<PAGE>1

          SECURITIES AND EXCHANGE COMMISSION

          Washington, D.C.  20549



          FORM 8-K



          Pursuant to Section 13 or 15(d) of the Securities and Exchange
          Act of 1934


          Date of Report (Date of earliest event reported): January 17,
          1997


          Exact name of registrant as specified in its charter: T. ROWE
          PRICE REALTY INCOME FUND IV, AMERICA'S SALES-COMMISSION-FREE REAL
          ESTATE LIMITED PARTNERSHIP 

          State or other Jurisdiction of Incorporation or Organization:
          Delaware  

          I.R.S. Employer Identification No.: 95-4147931

          Commission File Number:  0-17636

          Address of principal executive offices:  100 East Pratt Street,
          Baltimore, Maryland  21202

          Registrant's telephone number, including area code: 1-800-638-
          5660


          Former name of former address, if changes since last report:   
          Not Applicable                               


























          <PAGE>2

          Item 5.   Other Events

          At the end of 1996 T. Rowe Price Realty Income Fund IV, America's
          Sales-Commission-Free Real Estate Limited Partnership (the
          "Partnership") conducted its annual formal unit valuation.  The
          valuation of the Partnership's properties was performed by the
          General Partner, and then reviewed by an independent professional
          appraiser.  The estimated value of limited partnership units
          resulting from this process is $31.05 per unit.  A $0.75 per unit
          distribution for the December 1996 quarter representing operating
          cash flows will be made on or about February 14, 1997 to limited
          partners of record on December 31, 1996.  After this
          distribution, the estimated value is $30.30 per unit.  There is
          no assurance that units can be sold at a price equal to this
          estimated value, and this valuation is not necessarily
          representative of the value of the units when the Partnership
          ultimately liquidates its holdings.


                                   T. ROWE PRICE REALTY INCOME FUND IV,
                                   AMERICA'S SALES-COMMISSION-FREE REAL
                                   ESTATE LIMITED PARTNERSHP 

                                        By:  T. Rowe Price Realty Income 
                                             Fund IV Management, Inc., as 
                                             General Partner



                                             By:  /s/Lucy B. Robins
                                                  Lucy B. Robins
                                                  Vice President
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1

          SECURITIES AND EXCHANGE COMMISSION

          Washington, D.C.  20549

          FORM 8-K

          Pursuant to Section 13 or 15(d) of the Securities and Exchange
          Act of 1934

          Date of Report (Date of earliest event reported): January 17,
          1997

          Exact name of registrant as specified in its charter: T. ROWE
          PRICE REALTY INCOME FUND IV, AMERICA'S SALES-COMMISSION-FREE REAL
          ESTATE LIMITED PARTNERSHIP 

          State or other Jurisdiction of Incorporation or Organization:
          Delaware  

          I.R.S. Employer Identification No.: 95-4147931

          Commission File Number:  0-17636

          Address of principal executive offices:  100 East Pratt Street,
          Baltimore, Maryland  21202

          Registrant's telephone number, including area code: 1-800-638-
          5660

          Former name of former address, if changes since last report:   
          Not Applicable
2

          Item 5.   Other Events

          At the end of 1996 T. Rowe Price Realty Income Fund IV, America's
          Sales-Commission-Free Real Estate Limited Partnership (the
          "Partnership") conducted its annual formal unit valuation.  The
          valuation of the Partnership's properties was performed by the
          General Partner, and then reviewed by an independent professional
          appraiser.  The estimated value of limited partnership units
          resulting from this process is $31.05 per unit.  A $0.75 per unit
          distribution for the December 1996 quarter representing operating
          cash flows will be made on or about February 14, 1997 to limited
          partners of record on December 31, 1996.  After this
          distribution, the estimated value is $30.30 per unit.  There is
          no assurance that units can be sold at a price equal to this
          estimated value, and this valuation is not necessarily
          representative of the value of the units when the Partnership
          ultimately liquidates its holdings.

                                   T. ROWE PRICE REALTY INCOME FUND IV,
                                   AMERICA'S SALES-COMMISSION-FREE REAL
                                   ESTATE LIMITED PARTNERSHP 

                                        By:  T. Rowe Price Realty Income 
                                             Fund IV Management, Inc., as 
                                             General Partner

                                             By:  /s/Lucy B. Robins
                                                  Lucy B. Robins
                                                  Vice President