IRS Form 1120-REIT "U.S. Income Tax Return for Real Estate Investment Trusts"

What Is IRS Form 1120-REIT?

IRS Form 1120-REIT, U.S. Income Tax Return for Real Estate Investment Trusts, is a form filed with the Internal Revenue Service (IRS) by corporations, trusts, and associations electing to be treated as Real Estate Investment Trusts (REITs) in order to report their income, deductions, credits, gains, losses, certain penalties, and their income tax liability. The Form 1120-REIT is also known as the Real Estate Investment Trust Tax Return. This form was issued by the IRS and last revised in 2019. The REITs may use the 1120-REIT Tax Form fillable version available below.

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IRS Form 1120-REIT Instructions

Detailed information is provided in the IRS-distributed Form 1120-REIT Instructions. This Real Estate Investment Trust Taxable Income return must be signed and dated by the REIT's president, vice president, chief accounting officer, treasurer, assistant treasurer, or any corporate officer authorized to sign. A return that is filed by a receiver, trustee, or assignee on behalf of a REIT must be signed by the fiduciary. Generally, anyone who gets paid to prepare the return is required to sign it and fill in the "Paid Preparer Use Only" section.

In general, a REIT is required to file this return by the 15th day of the 4th month after the end of its tax year. A REIT that has dissolved is required to file by the 15th day of the 4th month after the date of its dissolution. If the REIT's tax year ends on June 30, the REIT is required to file the return by the 15th day of the 3rd month after the end of the REIT's tax year. If the due date falls on a weekend or legal holiday, the form may be filed on the next business day.

If a REIT does not meet the filing deadline, including extensions, a penalty of 5% of the unpaid tax for each month or day the return is late, and up to a maximum of 25%, shall apply. The minimum penalty for filing 60 or more days late is the tax due or $210, whichever is smaller. If the REIT can demonstrate that failure to file the Form 1120-REIT on time was due to reasonable cause, the penalty will not be imposed.

IRS 1120-REIT Related Forms

Below is a list with all 1120-REIT related forms:

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Download IRS Form 1120-REIT "U.S. Income Tax Return for Real Estate Investment Trusts"

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1120-REIT
U.S. Income Tax Return for Real Estate Investment Trusts
OMB No. 1545-0123
Form
2019
For calendar year 2019 or tax year beginning
, 2019, ending
, 20
Department of the Treasury
Go to www.irs.gov/Form1120REIT for instructions and the latest information.
Internal Revenue Service
A Year of REIT status election
Name
C Employer identification number
Please
B Check if a:
Number, street, and room or suite no. (If a P.O. box, see instructions.)
D Date REIT established
Type
1 REIT with 100%
or
owned subsidiaries
Print
(see instructions)
City or town, state, and ZIP code
E Total assets (see instructions)
2 Personal holding co.
$
(attach Sch. PH)
H PBA code (see instructions)
F
Check applicable box(es):
(1)
Final return (2)
Name change
(3)
Address change
(4)
Amended return
G
Identify the type of REIT (see instructions):
(1)
Equity REIT
(2)
Mortgage REIT
Part I—Real Estate Investment Trust Taxable Income (see instructions)
Income (EXCLUDING income required to be reported in Part II or Part IV)
1
1
Dividends .
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Interest
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Gross rents from real property .
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Other gross rents .
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Capital gain net income (attach Schedule D (Form 1120)) .
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Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797)
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Other income (see instructions—attach statement) .
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Total income. Add lines 1 through 7 .
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8
Deductions (EXCLUDING deductions directly connected with income required to be reported in Part II or Part IV)
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Compensation of officers (see instructions—attach Form 1125-E)
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10
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Salaries and wages (less employment credits) .
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11
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Repairs and maintenance
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Bad debts
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Rents .
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Taxes and licenses .
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Interest (see instructions) .
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Depreciation (attach Form 4562)
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Advertising
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Other deductions (see instructions—attach statement) .
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Total deductions. Add lines 9 through 18 .
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20
20
Taxable income before net operating loss and other special deductions. Subtract line 19 from line 8
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Less: a Net operating loss deduction (see instructions) .
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b Total deduction for dividends paid (Schedule A, line 7)
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c Section 857(b)(2)(E) deduction (Schedule J, lines 2c, 2e, and 2f)
21c
21d
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
Sign
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
Here
with the preparer shown below?
Yes
No
See instructions.
Signature of officer
Date
Title
Preparer’s signature
Date
PTIN
Print/Type preparer’s name
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1120-REIT
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2019)
Cat. No. 64114F
1120-REIT
U.S. Income Tax Return for Real Estate Investment Trusts
OMB No. 1545-0123
Form
2019
For calendar year 2019 or tax year beginning
, 2019, ending
, 20
Department of the Treasury
Go to www.irs.gov/Form1120REIT for instructions and the latest information.
Internal Revenue Service
A Year of REIT status election
Name
C Employer identification number
Please
B Check if a:
Number, street, and room or suite no. (If a P.O. box, see instructions.)
D Date REIT established
Type
1 REIT with 100%
or
owned subsidiaries
Print
(see instructions)
City or town, state, and ZIP code
E Total assets (see instructions)
2 Personal holding co.
$
(attach Sch. PH)
H PBA code (see instructions)
F
Check applicable box(es):
(1)
Final return (2)
Name change
(3)
Address change
(4)
Amended return
G
Identify the type of REIT (see instructions):
(1)
Equity REIT
(2)
Mortgage REIT
Part I—Real Estate Investment Trust Taxable Income (see instructions)
Income (EXCLUDING income required to be reported in Part II or Part IV)
1
1
Dividends .
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Interest
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Gross rents from real property .
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Other gross rents .
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Capital gain net income (attach Schedule D (Form 1120)) .
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Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797)
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6
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Other income (see instructions—attach statement) .
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7
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Total income. Add lines 1 through 7 .
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8
Deductions (EXCLUDING deductions directly connected with income required to be reported in Part II or Part IV)
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Compensation of officers (see instructions—attach Form 1125-E)
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Salaries and wages (less employment credits) .
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Repairs and maintenance
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Bad debts
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Rents .
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Taxes and licenses .
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Interest (see instructions) .
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Depreciation (attach Form 4562)
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Advertising
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Other deductions (see instructions—attach statement) .
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Total deductions. Add lines 9 through 18 .
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19
20
20
Taxable income before net operating loss and other special deductions. Subtract line 19 from line 8
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Less: a Net operating loss deduction (see instructions) .
21a
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b Total deduction for dividends paid (Schedule A, line 7)
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21b
c Section 857(b)(2)(E) deduction (Schedule J, lines 2c, 2e, and 2f)
21c
21d
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
Sign
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
Here
with the preparer shown below?
Yes
No
See instructions.
Signature of officer
Date
Title
Preparer’s signature
Date
PTIN
Print/Type preparer’s name
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1120-REIT
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2019)
Cat. No. 64114F
2
Form 1120-REIT (2019)
Page
Tax and Payments
22
Real estate investment trust taxable income. Subtract line 21d from line 20 .
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Total tax (Schedule J, line 7)
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24
24
2019 Net 965 tax liability paid from Form 965-B, Part II, column (k), line 3 .
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25
Payments:
a 2018 overpayment credited to 2019 .
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b 2019 estimated tax payments .
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25c (
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c Less 2019 refund applied for on Form 4466
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e Tax deposited with Form 7004 .
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Credits: (1) Form 2439
(2) Form 4136
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g Refundable credit from Form 8827, line 5c .
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h 2019 Net 965 tax liability from Form 965-B, Part I, column (d), line 3
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Estimated tax penalty (see instructions). Check if Form 2220 is attached .
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Tax due. If line 25i is smaller than the total of lines 23, 24, and 26, enter amount owed
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Overpayment. If line 25i is larger than the total of lines 23, 24, and 26, enter amount overpaid .
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Enter amount of line 28 you want: Credited to 2020 estimated tax
Refunded
29
Part II—Tax on Net Income From Foreclosure Property (Section 856(e)) (see instructions)
1
Net gain or (loss) from the sale or other disposition of foreclosure property described in section
1221(a)(1) (attach statement)
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2
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Gross income from foreclosure property (see instructions—attach statement)
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3
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Total income from foreclosure property. Add lines 1 and 2 .
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Deductions directly connected with the production of income shown on line 3 (attach statement) .
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5
Net income from foreclosure property. Subtract line 4 from line 3
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Tax on net income from foreclosure property. Multiply line 5 by 21% (0.21). Enter here and on
Schedule J, line 2b .
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Part III—Tax for Failure To Meet Certain Source-of-Income Requirements (Section 857(b)(5)) (see instructions)
1 a Enter total income from Part I, line 8 .
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b Enter total income from foreclosure property from Part II, line 3 .
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c Total. Add lines 1a and 1b
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1c
2a Enter income from hedging transactions referred to in section 856(c)(5)(G)
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b Enter income from passive foreign exchange gain referred to in section
856(n)(3). See instructions
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c Enter income from sources referred to in section 856(c)(5)(J)(i). See instructions
2c
d Enter the net section 965(a) inclusion reported in Part l. See instructions .
2d
e Subtract lines 2a, 2b, 2c, and 2d from line 1c .
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2e
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Multiply line 2e by 95% (0.95) .
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3
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Enter income on line 1c from sources referred to in section 856(c)(2)
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Subtract line 3 from line 2f. (If zero or less, enter -0-.)
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5 a Enter income from hedging transactions referred to in section 856(c)(5)(G)
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b Enter income from real estate foreign exchange gain referred to in section
856(n)(2). See instructions
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c Enter income from sources referred to in section 856(c)(5)(J)(i). See instructions
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d Enter the net section 965(a) inclusion reported in Part l. See instructions .
5d
e Subtract lines 5a, 5b, 5c, and 5d from line 1c .
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5e
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Multiply line 5e by 75% (0.75) .
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5f
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Enter income on line 1c from sources referred to in section 856(c)(3)
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Subtract line 6 from line 5f. (If zero or less, enter -0-.)
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8
Enter the greater of line 4 or line 7. (If line 8 is zero, do not complete the rest of Part III.) .
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Enter the amount from Part I, line 20 .
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9
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Enter the net capital gain from Schedule D (Form 1120), line 17 .
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10
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Subtract line 10 from line 9 .
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11
12a Enter total income from Part I, line 8 .
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12a
b Enter the net short-term capital gain from Schedule D (Form 1120), line 7.
(If line 7 is a loss, enter -0-.) .
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c Add lines 12a and 12b
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12c
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Enter capital gain net income from Part I, line 5
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Subtract line 13 from line 12c .
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14
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15
Divide line 11 by line 14. Carry the result to five decimal places .
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Section 857(b)(5) tax. Multiply line 8 by line 15. Enter here and on Schedule J, line 2c
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16
1120-REIT
Form
(2019)
3
Form 1120-REIT (2019)
Page
Part IV—Tax on Net Income From Prohibited Transactions (see instructions)
1
Gain from sale or other disposition of section 1221(a)(1) property (other than foreclosure property)
1
2
Deductions directly connected with the production of income shown on line 1 .
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2
3
Tax on net income from prohibited transactions. Subtract line 2 from line 1. Enter here and on
Schedule J, line 2d .
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3
Schedule A
Deduction for Dividends Paid (see instructions)
1
Dividends paid (other than dividends paid after the end of the tax year). Do not include dividends
considered paid in the preceding tax year under section 857(b)(9) or 858(a), or deficiency dividends
as defined in section 860 .
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1
2
Dividends paid in the 12-month period following the close of the tax year under a section
858(a) election to treat the dividends as paid during the tax year .
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2
3
Dividends declared in October, November, or December deemed paid on December 31 under
section 857(b)(9)
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3
4
4
Consent dividends (attach Forms 972 and 973)
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5
5
Deficiency dividends (section 860) (Attach Form 976)
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6
Total dividends paid. Add lines 1 through 5 .
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6
7
Total deduction for dividends paid. If there is net income from foreclosure property on Part II, line
5, see instructions for limitation on the deduction for dividends paid. Otherwise, enter the total
dividends paid from line 6 here and on line 21b of page 1 .
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7
Schedule J
Tax Computation (see instructions)
1
Check if the REIT is a member of a controlled group (attach Schedule O (Form 1120))
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Important: Members of a controlled group, see instructions.
2 a Tax on REIT taxable income
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2a
b Tax from Part II, line 6 .
2b
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c Tax from Part III, line 16 .
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d Tax from Part IV, line 3
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2d
e Tax imposed under section 857(b)(7)(A) (see instructions) .
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2e
f
2f
Tax imposed under sections
856(c)(7) and
856(g)(5) .
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g Income tax. Add lines 2a through 2f .
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2g
3 a Foreign tax credit (attach Form 1118)
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3a
b Credit from Form 8834 (see instructions)
3b
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c General business credit (attach Form 3800)
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3c
d Other credits (attach statement—see instructions)
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3d
e Total credits. Add lines 3a through 3d .
3e
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4
4
Subtract line 3e from line 2g
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5
Personal holding company tax (attach Schedule PH (Form 1120))
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5
6
Other taxes. Check if from:
Form 4255
Form 8611
Other (attach statement)
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6
7
Total tax. Add lines 4 through 6. Enter here and on line 23, page 2 .
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7
1120-REIT
Form
(2019)
4
Form 1120-REIT (2019)
Page
Schedule K
Other Information (see instructions)
1
Check method of accounting:
Yes
No
a
Cash
b
Accrual
c
Other (specify)
2
At the end of the tax year, did the REIT own, directly or indirectly, 50% or more of the voting stock of a domestic
corporation? (For rules of attribution, see section 267(c).) .
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If “Yes,” attach a statement showing: (a) name and employer identification number (EIN), (b) percentage owned,
and (c) taxable income or (loss) before NOL and special deductions of such corporation for the tax year ending
with or within your tax year.
3
Is the REIT a subsidiary in a parent-subsidiary controlled group?
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If “Yes,” enter the name and EIN of the parent corporation
4
At the end of the tax year, did any individual, partnership, corporation, estate, or trust own, directly or indirectly,
50% or more of the REIT’s voting stock? (For rules of attribution, see section 856(h).) .
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If “Yes,” attach a statement showing name and identifying number. (Do not include any information already
entered in 3 above.) Enter percentage owned .
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5
At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of: (a) the total
voting power of all classes of stock of the REIT entitled to vote, or (b) the total value of all classes of stock of the
REIT? .
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If “Yes,” enter:
a Percentage owned
b Owner’s country
c The REIT may have to file Form 5472. Enter number of Forms 5472 attached
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6
During this tax year, did the REIT pay dividends (other than stock dividends and distributions in exchange for
stock) in excess of the REIT’s current and accumulated earnings and profits? (See sections 301 and 316.) .
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If “Yes,” file Form 5452.
7
Check this box if the REIT issued publicly offered debt instruments with original issue discount
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If so, the REIT may have to file Form 8281.
8
Enter the amount of tax-exempt interest received or accrued during the tax year
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9
Enter the available NOL carryover from prior tax years. (Do not reduce it by any deduction
on line 21a, page 1.)
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10
Did the corporation have an election under section 163(j) for any real property trade or business or any farming
business in effect during the tax year? See instructions .
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11
Does the corporation satisfy one or more of the following? See instructions .
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a The corporation owns a pass-through entity with current or prior year carryover excess business interest expense.
b The corporation’s aggregate average annual gross receipts (determined under section 448(c)) for the 3 tax years
preceding the current tax year are more than $26 million and the corporation has business interest expense.
c The corporation is a tax shelter and the corporation has business interest expense.
If “Yes” to any of the above, complete and attach Form 8990.
12
Is the REIT attaching Form 8996 to certify as a Qualified Opportunity Fund? .
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If “Yes,” enter amount from Form 8996, line 14
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1120-REIT
Form
(2019)
5
Form 1120-REIT (2019)
Page
Schedule L
Balance Sheets per Books
Beginning of tax year
End of tax year
Assets
(a)
(b)
(c)
(d)
1
Cash
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2a Trade notes and accounts receivable .
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b Less allowance for bad debts .
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U.S. government obligations
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4
Tax-exempt securities (see instructions) .
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Other current assets (attach statement) .
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Loans to shareholders
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7
Mortgage and real estate loans
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8
Other investments (attach statement) .
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9a Buildings and other depreciable assets .
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b Less accumulated depreciation
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Land (net of any amortization) .
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11a Intangible assets (amortizable only)
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b Less accumulated amortization
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12
Other assets (attach statement)
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13
Total assets .
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Liabilities and Shareholders’ Equity
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Accounts payable .
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15
Mortgages, notes, bonds payable in less than 1 year
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Other current liabilities (attach statement)
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Loans from shareholders .
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18
Mortgages, notes, bonds payable in 1 year or more
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Other liabilities (attach statement) .
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20
Capital stock:
a Preferred stock
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b Common stock
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21
Additional paid-in capital .
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22
Retained earnings—Appropriated (attach statement)
23
Retained earnings—Unappropriated .
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24
Adjustments
to
shareholders’
equity
(see instructions—attach statement) .
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25
Less cost of treasury stock .
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26
Total liabilities and shareholders’ equity .
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Schedule M-1
Reconciliation of Income (Loss) per Books With Income per Return (see instructions)
7
Income recorded on books this year
1
Net income (loss) per books .
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not included on this return (itemize):
2a Federal income tax
$
b Less: Section 856(c)(7) tax, 856(g)(5) tax,
Tax-exempt interest $
857(b)(5) tax, section 857(b)(7) tax, and
8
Deductions on this return not
built-in gains tax
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charged against book income this
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$
year (itemize):
c Balance
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3
Excess of capital losses over capital gains
a Depreciation
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$
4
Income subject to tax not recorded on
b Net operating loss deduction (line
books this year (itemize):
21a, page 1)
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$
5
Expenses recorded on books this year
c Deduction for dividends paid (line
not deducted on this return (itemize):
21b, page 1)
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$
a Depreciation .
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$
9
Net income from foreclosure property
b Section 4981 tax
10
Net income from prohibited transactions
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c Travel and entertainment $
11
Add lines 7 through 10 .
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12
REIT taxable income (line 22, page
2)—line 6 less line 11
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6
Add lines 1 through 5 .
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Schedule M-2
Analysis of Unappropriated Retained Earnings per Books (Schedule L, line 23)
1
Balance at beginning of year
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5
Distributions:
a Cash .
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2
b Stock
Net income (loss) per books .
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3
Other increases (itemize):
c Property .
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6
Other decreases (itemize):
7
Add lines 5 and 6 .
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4
8
Add lines 1, 2, and 3 .
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Balance at end of year (line 4 less line 7)
1120-REIT
Form
(2019)
Page of 5