Form 1120-REIT (1990)

Page 4

Sutticee Balance Sheets

Beginning of tax year

End of tax year

Assets

1 Cash .

2a Trade notes and accounts receivable

b Lessallowanceforbaddebts. . . . .
U.S. government obligations .
Tax-exempt securities (see instructions)
Other current assets (attach schedule) .
Loans to stockholders . see
Mortgage andrealestateloans . . . .
Other investments (attach schedule)

ja Buildings and other depreciable assets .

b Less accumulated depreciation .

10 Land (net of any amortization) woe

lla Intangible assets (amortizable only). . .
b Less accumulated amortization .

12 Other assets (attach schedule) oo
13__Totalassets_.

wonanaw

(a)

) (c)

(dy

j 4

7

WM

Uabilities and Stockholders’ Equity

14 Accounts payable we
15 — Mortgages, notes, bonds payable in less than Tyear .
16 Other current liabilities (attach schedule) .
17 Loans from stockholders . : :
18 — Mortgages, notes, bonds payable in 1 year or ‘more .
19 Other liabilities (attach schedule)
20 = Capital stock: a Preferred stock .

b Common stock .
21 =~ +Paid-inorcapitalsurplus . . .
22 _ Retained earnings—Appropriated (attach schedule),
23 Retained earnings—Unappropriated

24 ~~ Less cost of treasury stock,
25 Total remy and stockholders’ “equity

( )

,

Schedule

Reconciliation of Income per Books With Income per Return

re less than $25,000.)

(The REIT is not required to complete this schedule if the total assets on line 13, column (d), of Schedule L at
i!

1 Netincomeperbooks, . . . . .

2a Federal income tax
(Schedule J, line9) .$-

b_ Less: Section 857(b)(5) tax -

e Balance. . . . nd

3 Excess of capital losses over ‘capital gains

4 Income subject to tax not recorded on books
this year (itemiz

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

Section 4981 tax . . $
¢ Travel and entertainment. $

ov

Total of lines 1 through 5.

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, pagel). =. $ -

¢ Dividends paid deduction (line
2lb, pagel). 2. $ eee

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

12 REIT taxable income (line 22, page 1)— line 6
lessline ll. a

Analysis of Unappropriated Retained Earnings per Books (line 2, Schedule | dD
_(The REIT is not required to complete this schedule if the total assets on line 13, column (d), of Schedule L are less than $25,000.)

1 Balance at beginning of year,
2 Net income per books.
3 > Other increases (itemize).

5 Distributions: a Cash
b Stock .
c Property .
6 Other decreases (itemize

7 TotaloflinesS5and6. .
8 Balance at end of year (line 4 less. line 2

“U.S. Governmant Printing Otfice: 1990 — 265-279


rom 1120-REIT U.S. Income Tax Return for OMB No, 1545-1004
Real Estate Investment Trusts
Department of the Treasury | For calendar year 1990 or tax year beginning... . 1990
Internai Revenue Service > See sep:
1h Year REIT status Name © Employer Mdentification number
was elected
Please :
Type Number, street, and room or suite no. (If a P.O. box, see page 4 of Instructions) D Date REIT established
or
Print - -— a -
BL] Checkita Personal City ortown, state, and ZIP code E Total assets (see Instructions)
Holding Company
F Check applicable boxes: (1)[_] Final return (2) [_] Change inaddress (3)[_] Amended return $ |

Part !—Real Estate Investment Trust Taxable Income

Income (EXCLUDING income required to be reported in Part Il or Part IV)

1 Dividends . i

2 Interest 2 ee 2

3 Gross rents from real property. 3

4 Other gross rents. . eee ee 4

5 Capital gain net income (attach Schedule D (Form 1 120). sone ee 5

6 Net gain or (loss) from Form 4797, Part li, line 18 (attach Form 4797) . 6

7 Other income (see instructions—attach schedule). . 2... . 2. ee 7

8__ Total income—Add lines 1 through 7__. _ 8
Deductions (EXCLUDING deductions directly connected with i income ne required to be reported in Part Te or Part WV)

9 Compensationofofficess. 6 2. 2. ee ee
10a Salaries and wages L {__} b Less jobs credit | |_ _J ¢ Balance » |10c
Wl Repairs. © 2 1 ee Co ee ee fab
12 Baddebts. 2 we. 42
13 Rents... 1... 43
14 Taxes . 14
15 Interest 15
16 Depreciation (attach Form 4562) 16
17 Advertising 17
18 Other deductions (attach schedule) . 18
19 Total deductions—Add lines 9 through 18 19
20 Taxable income before net operating loss deduction, deduction for dividends pai, “and section

857(b)(2)(E) deduction (line 8lesstine19) . . . . we 20
21 Less: a Net operating loss deduction (see instructions) bee 21a|
b Deduction for dividends paid (Schedule A, line6). . . . .|21b
© Section 857(bX2(E) deduction (Schedule J, line 3c)... 21c 21d
22 __ Real estate investment trust taxable income—Line 20 less line 21d 22
Tax and Payments
23 Totaltax(ScheduleJ,line9). © 2 2... ee ee ag
24 Payments: 2 1989 overpayment credited to 1990 [242 | Yj Yj Yj
b 1990 estimated tax payments. . . 24b
© Less 1990 refund applied for on Form asses (24e1(_ id Bal >| 24d
e Tax deposited with Form 7004... . . . , [24e
f Credit from regulated investment companies (attach Form 2439) . . . L24t
& Credit for Federal tax on fuels (attach Form 4136) . . . . . (248 24h
25 Enter any penalty for underpayment of estimated tax—check > (2 if Form 2220isattached. . [25
26 Tax due—'f the total of lines 23 and 25 is larger than line 24h, enter amount owed . . 26
27 Overpayment—f line 24h is larger than the total of lines 23 and 25, enter amount overpaid . . -2Z
28 __ Enter amount of line 27 you want: Credited to 1991 estimated tax > I 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 L
Here > Signature of officer Date > Title
Paid Preporer’s > Date | Check if Preparer's: sia security number
signature self-employed :
Preparer’s  \-Firnrs name @r
Use Only | yoursitsettempioyed) > ENO.
and address ZIP code

For Paperwork Reduction Act Notice, see page 1 of the instructions. Form 1120-REIT (1990)


Form 1120-REIT (1990) Page 2

Part Il—Tax on Net Income From 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). 1
2 Gross income derived from foreclosure property (attach schedule) . 2
3 Total income from foreclosure property—Add lines 1 and2 . . 3
4 Deductions directly connected with the production of income shown on line 3 (attach schedule) 4
5 Net income from foreclosure property—Line 3lessline4. . 2 2 2 1. we ee 5
6 _Taxonnet income from foreclosure property—Enter 34% of line 5 here and on Schedule J, line 3b, 6
Part I1I—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 . . . .. . pla
b Enter total income from foreclosure property from Part M, ‘line 3. .. . Lib
¢ Total—Add lines 1a and 1b . . 1c
2 Multiply line 1c by 95% and enter the result here . 2
3. Enter the amount of income shown on line 1c that is derived from sources ‘referred t to in section
856(cX2) 3
4 Line 2 less line 3. (If tess than zero, ‘enter? zero. 0). : rr 2
5 Multiply line 1c by 75% andentertheresultheree . . . . . . . toes oe 5
6 Enter the amount of income shown on line 1c that is derived from sources referred to in section
856(cX3) . . . Lo §
7. Line 5 less line 6. (Ifless than zero, enter zero.) u
8 Enter the greater of line 4 or line 7. (If this line is zero, do not complete the rest of Part Mm, >. 8
9 Enter the amount shown in Part I, line 20. See ee ee 9
10 Enter the net capital gain from Schedule D (Form 1120), line 10 ee ee 10 -
11

11 LineQlessline1O. . .

12a Enter total income from Part! line 8. 12a
b Enter the net short-term capital gain from Schedule D (Form 1120),
line 4. (If line 4 is a loss, enter zero.) oe 12b

cAddlines12aand12b . 2. Be [ee

13 Enter capital gain net income from Part, line 5. Be ee ee 13
14 Line l2clessline13 . . . 14
15. Divide line 11 by line 14 and enter the result. Carry the result to 5 decimal places 15

16 mount of section 857005) fax— Multiply line 8 by line 15 and enter the result here and on ‘Schedule
Jlime3c. . Fe eee 16

Part IV—Tax on Net Income From Prohibited Transactions (See i instructions)

Gain from the sale or other disposition of property. . . . . . Soe ee

ee |r |

Deductions directly connected with the production of income shown on line 1
Net income from prohibited transactions—Line 1 less line 2.

hwne

ron net income from Prohibited tr transactions—Enter 100% of line 3 here and on | Schedule 4,
inme3d_ se eo oe 4

Deduction for Dividends Pald

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 ? 857(0X8) or 858(2), or deficiency

dividends as defined in section 860) . . . . . 1

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

3 Dividends declared in October, November, or December deemed paid on December 31u under section
857(b)(8). (See instructions.) . se eee er? 3
4 Consent dividends (attach Forms 972 and 973). 4
5

Total dividends paid—Add lines 1 through 4.

Deduction for dividends paid—If there is net income from foreclosure property (Part i, line 5), see
instructions for limitation on deductible amount. Otherwise, enter amount from line 5 here and on line
2ib,pagel. . . . . Fe

ou



Page 3

Form 1120-REIT (1990)
Tax Computation
1 Check if the REIT is a member of a controlled group (see sections 1561 and 1563) . > QO ]
2 Ifthe box on line 1 is checked: |
a Enter the REIT’s share of the $50,000 and $25,000 taxable income bracket amounts (in that order):
als w@ \& i
b Enter the REIT’s share of the additional 5% tax (not to exceed
$11,750)... IF
3a Taxon REIT taxable it income 2 (see instructions to figure re the tax) 3a
b Tax from Part II (line 6, page 2). 3b
¢ Tax from Part lil (line 16, page 2). 3¢
d_ Tax from Part IV (line 4, page 2) . 3d
e Total—Add lines 3a through 3d . se 3e
4a_ Foreign tax credit (attach Form 1118) . Aa
b General business credit. Enter here and check which forms are e attached:
Form 3800 Form 3468 Form 5884
CForm 6478 (J Form 6765 L] Form 8586, [4b
© Credit for prior year minimum tax (attach Form 8801) . Lac
d Total—-Add lines 4a through 4c . Ad
5 Line3elessline4d. . . 5
6 Personal holding company tax ‘(attach Schedule PH (Form 1120) 6
7 Recapture taxes. Check if from: Form 4255 Oo Form 8611 7
8 Alternative minimum tax (attach Form 4626). See instructions 8
9 Total tax—Add lines 5 through 8. Enterhereandonline23,pagel, . . . . . . . . . 9
Additional Information (See instruction F.) es! Yes/No
G (1) Did the REIT at the end of the tax year own, directly or 1 At any time during the tax year, did the REIT have an interest in or
indirectly, 50% or more of the voting stock of a domestic a signature or other authority over a financial account in a foreign
corporation? (For rules of attribution, see section 267(c).), country (such as a bank account, securities account, or other le
If “Yes,” attach a schedule showing: (a) name, address, and financial account)? .
identifying aumber, (b) percentage owned; and (c) taxable income (See instruction F and filing requirements for form in F 90 22. 1, )
or (loss) before NOL and special deductions (e.g., if a Form 1120: 7] If “Yes,” enter name of foreign country >
from Form 1120, line 28, page 1) of such corporation for the tax J Was the REIT the grantor of, or transferor to, a foreign trust that
year ending with or within the REIT's tax year. existed during the current tax year, whether or not the REIT has ZA
(2) Did any individual, partnership, corporation, estate, or trust at any beneficial interest init? . . .
the end of the tax year own, directly or indirectly, 50% or more GY If “Yes,” the REIT may have to file Forms 3520, 35201 A or 926.
of the REIT's voting stock (or beneficiat interests)? (For rules K During this tax year, did the REIT pay dividends (other than stock
of attribution, see section 267(c).) If “Yes,” complete (a) dividends and distributions in exchange for stock) in excess of the
through (c). . REIT's current and accumulated #eanings an and profits? Ge sections ZZ
(a) Attach a schedule showing name, address, “and identifying 301 and 316.) . woe
number. If “Yes,” file Form 5462.
(b) Enter percentage owned P............. L During this tax year did the REIT maintain any part of its Za
accounting/tax records on a computerized system?
(c) Was the owner of such voting stock a foreign person? (See M_ Check method of accounting:
instructions.) Note: if “Yes,” the RE/T may have to file Form (1) Cash
5472. (2) Accrual
It “Yes,” enter owner's country > Y (3) LI other (specify) eee eee eee eee
H Was the REIT a U.S. shareholder of any controlled tin N Check this box if the REIT issued publicly offered debt instruments

corporation? (See sections 951 and 957.) .

W"

“Yes,” attach Form 5471 for each such corporation.

with original issue discount. . id
If so, the REIT may have to file Form 8281.

© Enter the amount of tax-exempt interest received or accrued
during the tax year >