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 June 30, 1997
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR
- - ------ 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 33-89968
INDEPENDENCE TAX CREDIT PLUS L.P. IV
(Exact name of registrant as specified in its charter)
Delaware 13-3809869
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
625 Madison Avenue, New York, New York 10022
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212)421-5333
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 _X_ No ____
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
============ ============
June 30, March 31,
1997 1997
------------ ------------
ASSETS
Property and equipment at cost,
net of accumulated depreciation
of $506,933 and $351,046,
respectively $ 17,147,141 $ 19,801,865
Construction in progress 6,255,641 1,010,368
Cash and cash equivalents 13,168,000 17,061,164
Investments available for sale 21,200,490 16,200,000
Cash held in escrow 865,169 865,896
Deferred costs, net of accumulated
amortization
of $26,997 and $21,830, respectively 2,248,353 2,179,235
Other assets 275,849 262,530
------------ ------------
Total assets $ 61,160,643 $ 57,381,058
============ ============
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Mortgage notes payable $ 9,579,646 $ 9,226,190
Construction loans payable 6,300,077 3,790,102
Accounts payable and other
liabilities 3,294,087 2,531,437
Due to local general partners and
affiliates 1,531,477 1,264,805
Due to general partner and affiliates 164,160 212,701
------------ ------------
Total liabilities 20,869,447 17,025,235
------------ ------------
Minority interest (719,843) (718,978)
------------ ------------
Partners' capital:
Limited partners (45,844 BACs
issued and outstanding) 41,008,462 41,071,586
General partner 2,577 3,215
------------ ------------
Total partners' capital 41,011,039 41,074,801
------------ ------------
Total liabilities and partners'
capital $ 61,160,643 $ 57,381,058
============ ============
See Accompanying Notes to Consolidated Financial Statements
2
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
=========================
Three Months Ended
June 30,
-------------------------
1997 1996
-------------------------
Revenues
Rental income $ 303,281 $ 48,359
Other income (principally interest
on capital contributions) 298,218 239,000
--------- ---------
Total revenues 601,499 287,359
--------- ---------
Expenses
General and administrative 107,815 46,386
General and administrative-
related parties (Note 2) 83,801 39,146
Repairs and maintenance 36,816 3,071
Operating 72,980 12,255
Insurance 16,369 10,423
Interest 187,291 15,657
Depreciation and amortization 161,054 31,983
--------- ---------
Total expenses 666,126 158,921
--------- ---------
Income (loss) before minority
interest (64,627) 128,438
Minority interest in loss of
subsidiary partnerships 865 340
--------- ---------
Net income (loss) $ (63,762) $ 128,778
========= =========
Net income (loss) - limited partners $ (63,124) $ 127,490
========= =========
Weighted average number of
BACs outstanding 45,844 31,551
========= =========
Net income (loss) per weighted
average BAC $ (1.38) $ 4.04
========= =========
See Accompanying Notes to Consolidated Financial Statements
3
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Consolidated Statement of Changes in Partners' Capital
(Unaudited)
================================================
Limited General
Total Partners Partner
------------------------------------------------
Partners' capital -
April 1, 1997 $ 41,074,801 $ 41,071,586 $ 3,215
Net loss (63,762) (63,124) (638)
------------ ------------ ------------
Partners' capital -
June 30, 1997 $ 41,011,039 $ 41,008,462 $ 2,577
============ ============ ============
See Accompanying Notes to Consolidated Financial Statements
4
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited)
============================
Three Months Ended
June 30,
----------------------------
1997 1996
----------------------------
Cash flows from operating activities:
Net income (loss) $ (63,762) $ 128,778
----------- -----------
Adjustments to reconcile net
income (loss) to net cash
provided by operating
activities:
Depreciation and amortization 161,054 31,983
Minority interest in loss of
subsidiary properties (865) (340)
Decrease in cash held in escrow 727 0
(Increase) decrease in other assets (13,319) 108,622
Increase (decrease) in accounts
payable and other liabilities 56,723 (14,298)
Increase in due to local general
partners and affiliates 60,000 20,500
(Decrease) increase in due to
general partner and affiliates (48,541) 31,060
----------- -----------
Total adjustments 215,779 177,527
----------- -----------
Net cash provided by
operating activities 152,017 306,305
----------- -----------
Cash flows from investing activities:
Increase in property and equipment (702,685) (1,410,065)
Increase in construction in progress (2,043,751) 0
Decrease in cash held in escrow 0 1,553,502
Increase in accounts payable and
other liabilities 705,927 0
Increase in due to local general
partners and affiliates 982,141 0
Decrease in due to local general
partners and affiliates (775,469) 0
Increase in investments available
for sale (5,000,490) (4,797,588)
Increase in deferred costs (66,013) (453,459)
----------- -----------
Net cash used in investing
activities (6,900,340) (5,107,610)
----------- -----------
See Accompanying Notes to Consolidated Financial Statements
5
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Increase (Decrease) in Cash and Cash Equivalents
(continued)
(Unaudited)
==============================
Three Months Ended
June 30,
------------------------------
1997 1996
------------------------------
Cash flows from financing activities:
Proceeds from mortgage notes 363,123 0
Repayments of mortgage notes (9,667) 0
Proceeds from construction loans 2,511,975 0
Repayments of construction
loans (2,000) 0
Increase in offering costs 0 (630,960)
Increase in deferred costs (8,272) 0
Increase in due to
general partner and affiliates 0 34,313
Capital contributions received 0 5,736,000
------------ ------------
Net cash provided by financing
activities 2,855,159 5,139,353
------------ ------------
Net increase (decrease) in cash and
cash equivalents (3,893,164) 338,048
Cash and cash equivalents at
beginning of period 17,061,164 8,484,832
------------ ------------
Cash and cash equivalents at
end of period $ 13,168,000 $ 8,822,880
============ ============
Supplemental disclosures of
noncash investing activities:
Capitalization of deferred
acquisition costs $ 0 $ 174,581
Consolidation of investment in
subsidiary partnership:*
Decrease in property and
equipment $ 3,201,522 $ 0
Increase in construction in
progress $ (3,201,522) $ 0
* Prior to consolidation, investment in subsidiary partnerships are included in
property and equipment.
See Accompanying Notes to Consolidated Financial Statements
6
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Financial Statements
June 30, 1997
(Unaudited)
Note 1 - General
Independence Tax Credit Plus L.P. IV (a Delaware limited partnership) (the
"Partnership") was organized on February 22, 1995, and commenced the public
offering on July 6, 1995. The general partner of the Partnership is Related
Independence L.L.C., a Delaware limited liability company (the "General
Partner").
The Partnership's business is to invest in other partnerships ("Local
Partnerships", "subsidiaries" or "subsidiary partnerships") owning apartment
complexes that are eligible for the low-income housing tax credit ("Housing Tax
Credit") enacted in the Tax Reform Act of 1986, some of which complexes may also
be eligible for the historic rehabilitation tax credit ("Historic Tax Credit";
together with Housing Tax Credits, "Tax Credits").
As of June 30, 1997, the Partnership has acquired a limited partnership interest
in six subsidiary partnerships, all of which have been consolidated. The
Partnership anticipates acquiring limited partnership interests in additional
subsidiary partnerships in the future. Except for the interest in Westminster
Park Plaza ("Westminster"), the Partnership's investment in each subsidiary
partnership represents 98.99% of the partnership interests in the subsidiary
partnership. As of June 30, 1997, the Partnership has acquired a 47.29% interest
in Westminster and has two options to acquire an additional 48.7% interest and a
3% interest, respectively. The interest acquired by the Partnership in
Westminster gives it full and exclusive voting rights. Through the rights of the
Partnership and/or an affiliate of the General Partner, which affiliate has a
contractual obligation to act on behalf of the Partnership, to remove the
general partner of the subsidiary partnerships and to approve certain major
operating and financial decisions, the Partnership has a controlling financial
interest in Westminster as well as in the other subsidiary partnerships in which
it has invested. On June 19, 1997, the Partnership gave notice of its intention
to exercise its option to purchase the additional 48.7% interest in Westminster
and on July 1, 1997 the Partnership exercised such option.
The Partnership is authorized to issue a total of 100,000 ($100,000,000)
Beneficial Assignment Certificates ("BACs") which have been registered with the
Securities and Exchange Commission for sale to the public. Each BAC represents
all of the economic and virtually all of the ownership rights attributable to a
Limited Partnership Interest. The solicitation for the subscription of BACs was
terminated as of May 22, 1996 and the final closing
7
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Financial Statements
June 30, 1997
(Unaudited)
Note 1 - General (continued)
occurred on August 15, 1996. As of both June 30, 1997 and March 31, 1997 the
Partnership raised a total of $45,844,000 representing 45,844 BACs.
The Partnership's fiscal quarter ends June 30. All subsidiaries have fiscal
quarters ending March 31. Accounts of the subsidiaries have been adjusted for
intercompany transactions from April 1 through June 30.
All intercompany accounts and transactions with the subsidiary partnerships have
been eliminated in consolidation.
Increases (decreases) in the capitalization of consolidated subsidiaries
attributable to minority interest arise from cash contributions from and cash
distributions to the minority interest partners.
Losses attributable to minority interests which exceed the minority interests'
investment in a subsidiary have been charged to the Partnership. Such losses
aggregated $70,539 and $61 for the three months ended June 30, 1997 and 1996,
respectively. The Partnership's investment in each subsidiary is equal to the
respective subsidiary's partners' equity less minority interest capital, if any.
In consolidation, all subsidiary partnership losses are included in the
Partnership's capital account except for losses allocated to minority interest
capital.
Certain information and note disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been omitted or condensed. These condensed financial statements should be
read in conjunction with the financial statements and notes thereto included in
the Partnership's Annual Report on Form 10-K for the period ended March 31,
1997.
The books and records of the Partnership are maintained on the accrual basis of
accounting in accordance with generally accepted accounting principles. In the
opinion of the General Partner of the Partnership, the accompanying unaudited
financial statements contain all adjustments (consisting only of normal
recurring adjustments) necessary to present fairly the financial position of the
Partnership as of June 30, 1997 and the results of operations and cash flows for
the three months ended June 30, 1997 and 1996. However, the operating results
for the three months ended June 30, 1997 may not be indicative of the results
for the year.
8
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Financial Statements
June 30, 1997
(Unaudited)
Note 2 - Related Party Transactions
An affiliate of the General Partner has a .01% interest as a special limited
partner in each of the Local Partnerships.
The costs incurred to related parties are as follows:
A) Acquisition Fees and Expenses
The General Partner is entitled to an acquisition fee equal to 6.0% of the gross
proceeds of the offering paid upon investor closings, for its services in
connection with assisting the Local Partnerships in acquiring apartment
complexes and supervising the construction of the complexes. Such fees will be
capitalized as a cost of the investments upon closing of subsidiary partnership
acquisitions. As of June 30, 1997 and March 31, 1997, $2,750,640 of such costs
have been incurred, of which $874,501 at each date has been capitalized.
B) Public Offering Costs
Costs incurred to organize the Partnership and certain costs of offering the
BACs including but not limited to legal, accounting and registration fees are
considered organization and offering costs. These costs have been capitalized.
Related Equities Corporation (the "Dealer Manger") is entitled to a
non-accountable organization and offering expense allowance equal to 2.5% of
Gross Proceeds, in consideration of which it is obligated to pay all such
expenses up to the amount of such allowance. The Partnership is obligated to pay
all such expenses that are in excess of 2.5% of Gross Proceeds and up to 3.5% of
Gross Proceeds, and the Dealer Manager is responsible for all such expenses in
excess of 3.5% of Gross Proceeds. As of both June 30, 1997 and March 31, 1997,
offering costs totalled $1,554,540 and along with selling commissions (see Note
2C) are charged directly to limited partners' capital.
C) Selling Commissions and Fees
The Partnership has paid up to 7.5% of the aggregate purchase price of BACs
sold, without regard to quantity discounts, to Related Equities Corporation. To
the extent other broker/dealers sold the interests, such amounts were fully
reallowed to the other broker/dealers. As of both June 30, 1997 and March 31,
1997, $3,437,175 was paid or incurred to Related Equities Corporation and then
fully reallocated to other unaffiliated broker/dealers.
9
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Financial Statements
June 30, 1997
(Unaudited)
Note 2 - Related Party Transactions (continued)
D) Other Related Party Expenses
The costs incurred to related parties for the three months ended June 30, 1997
and 1996 were as follows:
Three Months Ended
June 30,
-----------------------
1997 1996
------- -------
Partnership management fees (a) $41,296 $18,445
Expense reimbursement (b) 33,858 17,606
Property management fees (c) 7,647 3,095
Local administrative fee (d) 1,000 0
------- -------
$83,801 $39,146
======= =======
(a) The General Partner is entitled to receive a partnership management fee,
after payment of all Partnership expenses, which together with the annual local
administrative fees will not exceed a maximum of 0.5% per annum of invested
assets (as defined in the Partnership Agreement), for administering the affairs
of the Partnership. Subject to the foregoing limitation, the partnership
management fee will be determined by the General Partner in its sole discretion
based upon its review of the Partnership's investments. Unpaid partnership
management fees for any year will be accrued without interest and will be
payable from working capital reserves or to the extent of available funds after
the Partnership has made distributions to the limited partners of sale or
refinancing proceeds equal to their original capital contributions plus a 10%
priority return thereon (to the extent not theretofore paid out of cash flow).
(b) The Partnership reimburses the General Partner and its affiliates for actual
Partnership operating expenses incurred by the General Partner and its
affiliates on the Partnership's behalf. The amount of reimbursement from the
Partnership is limited by the provisions of the Partnership Agreement. Another
affiliate of the General Partner performs asset monitoring for the Partnership.
These service include site visits and evaluations of the subsidiary
partnerships' performance.
(c) Property management fees incurred by the Local Partnerships amounted to
$19,607 and $3,095 for the three months ended June 30, 1997 and 1996,
respectively. Of these fees $7,647 and $3,095 were incurred to affiliates of the
subsidiary partnerships' general partners.
(d) Independence SLP IV L.P., a special limited partner of the subsidiary
partnerships, is entitled to receive a local administrative fee of up to $5,000
per year from each subsidiary partnership.
10
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Liquidity and Capital Resources
The Partnership's primary source of funds is the proceeds of its offering. Other
sources of funds include interest earned on such proceeds which will be invested
in tax-exempt money market instruments pending acquisition of and final payments
to Local Partnerships and a working capital reserve in the original amount of
2.5% of gross equity raised. The solicitation for the subscription of BACs was
terminated as of May 22, 1996 and the final closing occurred on August 15, 1996.
The Partnership has received $45,844,000 in gross proceeds for BACs pursuant to
a public offering, resulting in net proceeds available for investment of
approximately $36,446,000 after volume discounts, payment of sales commissions,
acquisition fees and expenses, organization and offering expenses and
establishment of a working capital reserve.
As of June 30, 1997, the Partnership has invested approximately $14,747,000
(including approximately $901,650 classified as a loan repayable from
sale/refinancing proceeds in accordance with the Contribution Agreement and not
including acquisition fees of approximately $875,000) of net proceeds in six
Local Partnerships of which approximately $7,189,000 remains to be paid to the
Local Partnerships (including approximately $764,000 being held in escrow) as
certain benchmarks, such as occupancy level, must be attained prior to the
release of the funds. The Partnership has approximately $21,699,000 available
for future investments. During the three months ended June 30, 1997,
approximately $879,000 was paid to Local Partnerships (none of which was
released from escrow). The Partnership will be acquiring additional properties,
and the Partnership may be required to fund potential purchase price adjustments
based on tax credit adjustor clauses. There have been no purchase price
adjustments during the three months ended June 30, 1997.
For the three months ended June 30, 1997, cash and cash equivalents of the
Partnership and its six consolidated Local Partnerships decreased approximately
$3,893,000 due to an increase in property and equipment ($703,000), an increase
in construction in progress ($2,044,000), an increase in investments available
for sale ($5,000,000) and an increase in deferred costs relating to investing
and financing activities ($74,000) which exceeded cash provided by operating
activities ($152,000), an increase in accounts payable and other liabilities
relating to investing activities ($706,000), a net increase in due to local
general partners and affiliates relating to investing activities ($207,000) and
net proceeds from mortgage
11
<PAGE>
and construction loans ($2,863,000). Included in the adjustments to reconcile
the net loss to cash flow from operations is depreciation and amortization of
approximately $161,000.
A working capital reserve of approximately $1,146,000 (2.5% of gross equity) has
been established from the Partnership's funds available for investment, which
includes amounts which may be required for potential purchase price adjustments
based on tax credit adjustor clauses. At June 30, 1997 and March 31, 1997, none
of this reserve was used. The General Partner believes that these reserves, plus
any cash distributions received from the operations of the Local Partnerships,
will be sufficient to fund the Partnership's ongoing operations for the
foreseeable future. As of June 30, 1997, there have been no cash distributions
from the Local Partnerships. Management anticipates receiving distributions in
the future, although not to a level sufficient to permit providing cash
distributions to the BACs holders.
The property owned by one of the Local Partnerships in which the Partnership has
invested has been in operation and has maintained stable occupancy since 1990.
The Partnership has negotiated Development Deficit Guarantees with the five
other Local Partnerships in which it has invested. The Local General Partners
and/or their affiliates have agreed to fund development deficits through the
breakeven dates of each of the five Local Partnerships.
The Partnership has negotiated Operating Deficit Guaranty Agreements with the
five Local Partnerships by which the general partners of such Local Partnerships
and/or their affiliates have agreed to fund operating deficits for a specified
period of time. The terms of the Operating Deficit Guaranty Agreements vary for
each of these Local Partnerships, with maximum dollar amounts to be funded for a
specified period of time, generally three years, commencing on the break-even
date. The gross amount of the Operating Deficit Guarantees aggregates
approximately $1,008,000 as of June 30, 1997.
The Partnership has also negotiated a Rent-Up Guaranty Agreement with one Local
Partnership, in which the Local General Partner agrees to pay liquidated damages
if predetermined occupancy rates are not achieved.
The Development Deficit, Operating Deficit and the Rent-Up Guaranty Agreements
were negotiated to protect the Partnership's interest in the Local Partnerships
and to provide incentive to the Local General Partners to generate positive cash
flow.
12
<PAGE>
The Partnership has invested or committed for investment approximately 40% of
the net proceeds available for investment in six Local Partnerships, of which
two commenced to generate tax credits in 1996 and four are currently anticipated
to commence to generate tax credits in 1997. The Partnership does not anticipate
that it will acquire, prior to the end of 1997, interests in any additional
Local Partnerships which will generate tax credits in 1997. Additionally, due to
recent increases in market demand for investments in properties that are
eligible to receive tax credits and limitations on the types of investments
which may be obtained by the Partnership, the purchase price for interests in
Local Partnerships which are qualified for purchase by the Partnership have
increased. As a result of these changes in market, management does not believe
that the Partnership will be able to invest the proceeds available for
investment in a manner which will enable the Partnership to achieve tax credits
in the range of $140-150 for each $1,000 BAC each year in which the Partnership
is receiving its full entitlement of tax credits.
Management is not aware of any trends or events, commitments or uncertainties,
which have not otherwise been disclosed that will or are likely to impact
liquidity in a material way. Management believes the only impact would be from
laws that have not yet been adopted. The portfolio will be diversified by the
location of the properties around the United States so that if one area of the
country is experiencing downturns in the economy, the remaining properties in
the portfolio may be experiencing upswings. However the geographic
diversification of the portfolio may not protect against a general downturn in
the national economy. The tax credits will be attached to the project for a
period of ten years, and will be transferable with the property during the
remainder of such ten-year period. If the General Partner determined that a sale
of a property is warranted, the remaining tax credits would transfer to the new
owner, thereby adding value to the property on the market, which are not
included in the financial statement carrying amount.
Results of Operations
As of June 30, 1997 and 1996, the Partnership had acquired an interest in six
and three Local Partnerships, respectively, six and one of which were
consolidated at June 30, 1997 and 1996, respectively. The Partnership intends to
utilize the net proceeds of the offering to acquire additional interests in
Local Partnerships.
The Partnership's results of operations for the three months ended June 30, 1997
and 1996 consisted primarily of (1) approximately $276,000 and $210,000,
respectively, of tax-exempt interest income earned on funds not currently
invested in Local Partnerships and
13
<PAGE>
(2) the results of the Partnership's investment in three of six and one of one
consolidated Local Partnerships, respectively.
For the three months ended June 30, 1997 as compared to 1996, all categories of
income and expenses increased and the results of operations are not comparable
due to the acquisition, construction and rent up of properties, and are not
reflective of future operations of the Partnership due to uncompleted property
construction, rent up of properties and the continued utilization of the net
proceeds of the Offering to invest in Local Partnerships. In addition, interest
income will decrease in future periods since it is anticipated that a
substantial portion of the proceeds from the Offering will be invested in Local
Partnerships.
For the three months ended June 30, 1997 and 1996, one and one of the
Partnership's six and one consolidated properties, respectively, had completed
construction in a previous fiscal year, but were in various stages of rent up
for the three months. In addition, two and zero of the properties, respectively,
had completed construction and were rented up in a previous fiscal year. As of
the end of the three months ended June 30, 1997 and 1996, three and zero of the
Partnership's six and one consolidated properties, respectively, were still
under construction and four and zero of the properties, respectively, had
construction loans with commitments for permanent financing.
14
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings - None
Item 2. Changes in Securities - None
Item 3. Defaults Upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - None
Item 5. Other Information - None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
(4) Form of Amended and Restated Agreement of Limited Partnership
of the Partnership (attached to the Prospectus as Exhibit A)*
(10A)Form of Subscription Agreement (attached to the Prospectus
as Exhibit B)*
(10B)Form of Escrow Agreement between the Partnership and the
Escrow Agent**
(10C)Form of Purchase and Sales Agreement pertaining to the
Partnership's acquisition of Local Partnership Interests**
(10D)Form of Amended and Restated Agreement of Limited
Partnership of Local Partnerships**
(27) Financial Data Schedule (filed herewith)
* Incorporated herein by reference to the final Prospectus as
filed pursuant to Rule 424 under the Securities Act of 1933.
** Filed as an exhibit to the Registration Statement on Form S-11
of the Partnership (File No. 33-89968) and incorporated herein by
reference thereto.
(b) Reports on Form 8-K - No reports on Form 8-K were filed
during the quarter.
15
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
INDEPENDENCE TAX CREDIT PLUS L.P. IV
(Registrant)
By: RELATED INDEPENDENCE L.L.C.,
General Partner
Date: August 13, 1997
By:/s/ Alan P. Hirmes
--------------------------------
Alan P. Hirmes,
Senior Vice President
(principal financial officer)
Date: August 13, 1997
By:/s/ Richard A. Palermo
--------------------------------
Richard A. Palermo,
Treasurer
(principal accounting officer)
16
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial information extracted from the
financial statements for Independence Tax Credit Plus L.P. IV and is qualified
in its entirety by reference to such financial statements
</LEGEND>
<CIK> 0000940329
<NAME> Independence Tax Credit Plus L.P. IV
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 14,033,169
<SECURITIES> 21,200,490
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 275,849
<PP&E> 23,909,715
<DEPRECIATION> 506,933
<TOTAL-ASSETS> 61,160,643
<CURRENT-LIABILITIES> 4,989,724
<BONDS> 15,879,723
0
0
<COMMON> 0
<OTHER-SE> 40,291,196
<TOTAL-LIABILITY-AND-EQUITY> 61,160,643
<SALES> 0
<TOTAL-REVENUES> 601,499
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 478,835
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 187,291
<INCOME-PRETAX> (64,627)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (64,627)
<EPS-PRIMARY> (1.38)
<EPS-DILUTED> 0
</TABLE>
