Instructions For Form 1120-Reit - 2003 printable pdf download

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Department of the Treasury

Internal Revenue Service

Instructions for Form

1120-REIT

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

Section references are to the Internal Revenue Code unless otherwise noted.

Unresolved Tax Issues

You can also reach us using file transfer

Contents

Page

protocol at ftp.irs.gov.

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

If the REIT has attempted to deal with an IRS

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

problem unsuccessfully, it should contact the

CD-ROM

How To Get Forms and Publications

. . . . . 1

Taxpayer Advocate. The Taxpayer Advocate

Order Pub. 1796, Federal Tax Products on

How To Access the Internal Revenue

independently represents the REIT’s interests

CD-ROM, and get:

Bulletin (I.R.B.) . . . . . . . . . . . . . . . . . . . 1

and concerns within the IRS by protecting its

•

Current year forms, instructions, and

General Instructions . . . . . . . . . . . . . . . . 1

rights and resolving problems that have not

publications.

Purpose of Form . . . . . . . . . . . . . . . . . . . 1

been fixed through normal channels.

•

Prior year forms, instructions, and

Who Must File . . . . . . . . . . . . . . . . . . . . . 1

publications.

While Taxpayer Advocates cannot change

General Requirements to Qualify as a

•

Frequently requested tax forms that may be

the tax law or make a technical tax decision,

REIT . . . . . . . . . . . . . . . . . . . . . . . . . 1

filled in electronically, printed out for

they can clear up problems that resulted from

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

submission, and saved for recordkeeping.

previous contacts and ensure that the REIT’s

•

Taxable REIT Subsidiaries . . . . . . . . . . . . 2

The Internal Revenue Bulletin.

case is given a complete and impartial review.

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

Buy the CD-ROM on the Internet at

The REIT’s assigned personal advocate will

Who Must Sign . . . . . . . . . . . . . . . . . . . . 2

from the National

listen to its point of view and will work with the

Paid Preparer Authorization . . . . . . . . . . . . 2

Technical Information Service (NTIS) for $22

REIT to address its concerns. The REIT can

Other Forms and Statements That

(no handling fee) or call 1-877-CDFORMS

expect the advocate to provide:

May Be Required . . . . . . . . . . . . . . . . 2-4

•

(1-877-233-6767) toll free to buy the CD-ROM

A “fresh look” at a new or on-going problem.

Where To File . . . . . . . . . . . . . . . . . . . . . 3

•

for $22 (plus a $5 handling fee).

Timely acknowledgement.

Assembling the Return . . . . . . . . . . . . . . . 4

•

The name and phone number of the

By Phone and in Person

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

individual assigned to its case.

Accounting Periods . . . . . . . . . . . . . . . . . 4

•

You can order forms and publications 24

Updates on progress.

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

•

hours a day, 7 days a week, by calling

Timeframes for action.

•

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

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

Speedy resolution.

•

Depository Method of Tax Payment

. . . . . 4

also get most forms and publications at your

Courteous service.

Estimated Tax Payments . . . . . . . . . . . . . 5

local IRS office.

When contacting the Taxpayer Advocate,

Interest and Penalties . . . . . . . . . . . . . . . . 5

the REIT should be prepared to provide the

How To Access the Internal

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

following information:

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

•

Revenue Bulletin (I.R.B.)

The REIT’s name, address, and employer

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

identification number (EIN).

You can access the I.R.B. on the Internet at

100%-owned Subsidiaries and

•

The name and telephone number of an

(post-1995 Bulletins only). Under

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

authorized contact person and the hours he or

contents, select Businesses. Under topics,

Employer Identification Number . . . . . . . . . 5

she can be reached.

select More Topics. Then select Internal

Date REIT Established . . . . . . . . . . . . . . . 5

•

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

Revenue Bulletins.

•

Total Assets . . . . . . . . . . . . . . . . . . . . . . 5

A detailed description of the problem.

•

Final Return, Name Change, Address

Previous attempts to solve the problem and

General Instructions

Change, or Amended Return . . . . . . . . . 5

the office that was contacted.

•

Part I — Real Estate Investment Trust

A description of the hardship the REIT is

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

facing (if applicable).

Purpose of Form

Part II — Tax on Net Income From

Use Form 1120-REIT, U.S. Income Tax Return

The REIT may contact a Taxpayer

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

for Real Estate Investment Trusts, to report the

Advocate by calling 1-877-777-4778 (toll free).

Part III — Tax for Failure To Meet

income, gains, losses, deductions, credits, and

Persons who have access to TTY/TDD

Certain Source-of-Income

to figure the income tax liability of a REIT.

equipment may call 1-800-829-4059 and ask

Requirements . . . . . . . . . . . . . . . . . . . 9

for Taxpayer Advocate assistance. If the REIT

Part IV — Tax on Net Income From

Who Must File

prefers, it may call, write, or fax the Taxpayer

Prohibited Transactions . . . . . . . . . . . . . 9

Advocate office in its area. See Pub. 1546,

A corporation, trust, or association that meets

Schedule A . . . . . . . . . . . . . . . . . . . . . . . 9

The Taxpayer Advocate Service of the IRS, for

certain conditions (discussed below) must file

Schedule J and Worksheet for

a list of addresses and fax numbers.

Form 1120-REIT if it elects to be treated as a

Members of a Controlled Group . . . . . . 9-12

REIT for the tax year (or has made that

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

How To Get Forms and

election for a prior tax year and the election

Schedule L . . . . . . . . . . . . . . . . . . . . . . 12

has not been terminated or revoked). The

Publications

Schedule M – 1 . . . . . . . . . . . . . . . . . . . 12

election is made by figuring taxable income as

a REIT on Form 1120-REIT.

Personal computer

Photographs of Missing

General Requirements To

You can access the IRS website 24 hours a

Children

day, 7 days a week, at to:

Qualify as a REIT

•

The Internal Revenue Service is a proud

Order IRS products online.

•

partner with the National Center for Missing

Download forms, instructions, and

To qualify as a REIT, an organization:

•

and Exploited Children. Photographs of

publications.

Must be a corporation, trust, or association.

•

missing children selected by the Center may

See answers to frequently asked questions.

Must be managed by one or more trustees

•

appear in instructions on pages that would

Search publications online by topic or

or directors.

•

otherwise be blank. You can help bring these

keyword.

Must have beneficial ownership (a)

•

children home by looking at the photographs

Send us comments or request help by email.

evidenced by transferable shares, or by

•

and calling 1-800-THE-LOST

transferable certificates of beneficial interest;

(1-800-843-5678) if you recognize a child.

news by email.

and (b) held by 100 or more persons. (The

Cat. No. 64243J

Instructions For Form 1120-Reit - 2003

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