Instructions For Form 1120-Reit - 2006 (Page 13 of 13) in pdf

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Form 5472. Generally, a 25% foreign-owned

Guarantees of employee stock (ESOP) debt.

the United States. You are required to give us

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corporation that had a reportable transaction

Compensation related to employee stock

the information. We need it to ensure that you

with a foreign or domestic related party during

award plans.

are complying with these laws and to allow us

the tax year must file Form 5472.

to figure and collect the right amount of tax.

If the total adjustment to be entered on line

Section 6109 requires return preparers to

See Form 5472 for filing instructions and

24 is a negative number, enter the amount in

provide their identifying numbers on the return.

penalties for failure to file.

parentheses.

You are not required to provide the

Item 8

information requested on a form that is subject

Schedule M-1

to the Paperwork Reduction Act unless the

Tax-exempt interest. Show any tax-exempt

form displays a valid OMB control number.

interest received or accrued. Include any

Books or records relating to a form or its

exempt-interest dividends received as a

Reconciliation of Income (Loss)

instructions must be retained as long as their

shareholder in a mutual fund or other RIC.

per Books With Income per Return

contents may become material in the

Item 9

administration of any Internal Revenue law.

Line 5c. Travel and entertainment. Include

Generally, tax returns and return information

any of the following:

Enter the amount of the net operating loss

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are confidential, as required by section 6103.

(NOL) carryover to the tax year from prior

Meals and entertainment not deductible

years, even if some of the loss is used to offset

under section 274(n).

The time needed to complete and file this

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Expenses for the use of an entertainment

income on this return. The amount to enter is

form will vary depending on individual

the total of all NOLs generated in prior years

facility.

circumstances. The estimated average time is:

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but not used to offset income in a tax year prior

The part of business gifts over $25.

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Expenses of an individual over $2,000,

to 2006. Do not reduce the amount by any

Recordkeeping . . . . . . . 58 hr., 35 min.

NOL deduction reported on line 21a.

which are allocable to conventions on cruise

ships.

Learning about the law

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Employee achievement awards over $400.

or the form . . . . . . . . . .

24 hr., 7 min.

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Schedule L–Balance Sheets

The cost of entertainment tickets over face

value (also subject to 50% limit under section

Preparing the form . . . . 42 hr., 51 min.

per Books

274(n)).

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Copying, assembling,

The cost of skyboxes over the face value of

The balance sheets should agree with the

nonluxury box seat tickets.

and sending the form to

REIT’s books and records.

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The part of luxury water travel not deductible

the IRS . . . . . . . . . . . . .

4 hr., 49 min.

Line 1. Cash. Include certificates of deposits

under section 274(m).

as cash on line 1.

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Expenses for travel as a form of education.

If you have comments concerning the

Line 4. Tax-exempt securities. Include on

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Other nondeductible travel and

accuracy of these time estimates or

this line:

entertainment expenses.

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suggestions for making this form simpler, we

State and local government obligations, the

would be happy to hear from you. You can

For more information, see Pub. 542,

interest on which is excludable from gross

write to the Internal Revenue Service; Tax

Corporations.

income under section 103(a), and

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Products Coordinating Committee;

Line 7. Tax-exempt interest. Include as

Stock in a mutual fund or other RIC that

SE:W:CAR:MP:T:T:SP; 1111 Constitution

interest any exempt-interest dividends received

distributed exempt-interest dividends during

Ave., NW; IR-6406; Washington, DC 20224.

by the REIT as a shareholder in a mutual fund

the tax year of the REIT.

or other RIC.

Do not send the tax form to this office.

Line 24. Adjustments to shareholders’

Instead, see the Where To File instructions.

equity. Examples of adjustments to report on

Privacy Act and Paperwork Reduction Act

this line include:

Notice. We ask for the information on this

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Unrealized gains and losses on securities

form to carry out the Internal Revenue laws of

held “available for sale.”

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Foreign currency translation adjustments.

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The excess of additional pension liability

over unrecognized prior service cost.

-13-

Instructions For Form 1120-Reit - 2006 Page 13

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