Page 4

Form 1120 -REIT (1988)
BELEMEN atance Shects

Beginning of tax year

End of tax year

Assets
1 Cash
2 Trade notes and accounts receivable
a Lessallowance for bad debts .

3 Federal and state government obligations .

4 Other current assets (attach schedule) .
5 Loans to stockholders .
6 Mortgage and real estate loans
7 Other investments (attach schedule)
8 Buildings and other depreciable assets .
a_ Less accumulated depreciation
9 Land (net of any amortization)
10 Intangible assets (amortizable only) .
a Less accumulated amortization
11 Other assets (attach schedule)
12 Total assets

(a) -

(b) (}

@)

MM

/

WY.

Ms

Uh

Liabilities and Stockholders’ "Equity
13 Accounts payable

14 Mortgages, notes, bonds payable in less than 1 year

15 Other current liabilities (attach schedule) .

16 Loans from stockholders

17 Mortgages, notes, bonds payable in 1 year or more

18 Other liabilities (attach schedule)

19 Capital stock: a Preferredstock .
b Commonstock .

20 Paid-in or capital surplus .

21 Retained earnings—Appropriated (attach schedule)

22 Retained earnings—Unappropriated
23 Less cost of treasury stock .
24 Total li. fies and stockholders’ equity

Mh

Mh

( )

ISS

Schedule M Reconcilia

(You are not required to complete

in of Income per Books With Income per Return
this schedule if the total assets on line 12, column (d), of Schedule L are less than $25,000.)

1 _Netincome on books

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

b Less: Section 857(b)(5) tax $

¢ Balance. .

3. Excess of capital losses ¢ over sr capital gains .

4
this year (itemize): _

5 Expenses recorded on books this year not

deducted in this return (itemize):
a Depreciation
b Section 4981 tax .
c Travel and entertainment

.$..

6_Totaloflines 1through 5 .

Income subject to tax not recorded on books

7 Income recorded on books this year not

ad

included in this return (itemize):
a Tax-exempt interest $

8 Deductions in this tax return not charged

against book income this year (itemize):

a Depreciation. . $____...2 22.

b Net operating loss deduction
(line 21a, page 1). -$_

Dividends paid deduction

(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 (line 22, page a
lineGlessline11_.

‘Analysis of Unappropriated Retained Earnings per Books (line 22, Schedule L)

(You are not required to complete

this schedule if the total assets on line 12, column (d), of Schedule L ai

re less than $25,000.)

1 Balance at beginning of year .
2 Netincome per books .
3 Other increases (itemize):

4_ Total oflines 1,2, and3

5 Distributions: a Cash . . .

b Stock .

c¢ Property .
6 Other decreases (itemize):
7 Total of lines 5 and 6

8 Balance at end of year (line 4 | 4 less line 2



7 U.S. Income Tax Return for
fom 1120-REIT Real Estate Investment Trusts

|_oMBNo. 1546-1004

1988

Department of the Treasury | For calendar year 1988 or tax year beginning _» 1988, ending
Internal Revenue Service > For Paperwork Reduction Act Notice, see page 1 of the instructions.
A Year REIT status was Name Employer identification number
elected
tee ‘Number and street (or P.O. box number if mail is not delivered to street address) D Date REIT established
BE] ceatinssa | or
Personal Holding Print City or town, state, and ZIP code E Totalassets (See Specificinstructions.)
‘Company
F Check applicable boxes: (1)[] Finalreturn (2) [] Changeinaddress (3)[[] Amended return $
Part |—Computation of Real Estate Investment Trust Taxable Income
Income (EXCLUDING income required to be reported in Part Il or Part IV)
1 Dividends . 1
2 Interest. 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 lI, line 18 (attach Form 4797) 6
7 Other income (see instructions—attach schedule) . . 7
8 Total income—Add lines 1 through 7 and enter here_. 8
Deductions (EXCLUDING deductions directly connected with income “required to be reported ir in Part | llor xr Part IV)
9 Compensation of officers . . Se ee ee ee LD
10a Salaries and wages (ee bless jobs credit L |__| Balance » |10c
11 Repairs . 11
12 Baddebts . 12
13 Rents 13
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 and enter here 19
20 Taxable income before net operating loss deduction, deduction for dividends pa and section
857(b)(2)(E) deduction (line 8 less line 19) . . 20
21 Less: a Net operating loss deduction (seeinstructions) . . . . . . ‘21a
b Deduction for dividends paid(ScheduleA). . . . . . {2b
¢ Section 857(b)(2)(E) deduction (Schedule J, line 3c). ... |2le 21d
22 Realestate investment trust taxable income (line 20 less line 21d) . 22
Tax and Payments
23 Totaltax(ScheduleJ). . . . . yy pes
24 Payments: a 1987 overpayment credited o 1986] 24a Tf Hf
b 1988estimatedtaxpayments . . 24b
cc Less 1988 refund applied for on Form 4466 24c |( Yd Bal>| 24d
e Taxdeposited with Form 7004. . . . . . [ae
f Credit from regulated investment companies (attach Form 2439) . . . [24f
g Credit for Federal tax on fuels (attach Form 4136). . . [24g 24h
25 Enter any penalty for underpayment of estimated tax——check oO if Form 2220 is attached . 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 . . 27
28 Enter amount of line 27 you want: Credited to 1989 estimated tax_ > l Refunded > 238
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, it is 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
Date Preparer’s social security number
Paid Freparer’s » Check if g
Preparers d self-employed
Use Only | yoursifSetiemploes) El.No._P
and address ZIP code b>

Form 1120-REIT (1988)


Form 1120-REIT (1988)

Page 2

Part II— Computation of Tax on Net Income From Foreclosure Property

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

Net gain (or loss) from the sale or other disposition of foreclosure broperty 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 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 soe 5
6 Taxon net income from foreclosure property—Enter 34% of line 5 here and on Schedule J, line 3b . 6
Part 1II— Computation of 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 . .. . .pda
b Enter total income from foreclosure property from Part i, line 3 2. . -Ldb
¢ Total—add lines la and 1b . . Je
2 Multiply line 1c by 95% and enter the resulthere . 2
3 Enter the amount of income shown on line 1c that is derived ‘rom : sources referred to it in section
856(c)(2) . ee .-... 3
4 Line 2 less line 3. (If less than zero, ‘enter zero. ©.) 4
5 Multiply line 1c by 75% and enter the result here . a Se oe a)
6 Enter the amount of income shown on line 1c that is derived from sources referred to in section
856(c)(3). ee ee LS
7 Line 5 less line 6. (If less than zero, ‘enter zero.) 7
8 Enter the greater of line 4 or line 7. (If this line is zero, do not complete the rest of ‘Part in. ) 8
9 Enter the amount shown in Partl,line20. . . a toe 9
10 Enter the net capital gain from Schedule D (Form 1120),line10. . 10
11 LineQlessline 10 . . rn Fo 11
12a Enter total income from Part |, line 8... .[d2a
b Enter the net short-term capital gain from Schedule D Fo 1120) line 4.
(Ifline 4 isa loss, enterzero.) . . 12b
cAddlinesl2aand12b . . . . Be 12¢
13 Enter capital gain net income from Part |, ‘ine 5 ee ee ee ee ee 13
14 Line 12c less line 13 : 14
15 Divide line 11 byline 14 and enter the result. Carry out your answer to 5 decimal places 15
16 Amount of section BS7(EY) tax—Multinly I line8 Bby line 15 and enter the result here and on Schedules,
line 3c. . 16
Part IV— Computation of Tax on Net Income From "Prohibited Transactions
1 Gain from the sale or other disposition of property described in section 1221(1) which is not
foreclosure property (Do NOT include sales that meet the ® requirements of section n B57(D)(6XC) or
losses from prohibited transactions.) . 1
2 Deductions directly connected with the production of income fe shown on line 1. 2
3  Netincome from prohibited transactions—line llessline2. . . . . . 3
4 _Taxonnet income from prohibited transactions—Enter 100% of line 3 here and on Schedule J, line 3d. | 4
Deduction for Dividends Paid
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 sections BS7(DNE) 0 or 858(a), or mr deficiency
dividends as defined in section 860) . 1
2. Dividends paid in 12-month period following the close of your tax year which you elect to be ve treated as
paid during the tax year under section 858(a) . . . a 2
3 Dividends declared in October, November, or December deemed | pido on December 31 under s section
857(b)(8). (See instructions.) . woe er
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 forectosure » property (Part Hl, line 5). see
instructions for limitation on deductible amount. Otherwise, enter amount from line 5 here and on line
21b, pagel . 6



Form 1120-REIT (1988)

Page 3

Tax Computation (See instructions.)

1 Check if you are a member of a controlled group (see sections 1561 and 1563) . »O
2 Ifline 1 is checked:
a Enter your share of the $50,000 and $25,000 taxable income bracket amounts (in that order):
ws {| w ls | |
b Enter your share of the additional 5% tax (not to exceed $11,750) > |S |
3a Tax on real estate investment trust taxable income (see instructions to
figure the tax) . Soe ee 3a
b Tax from Part II (line 6, page 2) 3b
¢ Tax from Part Ill (line 16, page 2). 3c
d Tax from Part IV (line 4, page 2) . 3d YW.
e Total—Add lines 3a through 3d. _ 3e
4a Foreign tax credit (attach Form 1118) . woe 4a
b General business credit. Enter here and check which forms are attached: Y ]/ 77
(C1 Form 3800 [] Form 3468 [-] Form 5884 TMM TL /
EJ Form 6478 EC] Forme765 [] Form 8586. 4b ]]
¢ Credit for prior year minimum tax (attach Form 8801) . Ac Us
d Total—Add lines 4a through 4c . Ad
5 Line 3elessline4d . 5
6 Personal holding company tax (attach Schedule PH (Form 1120) . . 6
7 Recapture taxes. Check if from: [1] Form4255 (J Form8611 . 7
8 Alternative minimum tax (see instructions—attach Form 4626). 8
9 Total tax—Add lines 5 through 8. Enter here and on line 23, page 1 9
Additional Information (See instruction F.) Ves] No
G (1) Did the REIT at the end of the tax year own, directly or 1 Atany 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
If “Yes,” attach a schedule showing: (a) name, address, and financial account)?
identifying number; (b) percentage owned; and (c) taxable income (See instruction F and filing requirements for form 10 F 90: 22. 1, ) y
(or loss) before NOL and special deductions (e.g., if a Form 1120: lf “Yes,” enter name of foreign country >
from Form 1120, line 28, page 1) of such tion for the tax Yer te tna tot hat
ae ae ithortn gear corporation tore J Was the REIT the grantor of, or transferor to, a foreign trust which
. existed during the current tax year, whether or not the REIT has any
(2) Did any individual, partnership, corporation, estate, or trust at beneficial interest init? .
the end of the tax year own, directly or indirectly, 50% or more If “Yes,” the REIT may have to file Fors 3520, 3520, or 826
of the REIT’s voting stock (or beneficial interests)? (For rules K During this tax year, did the REIT pay dividends (other than stock
of attribution, see section 2610.) If “Yes,” complete (a) dividends and distributions in exchange for stock) in excess of the
through(c) . . REIT's current and accumulated earnings and nl pris (ee sections 301
(@) Attach a schedule showing name, address, and identifying and 316.) . woe ee
number. if "Yes file Form 5452.
(b) Enter percentage owned PB _______ L During this tax year did the REIT maintain any part of its
(c) Was the owner of such voting stock (or beneficial accounting/tax records on a computerized system? .
interest) a person other than a U.S. person? (See M_ Check method of accounting:
instructions.) Note: /f “Yes,” the REIT may have to file qd) C1 cash
Form 5472... . (2) CO Accrual
If “Yes,” enter owner's country > eee ee ee eeeeee (3) C1 Other (specify) > _
H Was the REIT a U.S. shareholder of any controlled foreign N_ Check this box if the REIT issued publicly offered debt instruments
corporation? (See sections 951 and 957.) - with original issuediscount. . . . .
If “Yes,” attach Form 5471 for each such corporation. If so, the REIT may have to file Form 8281.
O Enter the amount of tax-exempt interest received or accrued during
the tax year