Instructions For Form 1120-Reit - Internal Revenue Service Of Department Of The Treasury - 2007

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2 0 07
Department of the Treasury
Internal Revenue Service
Instructions for Form
1120-REIT
U.S. Income Tax Return for Real Estate Investment Trusts
When contacting the Taxpayer Advocate,
Section references are to the Internal
What’s New
the REIT should be prepared to provide the
Revenue Code unless otherwise noted.
following information:
A corporation that is a policyholder
Contents
Page
The REIT’s name, address, and employer
owning one or more employer-owned life
What’s New . . . . . . . . . . . . . . . . . . . . . 1
identification number.
insurance contracts issued after August 17,
Photographs of Missing Children . . . . . . . 1
The name and telephone number of an
2006, must file new Form 8925,
Unresolved Tax Issues . . . . . . . . . . . . . 1
authorized contact person and the hours he
Employer-Owned Life Insurance Contracts.
How To Get Forms and
or she can be reached.
The increased deduction for qualified
Publications . . . . . . . . . . . . . . . . . . . 1
The type of tax return and year(s)
reforestation expenses for small timber
General Instructions . . . . . . . . . . . . . . 2
involved.
producers no longer applies to expenses
Purpose of Form . . . . . . . . . . . . . . . . . . 2
A detailed description of the problem.
paid or incurred after December 31, 2007.
Who Must File . . . . . . . . . . . . . . . . . . . 2
Previous attempts to solve the problem
The election to deduct GO Zone clean-up
and the office that was contacted.
General Requirements to Qualify
costs no longer applies to costs paid or
A description of the hardship the REIT is
as a REIT . . . . . . . . . . . . . . . . . . . . . 2
incurred after December 31, 2007.
facing and supporting documentation (if
Other Requirements . . . . . . . . . . . . . . . 2
New Principal Business Activity (PBA)
applicable).
Termination of Election . . . . . . . . . . . . . 2
codes have been added for new Item H.
The REIT can contact a Taxpayer
Taxable REIT Subsidiaries (TRS) . . . . . . 2
See page 6 for details.
Advocate as follows:
Where To File . . . . . . . . . . . . . . . . . . . . 2
Call the Taxpayer Advocate’s toll-free
When To File . . . . . . . . . . . . . . . . . . . . 3
Photographs of Missing
number: 1-877-777-4778.
Who Must Sign . . . . . . . . . . . . . . . . . . . 3
Call, write, or fax the Taxpayer Advocate
Paid Preparer Authorization . . . . . . . . . . 3
Children
office in its area (see Pub. 1546 for
Assembling the Return . . . . . . . . . . . . . 3
The Internal Revenue Service is a proud
addresses and phone numbers).
Depository Methods of Tax
partner with the National Center for Missing
TTY/TDD help is available by calling
Payment . . . . . . . . . . . . . . . . . . . . . . 3
and Exploited Children. Photographs of
1-800-829-4059.
Estimated Tax Payments . . . . . . . . . . . . 3
missing children selected by the Center may
Visit the website at:
Interest and Penalties . . . . . . . . . . . . . . 4
appear in instructions on pages that would
advocate.
Accounting Methods . . . . . . . . . . . . . . . 4
otherwise be blank. You can help bring
Accounting Period . . . . . . . . . . . . . . . . . 4
How To Get Forms and
these children home by looking at the
Rounding Off to Whole Dollars . . . . . . . . 4
photographs and calling 1-800-THE-LOST
Publications
Recordkeeping . . . . . . . . . . . . . . . . . . . 4
(1-800-843-5678) if you recognize a child.
Other Forms That May Be
Internet. You can access the IRS website
Required . . . . . . . . . . . . . . . . . . . . . 5
Unresolved Tax Issues
24 hours a day, 7 days a week, at
Statements . . . . . . . . . . . . . . . . . . . . . 5
gov to:
If the Real Estate Investment Trust (REIT)
Specific Instructions . . . . . . . . . . . . . . 6
Download forms, instructions, and
has attempted to deal with an IRS problem
Period Covered . . . . . . . . . . . . . . . . . . 6
publications;
unsuccessfully, it should contact the
Name and Address . . . . . . . . . . . . . . . . 6
Order IRS products online;
Taxpayer Advocate. The Taxpayer
Research your tax questions online;
100%-owned Subsidiaries and
Advocate independently represents the
Search publications online by topic or
Personal Holding Companies . . . . . . . 6
REIT’s interests and concerns within the
keyword; and
Employer Identification Number
IRS by protecting its rights and resolving
Sign up to receive local and national tax
(EIN) . . . . . . . . . . . . . . . . . . . . . . . . 6
problems that have not been fixed through
news by email.
Date REIT Established . . . . . . . . . . . . . 6
normal channels.
IRS Tax Products CD/DVD. You can order
Total Assets . . . . . . . . . . . . . . . . . . . . . 6
Publication 1796, IRS Tax Products CD/
While Taxpayer Advocates cannot
Final Return, Name Change,
DVD, and obtain:
change the tax law or make a technical tax
Address Change, or Amended
Current year forms, instructions, and
decision, they can clear up problems that
Return . . . . . . . . . . . . . . . . . . . . . . . 6
publications;
resulted from previous contacts and ensure
Type of REIT . . . . . . . . . . . . . . . . . . . . 6
Prior year forms, instructions, and
that the REIT’s case is given a complete
PBA Code . . . . . . . . . . . . . . . . . . . . . . 6
publications;
and impartial review.
Part I — Real Estate Investment
Bonus: Historical Tax Products DVD –
Trust Taxable Income . . . . . . . . . . . 6-10
The REIT’s assigned personal advocate
Ships with the final release;
Part II — Tax on Net Income From
will listen to its point of view and will work
Tax Map: an electronic research tool and
Foreclosure Property . . . . . . . . . . . . 10
with the REIT to address its concerns. The
finding aid;
Part III — Tax for Failure To Meet
REIT can expect the advocate to provide:
Tax law frequently asked questions
Certain Source-of-Income
An impartial and independent look at your
(FAQs);
Requirements . . . . . . . . . . . . . . . . . 11
problem,
Tax topics from the IRS telephone
Part IV — Tax on Net Income From
Timely acknowledgement,
response system;
Prohibited Transactions . . . . . . . . . . 11
The name and phone number of the
Fill-in, print and save features for most tax
individual assigned to its case,
forms;
Schedule A . . . . . . . . . . . . . . . . . . . . 11
Internal Revenue Bulletins; and
Updates on progress,
Schedule J . . . . . . . . . . . . . . . . . . . 11-13
Toll-free and email technical support.
Timeframes for action,
Schedule K . . . . . . . . . . . . . . . . . . . . 14
Speedy resolution, and
Schedule L . . . . . . . . . . . . . . . . . . . . . 14
The CD/DVD is released twice during the
Schedule M-1 . . . . . . . . . . . . . . . . . . . 14
Courteous service.
year. The first release will ship the beginning
Cat. No. 64243J

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