Item 1. BUSINESS
Prior to 1993, the Registrant's primary business was to acquire a diversified portfolio of capital equipment for lease subject to operating and finance leases with terms of 36 to 60 months. The equipment leased was selected by the lessees and was purchased directly from the manufacturer, independent third parties and the lessees (via sale lease back transactions). Operating leases, primarily of data processing equipment, are those in which the Registrant maintains ownership of the equipment at the end of the lease. Finance leases are those in which the lessee is contractually obligated to purchase the equipment at a predetermined amount at the end of the lease. Since the Operating leases did not transfer ownership through a purchase obligation, the Registrant is dependent on release or sale of the equipment to realize a profitable return on its investment in the leased equipment.
Prior to 1993, the Registrant reinvested cash in excess of partners distributions into new lease transactions. Starting in 1993, the Registrant began to wind down its leasing operations by returning all cash proceeds from operations to the partners through quarterly distributions. During the wind down or liquidation phase, cash proceeds from the rents, equipment sold and all available cash from operations have been distributed to the limited partners in proportion to their respective tax basis capital accounts. The Registrant was fully liquidated as of December 31, 1996.
During fiscal 1996, the Registrant fully liquidated its lease and equipment portfolio. The Registrant accrued the final distribution as of December 31, 1996;; all assets have been disposed of and all proceeds were distributed in February of 1997. The Partnership was formed in 1985 with a capitalization of $26,909,750. Limited partner distributions from the inception of the Partnership to date are as follows:
Distributions noted herein are on an accrual basis of accounting as shown on the Statement of Partners' Capital. The Registrant has accrued a liquidation distribution of $320,991 to the limited partners for the quarter ended December 31, 1996. Although the Registrant had until December 1997 to liquidate its operations, the Registrant was fully liquidated at the end of its tenth full year of operation, December 1996. The Registrant failed to return 100% of its invested capital. This loss was primarily caused by the failure of the Operating lease equipment to achieve its residual values. Under an operating lease the risk of ownership remains with the lessor and is not passed on to the lessee. An operating lease yield depends entirely on the realization of residual expectations in order for the lessor to achieve a positive return. The partnership's greatest risk area was the residual values on its operating lease portfolio, and this was the area in which the largest shortfalls occurred. Residual values can be realized either by the sale or re-lease of equipment. In either case, the demand for used equipment is affected by the cost of substitutes and the strength or weakness in the general economy. Substitute new equipment may be more desirable than used equipment because it has higher performance levels and if the cost to maintain older equipment is high. Re-lease revenues are also affected by interest rate levels. A lower interest rate environment will reduce the monthly rent that can be charged for equipment.
Competition
While the Registrant is no longer seeking new leases, it has competed in the past with manufacture leasing companies, independent leasing companies, affiliates of banks, commercial credit companies and other leasing partnerships. Competition with these entities was based primarily on lease rates and terms as well as the type and amount of equipment. In addition the condition and relative obsolescence of equipment are major factors in the Partnership's ability to re-lease or sell its equipment from operating leases. Other factors include the demand for a type of equipment, the cost of maintenance, the availability of financing, trends in the economy, interest rates, tax laws as well as many other factors over which neither the Registrant nor its competitors have control.
Working Capital
The Partnership maintains cash reserves for normal operating expenses, working capital and certain leasing costs such as payment of personal property taxes, refurbishment cost and repossession costs. The Registrant has no statistical information to compare its reserves with those of its competitors. The Registrant's revenues, income and losses, and assets for the years ended December 31, 1996, 1995 and 1994 are as follows:
Item 2.
Item 2. PROPERTIES
The Registrant has no plants, mines or other physical properties. At December 31, 1996, the portfolio of leases was fully liquidated. The equipment previously on lease had consisted primarily of data processing equipment, office furniture, instrumentation and semi-conductor fabrication equipment.
Item 3.
Item 3. LEGAL PROCEEDINGS
The Registrant is not a party to any material pending legal proceedings at this time.
Item 4.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
During the period from September 30, 1996 to December 31, 1996, no matter was submitted to a vote of security holders, through the solicitation of proxies or otherwise.
Item 5.
Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS (a) The Registrant's Limited Partner Units and General Partner's Units are not publicly traded. There is no established public trading market for such Units and none is expected to develop. However the Registrant's units are freely transferable. The General Partner may at its sole discretion determine that the transfer of a Unit will not become effective if such transfer is restricted or prohibited under Federal or state securities laws. In addition, the General Partner , in its sole judgment may determine that a transfer will not become effective if it would result in the premature termination of the Partnership for Federal income tax purposes or increase the risk of reclassification of the Registrant under the publicly traded partnership provisions of the Revenue Act of 1987 (the 1987 Act) or cause the Partnership to be reclassified as an association taxable as a corporation under Federal income tax regulations. The 1987 Act contains provisions which have an adverse impact on investors in "publicly traded partnerships," which include partnerships whose interests are traded either on an established securities market or are readily tradable on a secondary market. If the Partnership were to be classified as a "publicly traded partnership", the Partnership would be taxed as a corporation as of the time public trading was deemed to commence.
The general partner has represented that it will take all action necessary to restrict transfers to assure that the units will not become readily tradable on a secondary market or substantial equivalent. To accomplish that goal the General Partner intends to restrict the transfer of Units to the extent necessary to comply with IRS Notice 99-75 containing safe harbors for the transfer of partnership interest.
(b) The number of holders of partnership interests are set forth below:
Number of Holders as of Title of Class December 31, 1996 -------------- ----------------
Limited Partner Units 2,902 General Partner's Unit 1
(c) Distributions
During 1996, the Registrant made four(4) quarterly distributions and accrued a fifth distribution for the quarter ended December 31, 1996 (the first distribution in 1996 related to 1995) to all limited partners in the amount of $960,991as follows:
Period Ended Payment Distributions per $250 Investment Unit ------------ ------- --------------------
December 31, 1995 January 1996 $5.78 March 31, 1996 April 1996 $4.19 June 30, 1996 July 1996 $0.89 September 30, 1996 October 1996 $0.93 December 31, 1996 February 1997 $2.99
Liquidation distributions of varying amounts were paid in the first three quarters of 1996. Additionally, $320,991 has been accrued for the fourth quarter 1996 to be paid in February 1997.
Item 6.
Item 6. SELECTED FINANCIAL DATA
Cash dividends declared per limited partner unit data is not applicable as cash distributions are distributed to those investors electing to receive them at a fixed rate as determined by the general partner based on the investors original investment for years 1986 - 1992. Distributions for the subsequent quarters were based on each partner's tax basis capital account.
The above selected financial data should be read in conjunction with the audited financial statements and related notes to the financial statements appearing in Item 8 of the Form 10-K.
Item 7.
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Basis of Condensed Financial Statement Preparation
The partnership has presented its 1996 financial statements to reflect its leasing activities on a basis consistent with prior periods. The partnership has completed its leasing activities and has distributed its remaining net assets (cash) to the partners and has dissolved the partnership.
Results of Operations
Life of the Registrant
The Registrant began operations in late 1986. In 1986, the registrant invested its initial capital into operating leases of IBM equipment in accordance with the partnership agreement and investment prospectus. Under an operating lease the risk of ownership remains with the lessor. The expectation is that the equipment will retain its value and that the lessor will realize profits through the sale or re-lease of the equipment. Historically the Leasing Industry had experienced success with operating leases because the life of IBM computer equipment had exceed the life of the initial lease contract. However at the end of the 1980's and the beginning of the 1990's this fundamental premise changed to the detriment of the partnership's investment. At that time International Data Corporation (IDC) provided residual value estimates to the Leasing industry through their Lease Planning Service (LPS). The following is an example of the unexpected changes which swept through the computer leasing industry in the period from 1989 to 1992. In October of 1986, IDC estimated that an IBM 3380-AD4 disk drive would have a wholesale residual value of 27% of original cost in 1990. By 1990 the wholesale cost had dropped to 5% to 10% representing a 60% to 80% shortfall in residual expectations. This dramatic drop in value was caused by a surge of technological changes in the computer industry. The following is another example of the magnitude of these changes. At the end of 1986 a new IBM 700 megabyte disk drive sold for about $70,000. By 1996 it was possible to buy a PC 2.1 gigabyte disk drive (200% larger than 700 megabyte) for $350. While an IBM disk drive and a PC disk drive work in different computing environments, this example still shows the magnitude of the technological changes which were competing with IBM equipment and reducing the residual value of its equipment. The dramatic failure of IBM equipment to maintain its value in the face of competitive technological changes was also evidenced by the decline of IBM stock value from $120 to $150 in 1986 to $50 to $40 by 1993. During this time the demand for main frame computer decreased as competing lower cost substitute systems became available.
An additional contributing cause to the registrant's failure to return capital was the bankruptcy of Unicom Computer Corporation, one of the two original General Partners, in the fall of 1988. As a result, certain rental receipts were withheld by lessees for several months as claims by Unicom creditors were worked out. In addition certain pieces of equipment were tied up and leasing activities were disrupted for almost 9 months. At about this same time in 1989, IBM Credit Corp became extremely competitive forcing lease rates down. This made it increasingly difficult for the partnership to find transactions which met its yield requirements. The competitive force from IBM Credit Corp exacerbated a decline in rates as the general level of interest rates also began to fall. Starting in 1989, the registrant diversified the equipment portfolio away from IBM by leasing Digital Equipment Corporation (DEC) equipment and noncomputer assets subject to operating leases. The DEC equipment while serving a different marketplace (the so-called mini-computer market as opposed' to the mainframe IBM market) also suffered from extreme residual value shortfalls caused by the introduction of competing personal computer and client/server technologies. In 1991 the registrant engaged in finance leasing to eliminate the risk of residual values. Finance leases passed the risk of ownership to the lessee by requiring them to buy the equipment at the end of the lease. However, these leases were written in a decreasing interest rate environment. These interest rate decreases were caused in part by the recession of 1990 to 1992. The market interest rates were at levels below those required to return 100% capital to the investors. Distributions were reduced at that time, but continuing losses on the IBM equipment undercut efforts to earn back lost capital. The 1991 switch to finance leases was approved by a vote of 88% of the limited partnership units. This vote was required not only to llow the shift the asset mix away from operating leases but to change the type of credit which could be accepted by the registrant. In general finance leases are used by companies which are privately owned and smaller with higher risk of credit default. While there were credit defaults as a result of this change, they were significantly smaller than those incurred by residual value losses. The switch to finance leases did not have enough time to rebuild the capital lost as equipment was sold from the operating lease portfolio before the partnerships liquidation date was reached. In summary the largest risk position in the registrants portfolio was in residual values of computer equipment, and it was the shortfalls in these residual values, which was responsible for the registrant's losses.
1995 versus 1996
The Registrant completed ten (10) full years of operations and has liquidated its assets. During the wind down or liquidation phase of the Partnership, all cash flows in excess of partnership expenses were distributed to the limited partners in proportion to their respective tax basis capital accounts. Comparisons to prior year activities are limited due to the liquidation of the Registrants assets during this final year of the Partnership. Equipment on operating leases and the cost of the equipment held for sale or lease was disposed of or fully depreciated as of late 1994, and therefore, not a major factor in the operations of 1995 and 1996. Operating lease income declined from $340,623 in 1995 to $150,813 in 1996 because of a reduction in the operating lease portfolio. Rental income from operating leases comprised 33% and 23% of total revenue in 1996 and 1995, respectively, with interest and other income, direct financing lease income and gain on disposition of equipment making up the remainder. The increase in the percentage of income derived from operating leases reflects the decreased size of the lease portfolio due to liquidation efforts and one large operating lease which continued through 1996. Direct financing lease income decreased from $367,988 in 1995 to $40,604 in 1996 as the direct finance lease portfolio was liquidated. Management fees decreased from $155,479 in 1995 to $62,306 in 1996. Management fees are dependent on the amount of rental income derived from both operating and direct financing lease income and decreased as the lease portfolio decreased. Direct services from general partners remained fairly constant from $80,830 in 1994 to $79,998 in 1995 and $75,929 in 1996. Direct services are the administrative and personnel costs (payroll) incurred on behalf of the Partnership. The expense remained constant because a minimal staff was required to complete the activities of the Partnership. General and administrative expenses decreased from $186,879 in 1994 to $141,754 in 1995 and increased to $346,231 in 1996 due to the accrual of closing expenses required to meet the regulatory requirements of tax authorities and reporting requirements of the Limited Partnership Agreement. Total operating expenses increased from $395,971 in 1995 to $493,905 in 1996 due to the closing expenses mentioned above. The foregoing factors resulted in the Registrant reporting net income of $1,071,061 in 1995 and a net loss of $42,302 in 1996 which equated to net income (loss) per weighted average limited partner unit of $8.53 in 1995 and ($0.71) in 1996 respectively.
Liquidity and Capital Resources
Operating activities provided the Registrant with net cash flow of $1,010,150 in 1995 and net cash used of $184,068 in 1996. The decrease from year to year is a result of the rapid decline in the size of the lease portfolio and the liquidation of the Registrant's assets. Investing activities ( which includes the payment of cash allocable to return of principal under finance leases) provided net cash of $2,649,373 in 1995 and $929,428 in 1996. Cash from finance leases decreased from $1,918,500 in 1995 to $733,873 in 1996 due to the increased moneys from financing lease payments allocated to recovery of principal. This increase occurs naturally as the lease obligation are amortized by payment of rents . The sale of equipment related to direct financing leases and operating leases provided cash totaling $739,536 in 1995. All notes were fully retired at the end of 1995 therefore cash from financing activities was not used to repay notes payable in 1996, but was used in amounts totaling $305,610 in 1995 and $1,270,463 in 1994. Cash from financing activities was also used to make the liquidating distributions to Partners, which amounted to $1,932,165 in 1994, $3,152,630 in 1995 and the closing distributions totaling $1,305,264 in 1996. The cash position fluctuated during the liquidation years of the Registrant. Cash available from lease rentals, terminations and sale of equipment was used first to pay expenses and then distributed to the Partners. The cash available varied quarter to quarter and year to year according to the timing of the receipts of rents, sales and termination receipts.
Item 8.
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
LEASTEC INCOME FUND IV (a California Limited Partnership)
Financial Statements
December 31, 1996, 1995 and 1994 (With Independent Auditors' Report Thereon)
LEASTEC INCOME FUND IV (A California Limited Partnership)
Page Number
INDEPENDENT AUDITORS' REPORT
FINANCIAL STATEMENTS:
BALANCE SHEETS - DECEMBER 31, 1996 AND 1995
STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
STATEMENTS OF PARTNERS' CAPITAL FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
NOTES TO FINANCIAL STATEMENTS
LEASTEC INCOME FUND IV (a California Limited Partnership)
Financial Statements
Independent Auditors' Report
The Partners Leastec Income Fund IV:
We have audited the accompanying balance sheets of Leastec Income Fund IV (a California limited partnership) as of December 31, 1996 and 1995, and the related statements of operations, partners' capital and cash flows for each of the years in the three-year period ended December 31, 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in note 1 to the financial statements, the Partnership discontinued operations on December 31, 1996 and intends to make the final cash distribution to the partners in 1997.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Leastec Income Fund IV (a California limited partnership) as of December 31, 1996 and 1995, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 1996 in conformity with generally accepted accounting principles.
(signed) KPMG Peat Marwick LLP
February 7, 1997
LEASTEC INCOME FUND IV (A California Limited Partnership)
Statement of Operations
Years ended December 31, 1996, 1995 and 1994
1996 1995 1994 Revenues: Operating lease income $ 150,813 40,623 883,925 Direct financing lease income 40,604 367,988 594,258 Interest and other income 64,631 47,450 27,230 Recovery on direct financing leases --- 655,915 --- Gain on disposition of direct financing leases, net --- 2,400 --- Gain on disposition of equipment, net 195,555 53,196 105,822 --------- -------- -------- Total revenues 451,603 1,467,572 1,611,235 ========= ========= =========
Expenses: Depreciation of equipment on operating leases --- --- 369,155 Management fees 62,306 155,479 262,850 Direct services from general partner 75,929 79,998 80,830 Interest 2,204 9,660 102,479 Other expense 7,235 9,080 38,583 General and administrative 346,231 141,754 186,879 --------- --------- --------- Total Expenses 493,905 395,971 1,040,776 --------- --------- ---------
Net (loss) Income $ (42.302) 1,071,601 570,459 ========== ========= =========
Net (loss) income per weighted average limited partner unit outstanding $ (.71) 8.53 2.23 ========= ========= ========
See accompanying notes to financial statements. [/TABLE]
[CAPTION] LEASTEC INCOME FUND IV (A California Limited Partnership)
Statements of Partners' Capital
Years ended December 31, 1996, 1995 and 1994
General Limited Partner Partners Total ------- -------- ----- [S] [C] [C] [C] Partners' capital, December 31, 1993 $ (218,158) 5,013,661 4,795,503 Net income 331,609 238,850 570,459 Distributions to partners (113,451) (2,155,557) (2,269,008) Partners' capital, December 31, 1994 --- 3,096,954 3,096,954 Net income 156,578 915,023 1,071,601 Distributions to partners (156,578) (2795,000) (3,131,578) Partners' capital, December 31, 1995 --- 1,036,977 1,036,977 Net income (loss) 33,684 (75,986) (42,302) Distributions to partners (33,684) (960,991) (994,675) Partners' capital, December 31, 1996 $ --- --- --- ----------- ---------- ----------
See accompanying notes to financial statements. [/TABLE]
Syndication fees are capitalized when incurred and allocated to the partners upon liquidation for federal income tax purposes.
The following reconciles partners' capital for financial reporting purposes and federal income tax purposes as of December 31:
1996 1995 ---- ----
Partners' capital per financial statements $ --- 1,036,977 Commissions and offering costs on sale of limited partnership units --- 3,469,672 Depreciation and amortization --- (2,597,734) Gain on liquidation --- --- Direct financing leases --- 2,306,610 Deferred rent revenue --- 33,801 Other --- 223,170 ----- --------- Partners' capital for federal income tax purposes $ --- 4,472,496 ===== =========
Item 9.
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
Item 10.
Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
(a) At December 31, 1996, the General Partner of the Registrant was Leastec Corporation, a California corporation, a wholly owned subsidiary of The Earnest Group, formerly Partners Fund Management, Inc. (b) The directors and executive officers of the General Partner of the Registrant who are not themselves general partners of the Registrant are:
Ernest V. Lavagetto, 49, President, Chief Financial Officer, Secretary and Director of Leastec Corporation since January 1990. Mr. Lavagetto's term of office as Director ends on April 30, 1997. Mr Lavagetto joined Leastec Corporation in 1980. He is a Certified Public Accountant and a member in good standing of the American Institute of Certified Public Accountants. The officer noted above is not subject to an employment contract but serves at the pleasure of the Board of Directors of the respective corporation.
(c) All significant employees are identified in Item 10 (b) above.
(d) Leastec Corporation was formed in December 1976. Since its formation, Leastec has sponsored numerous tenancies-in-common, direct ownership transactions, and limited partnerships involving the leasing of computer and high technology medical equipment. Since 1980, Leastec has sponsored and served as a general partner of the following partnerships
Leastec Investors No. 1 Leastec Investors No. 2 Leastec Investors No. 3 Leastec Investors No. 4 Leastec Investors No. 5 Leastec Investors No. 6 Equipment Investors of Pacific No. 1 Equipment Investors of Pacific No. 2 Equipment Investors of Pacific No. 3 Equipment Investors of Pacific No. 4 Equipment Investors of Pacific No. 5 Equipment Investors of Pacific No. 6 Leastec Associates I Leastec Associates II Leastec Associates III Leastec Associates IV Leastec Associates V Leastec Associates VI Leastec Partners I Leastec Partners II Leastec Partners III Leastec Partners IV Leastec Partners V Leastec Partners VI Leastec Partners VII Leastec Partners VIII Leastec Partners IX Leastec Partners X Leastec Partners XI Leastec Partners XII Leastec Partners XIII Leastec Partners XV Leastec Partners XVI Leastec Systems I Western Trailer Associates Catscan Associates Leastec Income Fund 1984-1 Leastec Income Fund 1985-1 Leastec Income Fund III Leastec Income Fund V
Item 11.
Item 11. EXECUTIVE COMPENSATION
The Registrant has no employees. For information relating to fees and compensation paid to the General Partner, see Item 13.
Item 12.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT (a) No person owns of record, or is known by the Registrant to own beneficially, more than five percent (5%) of the Limited Partner Units. As noted below, the General Partner owns 100 percent of the General Partner Units. (b) The General Partner of the Registrant owns the equity securities of the Registrant set forth in the following table:
(1) (2) (3) (4) Name of Amount and Nature Title of Beneficial of Beneficial Percent Class Owner Ownership of Class
General Partner Leastec Corporation 1087 Units 100
Leastec Corporation has the right to acquire all of the Limited Partner Units of which it is the beneficial owner as specified in Rule 13d-3(d)(1) under the Exchange Act. der the Exchange Act. (Continued)
LEASTEC INCOME FUND IV (A California Limited Partnership) Notes to Financial Statements
Set forth is information relating to all compensation paid or accrued by the Registrant to the General Partner during the fiscal year ended December 31, 1996:
(A) (B) (C) Name of Individual Capacities in Cash or Number in Group Which Served Compensation
Leastec Corporation General Partner $62,306
The General Partner receives all of its compensation in cash from the Registrant. The Registrant also reimburses the General Partner for administrative and personnel costs incurred by the General Partner on behalf of the Registrant. Such expenses totaled $75,929 in 1996.
Profits are allocated first 100% to the General Partner until the General Partner's capital account is brought to zero; second, 1% to the General Partner and 99% to the limited partners until the total Partnership deficit is zero; third, to the General Partner in an amount equal to cash distributions, and the remainder to the limited partners on the basis of their capital account balances. Net losses are allocated 99% to the limited partners and 1% to the General Partner. The net income allocated to the General Partner amounted to $33,684 in 1996 and $156,578 in 1995.
Substantially all equipment leased by the Registrant is initially purchased by the Registrant from the manufacturer or independent third parties. The Registrant does not purchase any inventory of equipment but usually acquires equipment that is already subject to an existing lease. The Registrant purchases the equipment at cost. In addition, the Registrant's purchase price includes commissions paid to independent brokers for originating lease transactions and acquiring equipment.
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) Financial Statements and Exhibits 1. Financial Statement Page Number Independent Auditors' Report Balance Sheets Statements of Operations Statements of Partners' Capital Statements of Cash Flows Notes to Financial Statements
All other schedules are omitted because they are not applicable, or not required, or because the required information is included in the financial statements or notes thereto.
Exhibit Page Number Exhibit Name Number
3 Leastec Income Fund IV Limited Partnership Agreement (Incorporated by reference from Exhibit A on Form S-1 filed with the Commission on November 3, 1986 File Number 33-8115)
Subscription Agreement and Power of Attorney (incorporated by reference from Exhibit B on Form S-1, November 3, 1986, File No. 33-8115)
Election to Accumulate Cash Distributions (Incorporated by reference from Exhibit C on Form S-1, November 3, 1986, File No. 33-8115)
(b) No reports on Form 8 - K have been filed during the last quarter of the fiscal year ending December 31, 1995.
Pursuant to the requirements of Sections 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this 1995 report to be signed on its behalf by the undersigned, thereunto duly authorized.
LEASTEC INCOME FUND IV (Registrant)
By: LEASTEC CORPORATION General Partner
Dated: March 30, 1997 By: ERNEST LAVAGETTO President
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) Financial Statements and Exhibits 1. Financial Statement Page Number Independent Auditors' Report Balance Sheets Statements of Operations Statements of Partners' Capital Statements of Cash Flows Notes to Financial Statements
All other schedules are omitted because they are not applicable, or not required, or because the required information is included in the financial statements or notes thereto.
Exhibit Page Number Exhibit Name Number
3 Leastec Income Fund IV Limited Partnership Agreement (Incorporated by reference from Exhibit A on Form S-1 filed with the Commission on November 3, 1986 File Number 33-8115)
Subscription Agreement and Power of Attorney (incorporated by reference from Exhibit B on Form S-1, November 3, 1986, File No. 33-8115)
Election to Accumulate Cash Distributions (Incorporated by reference from Exhibit C on Form S-1, November 3, 1986, File No. 33-8115)
(b) No reports on Form 8 - K have been filed during the last quarter of the fiscal year ending December 31, 1995.
Pursuant to the requirements of Sections 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this 1995 report to be signed on its behalf by the undersigned, thereunto duly authorized.
LEASTEC INCOME FUND IV (Registrant)
By: LEASTEC CORPORATION General Partner
Dated: March 30, 1997 By: ERNEST LAVAGETTO President