Instructions For Form 1120-Reit - U.s. Income Tax Return For Real Estate Investment Trusts - 2002 Page 15
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domestic related party during the tax year
Compensation related to employee
United States. You are required to give us
must file Form 5472.
stock award plans.
the information. We need it to ensure that
If the total adjustment to be entered
you are complying with these laws and to
See Form 5472 for filing instructions
on line 24 is a negative number, enter the
allow us to figure and collect the right
and penalties for failure to file.
amount in parentheses.
amount of tax.
Item 8
You are not required to provide the
Tax-exempt interest. Show any
information requested on a form that is
Schedule M–1
tax-exempt interest received or accrued.
subject to the Paperwork Reduction Act
Include any exempt-interest dividends
unless the form displays a valid OMB
Reconciliation of Income
control number. Books or records relating
received as a shareholder in a mutual
(Loss) per Books With
to a form or its instructions must be
fund or other RIC.
retained as long as their contents may
Income per Return
Item 9
become material in the administration of
Enter the amount of the net operating loss
Line 5c. Travel and entertainment.
any Internal Revenue law. Generally, tax
(NOL) carryover to the tax year from prior
Include on line 5c any of the following:
returns and return information are
•
years, even if some of the loss is used to
Meals and entertainment not deductible
confidential, as required by section 6103.
offset income on this return. The amount
under section 274(n).
The time needed to complete and file
•
to enter is the total of all NOLs generated
Expenses for the use of an
this form will vary depending on individual
in prior years but not used to offset
entertainment facility.
circumstances. The estimated average
•
income in a tax year prior to 2002. Do not
The part of business gifts over $25.
time is:
•
reduce the amount by any NOL deduction
Expenses of an individual over $2,000,
reported on line 21a.
which are allocable to conventions on
Recordkeeping . . . . . . . 58 hr., 35 min.
cruise ships.
•
Learning about the law
Employee achievement awards over
Schedule L—Balance
or the form . . . . . . . . . .
24 hr., 7 min.
$400.
•
The cost of entertainment tickets over
Sheets per Books
Preparing the form . . . . 42 hr., 51 min.
face value (also subject to 50% limit
The balance sheet should agree with the
under section 274(n)).
Copying, assembling,
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REIT’s books and records. Include
The cost of skyboxes over the face
and sending the form to
certificates of deposits as cash on line 1.
value of nonluxury box seat tickets.
the IRS . . . . . . . . . . . . .
4 hr., 49 min.
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Line 4. Tax-exempt securities. Include
The part of luxury water travel not
on this line:
deductible under section 274(m).
If you have comments concerning the
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State and local government obligations,
Expenses for travel as a form of
accuracy of these time estimates or
the interest on which is excludable from
education.
suggestions for making this form simpler,
•
gross income under section 103(a) and
Other nondeductible travel and
we would be happy to hear from you. You
•
Stock in a mutual fund or other RIC that
entertainment expenses.
can write to the Tax Forms Committee,
distributed exempt-interest dividends
For more information, see Pub. 542.
Western Area Distribution Center,
during the tax year of the REIT.
Rancho Cordova, CA 95743-0001. Do
Line 7. Tax-exempt interest. Include as
Line 24. Adjustments to shareholders’
not send the tax form to this office.
interest on line 7 any exempt-interest
equity. Examples of adjustments to
Instead, see the instructions for Where
dividends received by the REIT as a
report on this line include:
To File on page 3.
shareholder in a mutual fund or other
•
Unrealized gains and losses on
RIC.
securities held “available for sale.”
•
Foreign currency translation
Paperwork Reduction Act Notice. We
adjustments.
•
ask for the information on this form to
The excess of additional pension
carry out the Internal Revenue laws of the
liability over unrecognized prior service
cost.
•
Guarantees of employee stock (ESOP)
debt.
-15-
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