Instructions For Form 1120-Reit - 2006 printable pdf download

2006

Department of the Treasury

Internal Revenue Service

Instructions for Form

1120-REIT

U.S. Income Tax Return for Real Estate Investment Trusts

•

The filing address for REITs whose principal

The name and telephone number of an

Section references are to the Internal

business, office, or agency is located in a

authorized contact person and the hours he or

Revenue Code unless otherwise noted.

foreign country or U.S. possession has

she can be reached.

•

Contents

Page

changed. See the Where To File instructions.

The type of tax return and year(s) involved.

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What’s New . . . . . . . . . . . . . . . . . . . . . . 1

On page 1 of Form 1120-REIT, we added

A detailed description of the problem.

•

Photographs of Missing Children . . . . . . . . 1

new Item G to identify the type of REIT. Every

Previous attempts to solve the problem and

Unresolved Tax Issues . . . . . . . . . . . . . . . 1

REIT must check only one of the applicable

the office that was contacted.

•

How To Get Forms and Publications

. . . . . 1

boxes.

A description of the hardship the REIT is

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REITs must include in income part or all of

facing and supporting documentation (if

General Instructions . . . . . . . . . . . . . . . . 2

the proceeds received from certain

applicable).

Purpose of Form . . . . . . . . . . . . . . . . . . . 2

corporate-owned life insurance contracts

Who Must File . . . . . . . . . . . . . . . . . . . . . 2

The REIT can contact a Taxpayer Advocate

issued after August 17, 2006. See section

General Requirements to Qualify as a

as follows:

101(j) for details.

•

REIT . . . . . . . . . . . . . . . . . . . . . . . . . 2

Call the Taxpayer Advocate’s toll-free

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Cash contributions made in tax years

number: 1-877-777-4778.

Other Requirements . . . . . . . . . . . . . . . . . 2

beginning after August 17, 2006, must be

•

Call, write, or fax the Taxpayer Advocate

Termination of Election . . . . . . . . . . . . . . . 2

supported by a dated bank record or receipt.

office in its area (see Pub. 1546 for addresses

Taxable REIT Subsidiaries (TRS) . . . . . . . . 2

See Substantiation requirements on page 8.

and phone numbers).

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Where To File . . . . . . . . . . . . . . . . . . . . . 2

REITs that paid the federal telephone excise

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TTY/TDD help is available by calling

When To File . . . . . . . . . . . . . . . . . . . . . 2

tax on long distance or bundled service may be

1-800-829-4059.

Who Must Sign . . . . . . . . . . . . . . . . . . . . 3

able to request a credit. See the instructions for

•

Visit the website at

line 24g on page 9.

Paid Preparer Authorization . . . . . . . . . . . . 3

Assembling the Return . . . . . . . . . . . . . . . 3

How To Get Forms and

Photographs of Missing

Depository Methods of Tax Payment . . . . . 3

Publications

Estimated Tax Payments . . . . . . . . . . . . . 3

Children

Interest and Penalties . . . . . . . . . . . . . . . . 4

Internet. You can access the IRS website 24

The Internal Revenue Service is a proud

Accounting Methods . . . . . . . . . . . . . . . . . 4

hours a day, 7 days a week, at to:

partner with the National Center for Missing

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Accounting Period . . . . . . . . . . . . . . . . . . 4

Download forms, instructions, and

and Exploited Children. Photographs of

Rounding Off to Whole Dollars . . . . . . . . . . 4

publications;

missing children selected by the Center may

•

Recordkeeping . . . . . . . . . . . . . . . . . . . . 4

Order IRS products online;

appear in instructions on pages that would

•

Research your tax questions online;

Other Forms That May Be Required

. . . . . 4

otherwise be blank. You can help bring these

•

Search publications online by topic or

Statements . . . . . . . . . . . . . . . . . . . . . . . 5

children home by looking at the photographs

keyword; and

Specific Instructions . . . . . . . . . . . . . . . 5

and calling 1-800-THE-LOST (1-800-843-5678)

•

if you recognize a child.

Period Covered . . . . . . . . . . . . . . . . . . . . 5

news by email.

Name and Address . . . . . . . . . . . . . . . . . 5

Unresolved Tax Issues

IRS Tax Products CD. You can order

100%-owned Subsidiaries and

Publication 1796, IRS Tax Products CD, and

Personal Holding Companies . . . . . . . . . 5

If the Real Estate Investment Trust (REIT) has

obtain:

Employer Identification Number (EIN) . . . . . 5

attempted to deal with an IRS problem

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Date REIT Established . . . . . . . . . . . . . . . 6

Current year forms, instructions, and

unsuccessfully, it should contact the Taxpayer

publications;

Advocate. The Taxpayer Advocate

Total Assets . . . . . . . . . . . . . . . . . . . . . . 6

•

Prior year forms, instructions, and

independently represents the REIT’s interests

Final Return, Name Change, Address

publications;

and concerns within the IRS by protecting its

Change, or Amended Return . . . . . . . . . 6

•

Tax Map: an electronic research tool and

rights and resolving problems that have not

Type of REIT . . . . . . . . . . . . . . . . . . . . . 6

finding aid;

been fixed through normal channels.

Part I — Real Estate Investment Trust

•

Tax law frequently asked questions (FAQs);

While Taxpayer Advocates cannot change

Taxable Income . . . . . . . . . . . . . . . . . 6-9

•

Tax topics from the IRS telephone response

the tax law or make a technical tax decision,

Part II — Tax on Net Income From

system;

they can clear up problems that resulted from

•

Foreclosure Property . . . . . . . . . . . . . . . 9

Fill-in, print and save features for most tax

previous contacts and ensure that the REIT’s

Part III — Tax for Failure To Meet

forms;

case is given a complete and impartial review.

•

Certain Source-of-Income

Internal Revenue Bulletins; and

•

The REIT’s assigned personal advocate will

Requirements . . . . . . . . . . . . . . . . . . 10

Toll-free and email technical support.

listen to its point of view and will work with the

Part IV — Tax on Net Income From

The CD is released twice during the year.

REIT to address its concerns. The REIT can

Prohibited Transactions . . . . . . . . . . . . 10

The first release will ship the beginning of

expect the advocate to provide:

Schedule A . . . . . . . . . . . . . . . . . . . . . . 10

•

January and the final release will ship the

A “fresh look” at a new or ongoing problem,

Schedule J . . . . . . . . . . . . . . . . . . . . 10-12

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beginning of March.

Timely acknowledgement,

Schedule K . . . . . . . . . . . . . . . . . . . . . . 12

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The name and phone number of the

Buy the CD from the National Technical

Schedule L . . . . . . . . . . . . . . . . . . . . . . 13

individual assigned to its case,

Information Service (NTIS) at /

Schedule M-1 . . . . . . . . . . . . . . . . . . . . 13

•

Updates on progress,

cdorders for $25 (no handling fee) or call

•

Timeframes for action,

1-877-CDFORMS (1-877-233-6767) toll free to

•

Speedy resolution, and

buy the CD for $25 (plus a $5 handling fee).

What’s New

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Courteous service.

Price is subject to change.

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Any REIT that is a member of a “Controlled

When contacting the Taxpayer Advocate,

By phone and in person. You can order

group” must complete new Schedule O (Form

the REIT should be prepared to provide the

forms and publications by calling

1120), Consent Plan and Apportionment

following information:

1-800-TAX-FORM (1-800-829-3676). You can

•

Schedule for a Controlled Group, before

The REIT’s name, address, and employer

also get most forms and publications at your

completing Schedule J.

identification number.

local IRS office.

Cat. No. 64243J

Instructions For Form 1120-Reit - 2006

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