Instructions For Form 1120-Reit - 2010 printable pdf download

2010

Department of the Treasury

Internal Revenue Service

Instructions for Form

1120-REIT

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

•

Call the TAS toll-free line at

Section references are to the Internal

Contents

Page

1-877-777-4778 or TTY/TDD

Revenue Code unless otherwise noted.

Schedule L . . . . . . . . . . . . . . . . . . . 16

1-800-829-4059 to see if the REIT is

Schedule M-1 . . . . . . . . . . . . . . . . . 16

Contents

Page

eligible for assistance.

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

•

Call or write the REIT’s local taxpayer

What’s New

Photographs of Missing Children . . . . 1

advocate, whose phone number and

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

address are listed in the local telephone

•

How To Get Forms and

Beginning January 1, 2011, REITs

directory and in Pub. 1546, Taxpayer

Publications . . . . . . . . . . . . . . . . . . 1

must use electronic funds transfers to

Advocate Service – Your Voice at the

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

make all federal tax deposits (such as

IRS.

•

deposits of employment tax, excise tax,

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

File Form 911, Request for Taxpayer

and corporate income tax). Forms 8109

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

Advocate Assistance (And Application for

and 8109-B, Federal Tax Coupon, cannot

General Requirements to Qualify

Taxpayer Assistance Order), or ask an

be used after December 31, 2010. See

as a REIT . . . . . . . . . . . . . . . . . . . . 2

IRS employee to complete it on the

Electronic Deposit Requirement on page

REIT’s behalf.

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

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

For more information, go to

•

For tax years beginning in 2010, a

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

gov/advocate.

REIT can elect to deduct up to $10,000 of

Taxable REIT Subsidiaries

start-up costs. See section 195(b)(3).

How To Get Forms

(TRS) . . . . . . . . . . . . . . . . . . . . . . . 2

Also, see Business start-up and

When To File . . . . . . . . . . . . . . . . . . . 3

and Publications

organizational costs on page 8.

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

•

A REIT can elect to increase the

Internet. You can access the IRS

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

minimum tax credit limitation in lieu of the

website 24 hours a day, 7 days a week, at

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

bonus depreciation on certain “round two”

IRS.gov

to:

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

extension property placed in service after

•

Download forms, instructions, and

December 31, 2010, in tax years ending

Estimated Tax Payments . . . . . . . . . . 4

publications;

after such date. See section

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

•

Order IRS products online;

168(k)(4)(D)(iii). Also, see the instructions

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

•

Research your tax questions online;

for line 24g on page 12.

Accounting Period . . . . . . . . . . . . . . . 5

•

Search publications online by topic or

Rounding Off to Whole Dollars . . . . . . 5

For the latest information, see

keyword;

Recordkeeping . . . . . . . . . . . . . . . . . . 5

gov/formspubs/

•

View Internal Revenue Bulletins (IRBs)

Other Forms That May Be

published in recent years; and

Photographs of Missing

•

Required . . . . . . . . . . . . . . . . . . . . 5

Statements . . . . . . . . . . . . . . . . . . . . 6

tax news by email.

Children

Specific Instructions . . . . . . . . . . . . 6

IRS Tax Products DVD. You can order

The Internal Revenue Service is a proud

Period Covered . . . . . . . . . . . . . . . . . 6

Publication 1796, IRS Tax Products DVD,

partner with the National Center for

Name and Address . . . . . . . . . . . . . . 6

and obtain the following.

Missing and Exploited Children.

•

100%-owned Subsidiaries and

Current year forms, instructions, and

Photographs of missing children selected

Personal Holding Companies . . . . . . 7

publications.

by the Center may appear in instructions

•

Prior year forms, instructions, and

Employer Identification Number

on pages that would otherwise be blank.

publications.

(EIN) . . . . . . . . . . . . . . . . . . . . . . . 7

You can help bring these children home

•

Tax Map: an electronic research tool

Date REIT Established . . . . . . . . . . . . 7

by looking at the photographs and calling

and finding aid.

Total Assets . . . . . . . . . . . . . . . . . . . 7

1-800-THE-LOST (1-800-843-5678) if you

•

Tax law frequently asked questions

Final Return, Name Change,

recognize a child.

(FAQs).

Address Change, or Amended

•

Tax topics from the IRS telephone

Unresolved Tax Issues

Return . . . . . . . . . . . . . . . . . . . . . . 7

response system.

Type of REIT . . . . . . . . . . . . . . . . . . . 7

•

The Taxpayer Advocate Service (TAS) is

Internal Revenue Code - Title 26 of the

PBA Code . . . . . . . . . . . . . . . . . . . . . 7

an independent organization within the

U.S. Code.

Part I — Real Estate Investment

•

IRS whose employees assist taxpayers

Fill-in, print and save features for most

Trust Taxable Income . . . . . . . . . 7-12

who are experiencing economic harm,

tax forms.

•

Part II — Tax on Net Income

who are seeking help in resolving tax

Internal Revenue Bulletins.

•

From Foreclosure Property . . . . . . 12

problems that have not been resolved

Toll-free and email technical support.

•

Part III — Tax for Failure To Meet

through normal channels, or who believe

Two releases during the year.

that an IRS system or procedure is not

Certain Source-of-Income

— The first release will ship early in

working as it should. The service is free,

Requirements . . . . . . . . . . . . . . . . 12

January.

confidential, tailored to meet your needs,

— The final release will ship early in

Part IV — Tax on Net Income

and is available for businesses, as well as

March.

From Prohibited Transactions

. . . 13

individuals.

Schedule A . . . . . . . . . . . . . . . . . . . 13

Buy the DVD from the National

Schedule J . . . . . . . . . . . . . . . . . 13-16

The REIT can contact the TAS as

Technical Information Service (NTIS) at:

Schedule K . . . . . . . . . . . . . . . . . . . 16

follows.

gov/cdorders

for $30 (no

Cat. No. 64243J

Instructions For Form 1120-Reit - 2010

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