Form 1120-REIT (1991)

Page 4

hedule L Balance Sheets Beginning of tax year End of tax year
Assets (a) (b) (c) (d)
1) Cash :
2a Trade notes and accounts receivable YW MMTV!
b Less allowance for bad debts . { H { )
3 U.S. government obligations .
4 Tax-exempt securities (see instructions).
5 Other current assets (attach schedule) .
6 Loans to stockholders
7 Mortgage and real estate loans
8 Other investments (attach schedule). Yj
9a Buildings and other depreciable assets . Ve
b Less accumulated depreciation ( ) ( )
10 Land (net of any amortization) .
11a Intangible assets (amortizable only) . Y MV) VVJl!0=:'-
b Less accumulated amortization ( ) ( )
12 Other assets (attach schedule).
13 Total assets . .
Liabilities and Stockholders’ Equity YY
14 Accounts payable . .
15 Mortgages. notes. bonds payable in less than 4 year
16 Other current liabilities (attach schedule)
17 Loans from stockholders.
18 — Mortgages. notes. bonds payable in 1 year or more Yj
19 Other liabilities (attach schedule) .
20 Capital stock: a Preferred stock V JV]VVZVZ]!]}7;
b Common stock
21° ~Paid-in or capital surplus
22 Retained earnings—Appropriated (attach schedule)
23 =~ Retained earnings—Unappropriated . fo
24 Less cost of treasury stock. ( (
25 _ Total liabilities and stockholders’ equity.
Reconciliation of Income per Books With Income per Return

(The REIT 1s not required to complete this schedule if th

total assets on line 13. column (d). of Schedule L are less than $25,000.)

Net income per books .
Federal income tax

(Schedule J, line 9). . $ -....-
Legs: Section 857(b)(5) tax $ (-
Balance . cone
Excess of capital losses over capital gains
Income subject to tax.not recorded on
books this year (itemize): .

7 Income recorded on books this year
not included on this return (itemize):

a Tax-exempt interest $ ..

8 Deductions on this return not charged
against book income this year (itemize)

a Depreciation . $

b Net operating loss deduction
(line 21a. page 1) $ ee |

c Dividends paid deduction

Expenses recorded on books this year not
deducted on this return (itemize):
Depreciation $e.

Section 4981 tax. . $ _...

Travel and entertainment $

oD

(line 21b. page 1). $

9 Net income from foreclosure property .
10 Net income from prohibited transactions
11 Total of lines 7 through 10 .

12 REIT taxable income fine 22, page

6 Total of lines 1 through 5 .

1)— line 6 less line 11

Analysis of Unappropriated Retained E:
(The REIT 1s not required to complete this schedule if th

arnings per Books (line 23, Schedule L)
¢ total assets on line 13. column (d). of Schedule L are less than $25,000.)

1 Balance at beginning of year. LS Distributions: a Cash .
2 Net income per books . t b Stock .
3 Other increases (itemize): c Property
6 Other decreases (itemize):
7 Total of lines 5 and6 .
4 L 8 Balance at end of year (line 4 less line i)

‘#£U.S. GOVERNMENT PRINTING OFFICE: 1991-285-269,


rom 1120-REIT U.S. Income Tax Return for

Department of the Treasury
Internal Revenue Service

Real Estate Investment Trusts

For calendar year 1991 or tax year beginning ..........-... , 1991, ending .............. 119.2.
> Instructions are separate. See page 1 for Paperwork Reduction Act Notice.

OMB No. 1545-1004

1991

A Year REIT status Name C Employer identification number
was elected
Please
Type. | Number, street, and room or suite no. (IFa P.©. box, see page 4 of Instructions) _[ D Date REIT established
BD) Check ita Print
Personal Holding Gity or town, state, and ZIP code TE Total assets (see Instructions)
Company (Attach
‘Sch. PH)
F Check applicable boxes: (1) [_] Final return (2) [(_] Change in address (3) [_] Amended return $
Part |—Real Estate Investment Trust Taxable Income (See instructions.)
Income (EXCLUDING income required to be reported in Part Il or Part IV)
1 Dividends. 1
2 Interest on 2
3 Gross rents from real property . 3
4 Other gross rents . . 4
5 Capital gain net income {attach Schedule D (Form 1120). : 5
6 Net gain or (loss) from Form 4797, Part Il, line 18 (attach Form 4797) 6
7 Other income (see instructions—attach schedule) 7
8 Total income. Add lines 1 through 7. 8
Deductions (EXCLUDING deductions directly connected with I income @ required to be reported in n Part lor Part IV)
9 Compensation of officers . . Se 9
10a Salaries and wages a a bless jobs credit | J Balance ® |10c¢
41 Repairs 1
12 Bad debts 12
13 Rents . 13
14 Taxes . 14
15 Interest . 15
16 Depreciation (attach Form 4562) . 16 |
17 Advertising . 17
18 Other deductions fattach schedule) 18
19 Total deductions. Add lines 9 through 18 19
20 Taxable income before net operating loss deduction, deduction for dividends 5 paid, and section
857(b)(2)(E) deduction. Line 8 less line 19 . Loe Loe 20
21 Less: a Net operating loss deduction (see instructions). . . . 21a
b Deduction for dividends paid (Schedule A, line 6) . . .|21b
¢ Section 857(b)(2)(E) deduction (Schedule J, line 3c). . .| 21¢ 21d
22 Real estate investment trust taxable income. Line 20 less line 21d 22
Tax and Payments
23 Total tax (Schedule J, line9) . . . a  )
24 Payments: a 1990 overpayment credited to 1991 | 24a 'Y//////
b 1991 estimated tax payments. . . |24b
© Less 1991 refund applied for on Form 4466 . L24e | ( Id Bal > | 24d
e Tax deposited with Form 7004... . , 24e
f Credit from regulated investment companies lattach Form 2439) ., [24t
g Credit for federal tax on fuels (attach Form 4136)... 24g 24h
25 Estimated tax penalty (see page 3 of instructions). Check if Form 2220 is attached. » [J 25
26 Tax due. If the total of lines 23 and 25 is larger than line 24h, enter amount owed 26
27 Overpayment. If line 24h is larger than the total of lines 23 and 25, enter amount overpaid 27
28 Enter amount of line 27 you want: Credited to 1992 estimated tax > Refunded >| 28
Under penalties of perjury, | declare that | have examined this return. including accompanying schedules and statements, and to the best of my knowledge and
Please belief. itis true. correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign |
Here > Signature of officer Date > Title
Paid Preparer's » Date Check if selfe Preparers social security number
; signature employed
Preparer's [Firms name or El. No.
Use Only yours if self-employed) >
and address ZIP code

Cat. No. 64114F


Form 1120-REIT (1991)

Page 2

Part II—Tax on Net Income ren Foreclosure Property

(As defined in section 856(e)) (Caution: See instructions before completing this part.)

1 Net gain or (loss) from the sale or other disposition of foreclosure property described in section
1221(1) (attach schedule) . Soe 1

2 Gross income derived from foreclosure property lattach schedule) 2

3 Total income from foreclosure property. Add lines 1 and 2 . 3

4 Deductions directly connected with the production of income shown on line 3 (attach schedule) 4

5 Net income from foreclosure property. Line 3 less line 4 5

6 Tax on net income from foreclosure property. Enter 34% of line 5 here and on Schedule J, line 3b_. 6

Part Ill—Tax Imposed Under Section 857(b)(5) for Failure To Meet
Certain Source-of-Income Requirements (Caution: See instructions.)
1a Enter total income from Part |, line8 . . . . . [ta
b Enter total income from foreclosure property from Part iL line 3. 1b
¢ Total. Add lines 1a and 1b. ic

2 Enter 95% of line 1c : foe : an : 2

3 Enter the amount of income shown on line tc that i is derived from sources referred to in section
856(0)(2) So a 3

4 Line 2 less line 3. (If less than zero, enter zero.) 4

5 Enter 75% of line 1c . . . Soe : on : 5

6 Enter the amount of income shown on line 1c that is derived d from sources referred to in section
856(c)(3) : rr

7 Line 5 less line 6. (If less than zero, “enter zero.) 7

8 Enter the greater of line 4 or |ine 7. (If this line is zero, do ‘not complete ‘the rest of Part mM, ) 8

9 Enter the amount shown in Part |, line 20 . 9

10 Enter the net capital gain from Schedule D (Form 4120), ‘line 40 . 10
11° Line 9 less line 10 . re abl
12a Enter total income from Part |, line 8. : 12a
b Enter the net short-term capital gain from Schedule D (Form 4120),
line 4. (If line 4 isaloss, enterzero) . . . ....... , (12b
¢ Add lines 12a and 12b . . 12¢
13 Enter capital gain net income from Part lL line 5 13
14 Line 12c less line 13. 14
15. Divide line 11 by line 14 and enter the result. Carry the result to 8 decimal places . 15
16 Amount of section 857(b)(6) t tax. » Multiply line 8 by | line 15 and enter the result here and. on
Schedule J, line 3c_. . : . 16
Part IV—Tax on Net Income From Prohibited Transactions (See instructions.)

1 Gain from the sale or other disposition of property. . 1

2 Deductions directly connected with the production of income shown on n line 1 2

3 Net income from prohibited transactions. Line 1 less line 2. Lo 3

4 Tax on net income from prohibited transactions. Enter 100% of line 3 here and on “Schedule J,
line 3d we Sa

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 as paid in the preceding tax year under section 85710) or 858(2), or defi ciency
dividends as defined in section 860) . 1

2 Dividends paid in 12-month period following the close ‘of your tax year that you elect to be
treated as paid during the tax year under section 858(a). an 2. [2

3 Dividends declared in October, November, or December deemed paid on December 31 under |
section 857(b)(8). (See instructions.) Co 3

4 Consent dividends (attach Forms 972 and 973), 4

5 Total dividends paid. Add lines 1 through 4 . 5

6 Deduction for dividends paid. If there is net income from foreclosure oroperty (Part I, line oe see
instructions for limitation on deductible amount. Otherwise, enter amount from line 5 here and
on line 21b, page 1 6



Form 1120-REIT (1991)

Seem Tax Computation

1
2

Page 3

Check if the REIT is a member of a controlled group (see sections 1561 and 1563) .

If the box on line 1 is checked:

a Oo

a Enter the REIT's share of the $50,000 and $25,000 taxable income bracket amounts (in that order):

b

3a
b
c
d

©

4a

d

ONOAG

9

gis | J w (s |

Enter the REIT’s share of the additional 5% tax (not to exceed $11,750) ®LS____

Tax on REIT taxable income (see instructions to figure the tax)
Tax from Part Il (line 6, page 2)

Tax from Part Ill (line 16, page 2) .

Tax from Part IV (line 4, page 2)

Total. Add lines 3a through 3d.

Foreign tax credit (attach Form 1118)

General business credit. Enter here and check which forms a are attached
OC Form 3800 1] Form 3468 LC) Form 5884 (Form 6478
OO Form 6765 C) Form 8586 CL) Form 8830 C1] Form 8826 .
Credit for prior year minimum tax (attach Form 8827) .

Total. Add lines 4a through 4c .

Line 3e less line 4d

Personal holding company tax ‘attach Schedule PH (Form 1420)

Recapture taxes. Check if from: [J Form 4255 C] Form 8611
Alternative minimum tax (attach Form 4626). See instructions

Total tax. Add lines 5 through 8. Enter here and on line 23, page 1

3a

3b

3c

3d

4a|

Se

4b

Ac |

Eig Other Information (See instructions.)

\Yes| No Yes|No
Check method of accounting: 5 Was the REIT a U.S. shareholder of any controlled ZA
a O Cash foreign corporation? (See sections 951 and 957.).
b O Accrual If“Yes," attach Form 5471 for each such corporation
e¢ (Other (specify) > Enter number of Forms 5471 attached Bo...
Did the REIT at the end of the tax year own, directly 6 At any time during the tax year, did the REIT have an
or indirectly, 50% or more of the voting stock of a interest in or a signature or other authority over a financial
domestic corporation? (For rules of attribution, see | account in a foreign country (such as bank account, a
section 267(c).) . 2. ra | securities account, or other financial account)?
If “Yes,” attach a schedule showing: (a) name,
address, and identifying number; (b) percentage (See page 8 of the instructions for more information
owned; and (c) taxable income or (loss) before NOL including filing requirements for form TD F 90-22.1.)
and special deductions of such corporation for the If “Yes,” enter name of foreign country P
tax year ending with or within the REIT's tax year. GJJy .......
Did any individual, partnership, corporation, estate, 7 Was the REIT the grantor of, or transferor to, a foreign —Y
or trust at the end of the tax year own, directly or trust that existed during the current tax year, whether a
indirectly, 50% or more of the REIT's voting stock ? or not the REIT has any beneficial interest in it? .
(For rules of attribution, see section 26710) “Yes,” If “Yes,” the REIT may have to file Forms 3520,
completeaandb . . . . 3520-A, or 926.
a tach a senedile showing name, address, and 8 During this tax year, did the REIT pay dividends (other
identifying number. than stock dividends and distributions in exchange for
b Enter percentage owned P 2... sees stock) in excess of the REIT’s current and
Did one foreign person (see instructions for definition) accumulated earnings and profits? (See sections 301 ZZ
at any time during the tax year own at least 25% of: and 316.) .
a_ the total voting power of all classes of stock of IF "Yes," file Form 5452.
the REIT entitled to vote, or 9 Check this box if the REIT issued publicly offered debt
b_ the total value of all classes of stock of the REIT? Instruments with original issue discount. . > o
Note: /f “yes,” the REIT may have to file Form 5472. If so, the REIT may have to file Form 8281.
If “Yes,” enter owner's country P ....
10 Enter the amount of tax-exempt interest received or
Enter number of Forms 5472 attached accrued during the tax year P