Instructions For Form 1120-Reit - 2004 (Page 13 of 13) in pdf

Line 4. Tax-exempt securities. Include on

Line 7. Tax-exempt interest. Include as

Foreign person. The term “foreign person”

this line:

interest on line 7 any exempt-interest dividends

means:

•

State and local government obligations, the

received by the REIT as a shareholder in a

A foreign citizen or nonresident alien.

•

interest on which is excludable from gross

mutual fund or other RIC.

An individual who is a citizen of a U.S.

income under section 103(a) and

possession (but who is not a U.S. citizen or

•

Stock in a mutual fund or other RIC that

resident).

Privacy Act and Paperwork Reduction Act

•

distributed exempt-interest dividends during

A foreign partnership.

Notice. We ask for the information on this

•

the tax year of the REIT.

A foreign corporation.

form to carry out the Internal Revenue laws of

•

Any foreign estate or trust within the

Line 24. Adjustments to shareholders’

the United States. You are required to give us

meaning of section 7701(a)(31).

equity. Examples of adjustments to report on

the information. We need it to ensure that you

•

A foreign government (or one of its agencies

this line include:

are complying with these laws and to allow us

•

or instrumentalities) if it is engaged in the

Unrealized gains and losses on securities

to figure and collect the right amount of tax.

conduct of a commercial activity as described

held “available for sale.”

Section 6109 requires return preparers to

•

in section 892.

Foreign currency translation adjustments.

provide their identifying numbers on the return.

•

The excess of additional pension liability

Owner’s country. For individuals, the term

You are not required to provide the

over unrecognized prior service cost.

“owner’s country” means the country of

•

information requested on a form that is subject

Guarantees of employee stock (ESOP) debt.

residence. For all others, it is the country

•

to the Paperwork Reduction Act unless the

Compensation related to employee stock

where incorporated, organized, created, or

form displays a valid OMB control number.

award plans.

administered.

Books or records relating to a form or its

If the total adjustment to be entered on line

Requirement to file Form 5472. If the REIT

instructions must be retained as long as their

24 is a negative number, enter the amount in

checked “Yes” to line 5, it may have to file

contents may become material in the

parentheses.

Form 5472. Generally, a 25% foreign-owned

administration of any Internal Revenue law.

corporation that had a reportable transaction

Generally, tax returns and return information

with a foreign or domestic related party during

are confidential, as required by section 6103.

Schedule M-1

the tax year must file Form 5472.

The time needed to complete and file this

See Form 5472 for filing instructions and

form will vary depending on individual

Reconciliation of Income (Loss)

penalties for failure to file.

circumstances. The estimated average time is:

per Books With Income per Return

Item 8

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

Line 5c. Travel and entertainment. Include

Tax-exempt interest. Show any tax-exempt

on line 5c any of the following:

interest received or accrued. Include any

Learning about the law

•

Meals and entertainment not deductible

exempt-interest dividends received as a

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

24 hr., 7 min.

under section 274(n).

shareholder in a mutual fund or other RIC.

•

Expenses for the use of an entertainment

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

Item 9

facility.

•

The part of business gifts over $25.

Copying, assembling,

Enter the amount of the net operating loss

•

Expenses of an individual over $2,000,

(NOL) carryover to the tax year from prior

and sending the form to

which are allocable to conventions on cruise

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

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

4 hr., 49 min.

ships.

income on this return. The amount to enter is

•

Employee achievement awards over $400.

the total of all NOLs generated in prior years

If you have comments concerning the

•

The cost of entertainment tickets over face

but not used to offset income in a tax year prior

accuracy of these time estimates or

value (also subject to 50% limit under section

to 2004. Do not reduce the amount by any

suggestions for making this form simpler, we

274(n)).

NOL deduction reported on line 21a.

would be happy to hear from you. You can

•

The cost of skyboxes over the face value of

write to the Internal Revenue Service; Tax

nonluxury box seat tickets.

Products Coordinating Committee;

•

The part of luxury water travel not deductible

Schedule L–Balance Sheets

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

under section 274(m).

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

•

per Books

Expenses for travel as a form of education.

•

Do not send the tax form to this office. Instead,

Other nondeductible travel and

The balance sheet should agree with the

see the Where To File instructions on page 2.

entertainment expenses.

REIT’s books and records.

For more information, see Pub. 542,

Line 1. Cash. Include certificates of deposits

Corporations.

as cash on line 1.

-13-

Instructions For Form 1120-Reit - 2004 Page 13

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