, Series 36 reflects a net loss from Operating Partnerships of $(41,774) and $(65,936), respectively, which includes depreciation and amortization of $70,217 and $84,557, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2017, the operating general partner of Ashton Ridge L.D.H.A., Limited Partnership entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on July 31, 2018. The sales price of the property was $4,780,000, which included the outstanding mortgage balance of approximately $2,220,645. In addition, to cash proceeds from the sale, the operating/cash reserves/escrows of $212,517 were distributed after the sale. Cash proceeds from the sale returned to the investment partnerships $244,787 and $1,027,525, for Series 36 and Series 37, respectively. Of the total proceeds received by the investment partnerships, $1,624 and $6,876 for Series 36 and Series 37, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $243,163 and $1,020,649 for Series 36 and Series 37, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $243,163 and $1,020,649 for Series 36 and Series 37, respectively, as of September 30, 2018.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Wingfield Apartments Limited Partnership

Series 37

As of September 30, 2017, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of September 30, 2018.

For the six month periods ended September 30, 2018 and 2017, Series 37 reflects a net loss from Operating Partnerships of $- and $(71,880), respectively, which includes depreciation and amortization of $- and $139,403, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 38

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at September 30, 2018, all of which were at 100% qualified occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 38 reflects a net loss from Operating Partnerships of $(4,462) and $(52,119), respectively, which includes depreciation and amortization of $155,514 and $186,314, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2018, the investment general partner transferred its interest in Heritage Two Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $823,454 and cash proceeds to the investment partnership of $10,500. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $7,000 were returned to cash reserves held by Series 38. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $7,000 as of June 30, 2018.

Series 39

As of September 30, 2017, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of September 30, 2018.

For the six month periods ended September 30, 2018 and 2017, Series 21 reflects a net loss from Operating Partnerships of $- and $(6,699), respectively, which includes depreciation and amortization of $- and $14,546, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2017, the investment general partner transferred its interest in Timber Trails I Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $717,617 and cash proceeds to the investment partnership of $22,779. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,779 were returned to cash reserves held by Series 39. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $17,779 as of December 31, 2017.

Series 40

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at September 30, 2018, all of which at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 40 reflects a net loss from Operating Partnerships of $(215,077) and $(333,738), respectively, which includes depreciation and amortization of $276,150 and $335,439, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In September 2018, the investment general partner transferred its interest in MA No. 2 LLC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,003,723 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received, $5,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $44,500 were returned to cash reserves held by Series 40. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $44,500 as of September 30, 2018.

In In August 2017, the investment general partner transferred their respective interests in Springfield Metro, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $23,195,469 and cash proceeds to the investment partnerships of $589,289 and $720,242 for Series 40 and Series 41, respectively. Of the total proceeds received, $337 and $413 for Series 40 and Series 41, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $588,952 and $719,829 for Series 40 and Series 41, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $588,952 and $719,829 for Series 40 and Series 41, respectively, as of September 30, 2017.

Center Place Apartments II Limited Partnership

Oakland Partnership, A Louisiana Partnership

Series 41

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at September 30, 2018, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 41 reflects a net loss from Operating Partnerships of $(103,233) and $(317,875), respectively, which includes depreciation and amortization of $384,753 and $613,670, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2017, the operating general partner of Harbor Pointe II/MHT LDHA Limited Partnership entered into an agreement to sell the property a non-affiliated entity and the transaction closed on February 6, 2018. The sales price of the property was $1,300,000, which included the outstanding mortgage balance of approximately $1,234,960 and nominal cash proceeds to the investment partnerships Series 41, Series 42 and Series 45, respectively. There were no cash proceeds available to pay expenses related to the sale and no proceeds were returned to cash reserves held by Series 41, Series 42 and Series 45, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded for Series 41, Series 42 and Series 45, respectively, as of March 31, 2018. In addition, equity outstanding for the Operating Partnership in the amount of $100 for Series 41 was recorded as gain on the sale of the Operating Partnership as of March 31, 2018.

In August 2017, the investment general partner transferred their respective interests in Springfield Metro, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $23,195,469 and cash proceeds to the investment partnerships of $589,289 and $720,242 for Series 40 and Series 41, respectively. Of the total proceeds received, $337 and $413 for Series 40 and Series 41, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $588,952 and $719,829 for Series 40 and Series 41, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $588,952 and $719,829 for Series 40 and Series 41, respectively, as of September 30, 2017.

In December 2017, the investment general partner transferred its interest in Bienville Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $677,463 and cash proceeds to the investment partnership of $18,179. Of the total proceeds received, $1,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,179 were returned to cash reserves held by Series 41. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $17,179 as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Red Hill Apartments I Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $753,606 and cash proceeds to the investment partnership of $46,879. Of the total proceeds received, $1,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $45,879 were returned to cash reserves held by Series 41. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $45,879 as of December 31, 2017.

In January 2018, the investment general partner transferred their respective interests in San Diego/Fox Hollow, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,277,023 and cash proceeds to the investment partnerships of $245,497, $166,126 and $343,581 for Series 41, Series 42 and Series 43, respectively. Of the total proceeds received, $1,625, $1,100 and $2,275 for Series 41, Series 42 and Series 43, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $243,872, $165,026 and $341,306 for Series 41, Series 42 and Series 43, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $243,872, $165,026 and $341,306 for Series 41, Series 42 and Series 43, respectively, as of March 31, 2018.

In April 2018, the operating general partner of Madison Housing Associates Two Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 15, 2018. The sales price of the property was $2,012,220, which included the outstanding mortgage balance of approximately $1,387,319 and cash proceeds to the investment partnership of $23,000. Of the total proceeds received by the investment partnership, $9,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $14,000 were returned to cash reserves held by Series 41. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $14,000 as of June 30, 2018.

Cedar Grove Apartments Phase I

Rural Housing Partners of Mendota

Series 42

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at September 30, 2018, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 42 reflects a net loss from Operating Partnerships of $(237,678) and $(417,273), respectively, which includes depreciation and amortization of $362,541 and $560,944, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In August 2018, the investment general partner transferred its interest in Great Bridge Dover Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,638,266 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $42,500 were returned to cash reserves held by Series 42. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $42,500 as of September 30, 2018.

In November 2017, the investment general partner transferred their respective interests in Dorchester Court LDHA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,993,006 and cash proceeds to the investment partnerships of $230,000 and $230,000 for Series 42 and Series 43, respectively. Of the total proceeds received, $4,500 and $4,500 for Series 42 and Series 43, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $225,500 and $225,500 for Series 42 and Series 43, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $225,500 and $225,500 for Series 42 and Series 43, respectively, as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Natchez Place Apartments II Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $726,453 and cash proceeds to the investment partnership of $37,779. Of the total proceeds received, $1,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $36,779 were returned to cash reserves held by Series 42. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $36,779 as of December 31, 2017.

Wingfield Apartments Partnership II, LP

Series 43

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at September 30, 2018, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 43 reflects a net loss from Operating Partnerships of $(344,467) and $(544,742), respectively, which includes depreciation and amortization of $695,187 and $863,189, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In April 2018, the investment general partner transferred its interest in Bohannon Place, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $185,872 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $6,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,000 were returned to cash reserves held by Series 43. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,000 as of June 30, 2018.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Carpenter School I Elderly Apartments Limited

Parkside Plaza, LLP

Series 44

As of September 30, 2018 and 2017, the average Qualified Occupancy was 100%. The series had a total of 7 properties at September 30, 2018, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 44 reflects a net loss from Operating Partnerships of $(19,966) and $(119,466), respectively, which includes depreciation and amortization of $676,174 and $683,908, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

United Development CO. 2001 LP (Memphis 102) is a 102-unit single family home scattered site development, located in Memphis, TN. In September 2013, the court-appointed receiver for the Operating Partnership entered into an agreement to sell the property to a third-party buyer for $1,173,000; the sale transaction closed on November 26, 2013. After payment of the outstanding real estate taxes, the remaining proceeds of $210,000 were paid to the first mortgage lender. There were no cash proceeds to the investment partnership. The buyer agreed to operate the property in accordance with the land use and regulatory agreement as well as Section 42 of the Tax Code; therefore, resulting in no tax credit recapture or interest penalties for the investment limited partner stemming from the sale. The investment limited partners will; however, lose federal tax credits in 2013 and 2014 totaling $30,660 and $131,253, respectively, in addition to the recapture in 2012 totaling $281,707, equivalent to $104 per 1,000 BACs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Despite the sale of the property, the low income housing tax credit compliance period for the tax credits received remains unchanged and will expire on December 31, 2018.

United Development Limited Partnership 2001 (Families First II) is a 66-unit single family house development located in West Memphis, AR. Due to low occupancy, deferred maintenance, high operating expenses and high debt service, the partnership operates below breakeven. The operating general partner, whose operating deficit guarantee has expired, provides limited oversight of property operations. For the most part, it was the third party property management company and the investment general partner who directed property operations starting in January 2014. Beginning in the fourth quarter of 2013 and continuing through October 23, 2015, the investment limited partner had advanced $201,849 from fund reserves to Families First II to finance operating deficits. No further advances were made by the investment limited partner during the remainder of the fourth quarter of 2015 or during the first half of 2016. Starting in November 2015, mortgage payments were not made by the Operating Partnership. As a result, the lender issued a default notice on December 8, 2015, and accelerated payment of the mortgage note. On February 10, 2016 the court appointed a receiver to manage the property. The foreclosure on the property occurred on July 21, 2016. The tax credit recapture costs and interest penalties as a result of the foreclosure sale is estimated at $780,762. This is equivalent to recapture costs and interest penalties of $289 per 1,000 BACs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the foreclosure of the Operating Partnership has been reported. Note that the 15-year low income housing tax credit compliance period for Families First II would have expired on December 31, 2018.

Series 45

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 25 properties at September 30, 2018, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 45 reflects a net loss from Operating Partnerships of $(387,359) and $(396,870), respectively, which includes depreciation and amortization of $944,459 and $984,440, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Jefferson Housing, LP (Jefferson House) is a 101-unit property located in Lynchburg, VA. The property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations in conjunction with the Virginia Housing Development Authority. As of September 30, 2018, the property is maintaining average occupancy of 89%. Reporting delays remain a consistent issue. The operating general partner has an unlimited operating deficit guarantee. The low income housing tax credit compliance period expires on December 31, 2019.

Bartlett Bayou, L.P. (Bartlett Bayou Apartments) is a 48-unit family property in Pascagoula, MS. The property operated below breakeven in 2017 and continues to operate below breakeven due to high operating expenses. Water expenses continue to rise as a result of a significant rate increase implemented in 2016. Additionally, the property has ongoing sewage pump and sewer line issues. The sewer line must be pumped at least once a quarter, totaling $12,000 annually. This expense is expected to continue until the sewer line is replaced, however the operating general partner does not plan to replace the line in 2018. The property is estimated to be generating a cash deficit of ($10,618) through September 2018. Occupancy declined slightly in 2017, averaging 95% but has improved to an average of 97% in 2018. Effective September 19, 2018, the City of Pascagoula voted to enforce a mandatory building inspection for all vacant units prior to the unit be leased. Utility and electrical services will not be provided to a new tenant without the approval from the City. The City of Pascagoula is charging a $50 fee per unit inspection. The investment general partner will continue to work with the operating general partner and the management company to improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period for Bartlett Bayou, L.P. expires on December 31, 2021.

In June 2018, the investment general partner transferred its interest in New Shinnston Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $455,569 and cash proceeds to the investment partnership of $350,000. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $342,500 were returned to cash reserves held by Series 45. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $342,500 as of June 30, 2018.

Heritage Christian Home III, L.P.

Series 46

As of September 30, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at September 30, 2018, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2018 and 2017, Series 46 reflects a net loss from Operating Partnerships of $(87,767) and $(188,138), respectively, which includes depreciation and amortization of $567,002 and $571,780, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Panola Housing Ltd. (Panola Apartments) is a 32-unit family property in Carthage, TX. The property operated slightly above breakeven through 2017. Occupancy remains strong through the third quarter of 2018 averaging 98%. Property operations continue to be affected by high operating expenses. Operations remain slightly above breakeven in 2018. The investment general partner continues to work with the operating general partner and the management company to reduce expenses. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2018.

On November 22, 2016, the operating general partner of Agent Kensington Limited Partnership sold the property to an unrelated third party buyer. The sales price of the property was $6,625,000, which included the outstanding mortgage balance of approximately $4,023,594 and cash proceeds to the investment partnership of $398,183. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $393,183 were returned to cash reserves held by Series 46. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $393,183 as of December 31, 2016. In December 2017, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $10,994 which was returned to the cash reserves.

Saint Martin Apartments, L.P. (Saint Martin Apartments) is a 40-unit family property in McComb, MS. The property operated below breakeven in 2017 mainly due to high operating expenses and a reduction in rental income resulting from a decrease in occupancy. Average occupancy has improved through the third quarter of 2018, averaging 93% for the year which is up from 78% in 2017. Although occupancy has improved, operations remain below breakeven mainly due to high operating expenses and high debt service. The investment limited partner will continue to work with the operating general partner on improving occupancy and reducing expenses. The 15-year low income housing tax credit compliance period for Saint Martin Apartments, L.P. expires on December 31, 2020.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended March 31, 2018 and 2017. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund's balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Item 3	Quantitative and Qualitative Disclosures About Market Risk

	Not Applicable

Item 4	Controls and Procedures

	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
	(b)	Changes in Internal Controls

		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended September 30, 2018 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings

	None

Item 1A.	Risk Factors

	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2018.

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

	None

Item 3.	Defaults Upon Senior Securities

	None

Item 4.	Mine Safety Disclosures

	Not Applicable

Item 5.	Other Information

	None

Item 6.	Exhibits

		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith BCTC IV CERT 302
		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith BCTC IV CERT 302
		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith BCTC IV CERT 906
		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith BCTC IV CERT 906

		101. The following materials from the Boston Capital Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

	Boston Capital Tax Credit Fund IV L.P.

	By:	Boston Capital Associates IV L.P. General Partner


	By:	BCA Associates Limited Partnership General Partner

	By:	C&M Management, Inc. General Partner

Date: November 13, 2018		By:	/s/ John P. Manning John P. Manning

Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:

November 13, 2018	/s/ John P. Manning	Director, President (Principal Executive Officer), C&M Management, Inc.; Director, President (Principal Executive Officer) BCTC IV Assignor Corp.
	John P. Manning






November 13, 2018	/s/ Marc N. Teal Marc N. Teal	Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) C&M Management Inc.; Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) BCTC IV Assignor Corp.

BF Garden Tax Credit Fund IV L.P. - FORM 10-Q - November 13, 2018

Attached files

BF Garden Tax Credit Fund IV L.P. Reports