Instructions For Form 1120-Reit - 2009

ADVERTISEMENT

2 0 09
Department of the Treasury
Internal Revenue Service
Instructions for Form
1120-REIT
U.S. Income Tax Return for Real Estate Investment Trusts
Missing and Exploited Children.
Section references are to the Internal
Contents
Page
Photographs of missing children selected
Revenue Code unless otherwise noted.
Schedule J . . . . . . . . . . . . . . . . . 13-16
by the Center may appear in instructions
Schedule K . . . . . . . . . . . . . . . . . . . 16
Contents
Page
on pages that would otherwise be blank.
Schedule L . . . . . . . . . . . . . . . . . . . 16
What’s New . . . . . . . . . . . . . . . . . . . . 1
You can help bring these children home
Schedule M-1 . . . . . . . . . . . . . . . . . 16
Photographs of Missing Children . . . . 1
by looking at the photographs and calling
Unresolved Tax Issues . . . . . . . . . . . . 1
1-800-THE-LOST (1-800-843-5678) if you
How To Get Forms and
What’s New
recognize a child.
Publications . . . . . . . . . . . . . . . . . . 1
General Instructions . . . . . . . . . . . . . 2
Beginning July 1, 2009, a REIT can file
Unresolved Tax Issues
Purpose of Form . . . . . . . . . . . . . . . . 2
Form 8927, Determination Under Section
The Taxpayer Advocate Service (TAS) is
Who Must File . . . . . . . . . . . . . . . . . . 2
860(e)(4) by a Qualified Investment
an independent organization within the
General Requirements to Qualify
Entity, to make a determination and to
IRS whose employees assist taxpayers
as a REIT . . . . . . . . . . . . . . . . . . . . 2
establish the date of the determination for
who are experiencing economic harm,
Other Requirements . . . . . . . . . . . . . . 2
purposes of making a deficiency dividend
who are seeking help in resolving tax
distribution. See Form 8927 and Rev.
Termination of Election . . . . . . . . . . . . 2
problems that have not been resolved
Proc. 2009-28 for more information.
Where To File . . . . . . . . . . . . . . . . . . 2
through normal channels, or who believe
For tax years beginning in 2009 or
Taxable REIT Subsidiaries
that an IRS system or procedure is not
2010, there is no tax on the net
(TRS) . . . . . . . . . . . . . . . . . . . . . . . 3
working as it should. The service is free,
recognized built-in gain of a REIT, if the
When To File . . . . . . . . . . . . . . . . . . . 3
confidential, tailored to meet your needs,
7th year of the applicable recognition
Who Must Sign . . . . . . . . . . . . . . . . . 3
and is available for businesses, as well as
period ended before the tax year. See the
Paid Preparer Authorization . . . . . . . . 3
individuals.
Built-in Gains Tax Worksheet Instructions
Assembling the Return . . . . . . . . . . . . 3
on page 15 for more information.
The REIT can contact the TAS as
Depository Methods of Tax
The REIT can elect to defer income
follows.
Payment . . . . . . . . . . . . . . . . . . . . 3
from the discharge of indebtedness in
Call the TAS toll-free line at
Estimated Tax Payments . . . . . . . . . . 4
connection with an applicable debt
1-877-777-4778 or TTY/TDD
Interest and Penalties . . . . . . . . . . . . . 4
instrument reacquired after December 31,
1-800-829-4059 to see if the REIT is
Accounting Methods . . . . . . . . . . . . . . 4
2008, and before January 1, 2011, and
eligible for assistance.
Accounting Period . . . . . . . . . . . . . . . 5
include the deferred income over a 5-year
Call or write the REIT’s local taxpayer
Rounding Off to Whole Dollars . . . . . . 5
period. In addition, any original issue
advocate, whose phone number and
Recordkeeping . . . . . . . . . . . . . . . . . . 5
discount (OID) subject to section 108(i)
address are listed in the local telephone
Other Forms That May Be
generally is allowed as a deduction
directory and in Pub. 1546, Taxpayer
Required . . . . . . . . . . . . . . . . . . . . 5
ratably over the 5-year period that the
Advocate Service – Your Voice at the
income from cancellation of debt is
Statements . . . . . . . . . . . . . . . . . . . . 6
IRS.
includible in income. Also, see the
Specific Instructions . . . . . . . . . . . . 6
File Form 911, Request for Taxpayer
instructions for lines 7 and 15.
Period Covered . . . . . . . . . . . . . . . . . 6
Advocate Assistance (And Application for
The election to accelerate the minimum
Name and Address . . . . . . . . . . . . . . 7
Taxpayer Assistance Order), or ask an
tax and research credits in lieu of claiming
IRS employee to complete it on the
100%-owned Subsidiaries and
any additional first year special
REIT’s behalf.
Personal Holding Companies . . . . . . 7
depreciation allowance for eligible
Employer Identification Number
For more information, go to
qualified property has been extended to
(EIN) . . . . . . . . . . . . . . . . . . . . . . . 7
gov/advocate.
eligible qualified extension property. See
Date REIT Established . . . . . . . . . . . . 7
the instructions for line 24g.
Total Assets . . . . . . . . . . . . . . . . . . . 7
The maximum 15% alternative tax does
How To Get Forms
Final Return, Name Change,
not apply to qualified timber gain after
and Publications
Address Change, or Amended
May 22, 2009. See the instructions for
Return . . . . . . . . . . . . . . . . . . . . . . 7
Schedule J, line 2a.
Internet. You can access the IRS
Type of REIT . . . . . . . . . . . . . . . . . . . 7
Certain tax benefits for Midwestern
website 24 hours a day, 7 days a week, at
PBA Code . . . . . . . . . . . . . . . . . . . . . 7
disaster areas, including special
gov to:
Part I — Real Estate Investment
charitable contribution benefits, have
Download forms, instructions, and
Trust Taxable Income . . . . . . . . . 7-12
expired. See Pub. 4492-B, Information for
publications;
Part II — Tax on Net Income
Affected Taxpayers in the Midwestern
Order IRS products online;
From Foreclosure Property . . . . . . 12
Disaster Areas.
Research your tax questions online;
Part III — Tax for Failure To Meet
Search publications online by topic or
Certain Source-of-Income
Photographs of Missing
keyword;
Requirements . . . . . . . . . . . . . . . . 12
View Internal Revenue Bulletins (IRBs)
Children
Part IV — Tax on Net Income
published in recent years; and
From Prohibited Transactions
. . . 13
The Internal Revenue Service is a proud
Sign up to receive local and national
Schedule A . . . . . . . . . . . . . . . . . . . 13
partner with the National Center for
tax news by email.
Cat. No. 64243J

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial