Form 1120-REIT (1987)

Page 4

Sais Balance Sheets

Beginning of tax year End of

tax year

Assets
1 Cash
2 Trade notes and accounts receivable
a_ Less allowance for baddebts .
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) (c)

@)

Mh Uh

.

Z/

YIU

Mi

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 liabilities and stockholders’ equity

(

Schedule M-1
You are not required to complete

Reconciliation of Income per Books With Income per Return

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

re less than $25,000.

1 Net income on books

7 Income recorded on books this year not

2a Federal income tax
(Schedule J, line 9)
b Less: Section 857(b)(5) tax
c¢ Balance.
Excess of capital losses ¢ over sr capital g gains .

Income subject to tax not recorded on books
this year (itemize)

$.
$.

>

3
4

Expenses recorded on books this year not
deducted in this return (itemize)

a Depreciation $.
b Section 4981 tax

5

$_

6 Total of lines 1 through 5

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 = $1.
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
line 6 less line 11 A

Sec eicme Analysis of Unappropriated Retained Earnings per Books (line 22, Schedule Lb
this schedule if the total assets on line 12, column (d), of Schedule L ai

You are not required to complete

re less than $25,000.

Balance at beginning of year .
Net income per books .
Other increases (itemize) _

5 Distributions: a Cash

b Stock

c Property .
6 Other decreases (itemize)

7 Total of lines 5 and 6

Total of lines 1, 2, and 3

8 Balance at end of year (line 4 less line 7)

U.S. Government Printing Office: 1987~183-389 23-0916750


um 1120-RE U.S. Income Tax Return for
. i Real Estate Investment Trusts

Department of the Treasury |For calendar year 1987 or tax year beginning , 1987, ending

OMB No. 1545-1004

1987

Internal Revenue Service > For Paperwork Reduction Act Notice, see page 1 of the instructions.
‘A Year REIT status was Use ‘Name C Employer identification number
elected IRS
tabel ‘Number and street (or P.O. box number if mail is not delivered to street address) D Date REIT established
B[] Check if thisisa wise,
~ Comper ine Breese City or town, state, and ZIP code | E Totalassets SeeSpecificinstructions.)
or type.
F Check applicable boxes: (1)[] Final return _(2) (] Change in address _(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 soe 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) . Zz
8 Total income—Add lines 1 through 7 andenter here _. 8
Deductions (EXCLUDING deductions directly connected with income “required to be reported ir in Part Tl or xr Part Vv)
9 Compensation of officers . rs fee LD
10a Salaries and wages __ bb Less jobs credit____ _. Balance » |10c¢
11 Repairs . 11
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 (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 paid, and section

857(b)(2)(E) deduction (line 8 less line 19) soe . 20
21 Less:a Net operating loss deduction (see instructions) . . . . . . . ‘21a
b Deduction for dividends paid (ScheduleA). . . . . . [2b
c¢ Section 857(b)(2)(E) deduction (Schedule J, line 3c). ~ + + |2le 21d
22 Real estate investment trust taxable income (line 20 less line 21d) . 22
Tax and Payments
23 TOTALTAX(ScheduleJ) . . py eo
24 Payments: a 1986 overpayment credited to 1987 . —Y
b 1987 estimatedtaxpayments . . . . . . .-
¢ Less 1987 refund applied for onForm4466 . . . . )
d_ Tax deposited with Form 7004
e Credit from regulated investment companies (attach Form 2439) .
f Credit for Federaltax on gasoline and special fuels (attach Form 4136) . 24
25 Enter any PENALTY for underpayment of estimated tax—check > (if Form 2220is attached . 25
26 TAX DUE—If the total of lines 23 and 25 is larger than line 24, enter AMOUNT OWED 26
27 OVERPAYMENT—If line 24 is larger than the total of lines 23 and 25, enter AMOUNT OVERPAID 27
28 Enter amount of line 27 you want: Credited to 1988 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 i Oo Preparers socal security number
Preparer’s ee seitemployed
Use Only — | joursifactampiyes) py ELNo_ >
and address 2IP code b>

Form 1120-REIT (1987)


Form 1120-REIT (1987)

Part II— Computation of 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 Sispositon of foreclosure Property described in section
1221(1) (attach schedule) . we . woe ee 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 oe . LS
6 Tax on net income from foreclosure Property Gsee instructions for Part rn Tax Computation Worksheet
Enter here and on Schedule J, line 3b . .| 6
Part II1— Computation of Tax Imposed Under Section 857(b)) for Failure To Meet
Certain Source-of-Income Requirements (Caution: See instructions.)
1a Enter total income from Part |, line8 . Le oo Lda
b Enter total income from foreclosure property from Part rm line 3 2. LA
¢ Total—addlineslaandlb. . . . Se
2 Multiply line 1c by 95% and enter the result here Loe 2
3 Enter the amount of income shown on line Ic that is derived from s sources referred t to in section
B56(c(2). 2 6 ee so ke ee Bo ee LB
4 Line 2 less line 3. (Ifless than zero,enterzero.) . . - 2 ee ee ee ee LA
5 Multiply line 1c by 75% and enter the result here . an so wee LS
6 Enter the amount of income shown on line 1c that is derived from sources referred to in section
856(c)(3) . : 6
7 Line 5 less line 6. (Ifless than zero, enter zero.) ul
8 Enter the greater of line 4 or line 7. (If this line is zero, do not complete the rest of Part mn. ) 8
9 Enter the amount shown in Part I, line 20. 9
10 Enter the net capital gain from Schedule D (Form 1120), ‘line 10. 10
11 Line Qlessline 10 . : rs 11
12a Enter total income from Part |, line 8. . soe . [12a
b Enter the net short-term capital gain from Schedule D Form 1120). line 4.
(If line 4 is aloss, enter zero.) . . 12b
cAddlinesl2aand12b . . . . ee ee es [AZE
13 Enter capital gain net income fromPartl,lineS5 . 2 1. ee ee ee ee LB
14 Line 12clessline13.. 2. . oe 14
15 Divide line 11 by line 14 and enter the ‘result. Carry out your ‘answer to 5 decimal places: oe f 15
16 Amount of section 85700X5) tax—Mutiily line 8 Bby line 15 and enter the result here and on Schedule J, |
line 3c . _ 116
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 B7(bNEXC) or
losses from prohibited transactions.) . . 1
2 Deductions directly connected with the production. of i income fe shown on line 1. 2
3 Net income from prohibited transactions—line 1 less line 2. . 3
4 Taxon net income from prohibited transactions—Enter 100% of line 3 here and on Schedule J, line 34. | 4
SCORES TIEAY 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 BB7(bKE) 0 or 858(a), or F 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 treated as
paid during the tax year under section 858(a) . . . . . . . . . -L2
3 Dividends declared in December deemed paid on December record date under section a570018) (do
not include any amountsshownonlineslor2) 2 2 2 6 1 ee eee i L3
4 Consent dividends (attach Forms972and973) . 2... ww ee ee LA
5 Total dividends paid—Add lines 1through4. . . . . oo 5
6 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
21b,pagel. . . Co ee |



Form 1120-REIT (1987) Page 3
Tax Computation (See instructions.)
1 Check if you are a member of a controlled group (see sections 1561 and 1563). . . . . 2 1 oh O
2 Ifline 1 is checked, see instructions and enter your share of tax bracket amounts. If your tax year includes
June 30, 1987, complete both a and b below. Otherwise, complete only b.
Gi) $_ Gil) $ - Ws
GS.
3a Tax on real estate investment trust taxable income (see instructions to figure
the tax; enter this tax or alternative tax from Schedule D (Form 1120),
whichever is less). Check if from Schedule D (Form 1120) » [_] _ (Ba!
b Tax from Part Il (line 6, page 2) 3b
¢ Tax from Part Ill (line 16, page 2). 3c 4
d_ Tax from Part IV (line 4, page 2) . 3d Ms
e Total—Add lines 3a through 3d . rn 3e
4a Foreign tax credit (attach Form 1118) . . . 4a
b General business credit. Enter here and check which forms are
attached[_] Form 3800 ["] Form 3468 [_] Form 5884 ]]
L] Form 6478 [J] Form6765 [_] Form 8586 . 4b) Mi
¢ Total—Add lines 4a and 4b Ac
5 Line 3elessline4c . po ee EB
6 Personal holding company tax (attach Schedule PH (Form 1 120)) . Se toe 6
7 Tax from recomputing prior-year investment credit (attach Form 4255) 7
8a Alternative minimum tax (see instructions—attach Form 4626). 8a
b Environmental tax (see instructions—attach Form 4626) . Co ee ee LB
9 Total tax—Add lines 5 through 8b. Enter here and online 23, pagel... 9
Additional Information (See instruction F.) Yes} No! (@) Enter highest a amount owed to the REIT by such owner during Yes|No
G Did the REIT claim a deduction for expenses connected with: the year D_ Y

ie}
(2
(3

(4

(()
H(1

(2

) An entertainment facility (boat, resort, ranch, etc.)?
') Living accommodations (except employees on business)?

}) Employees attending conventions or meetings outside the North
American area? (See section 274(h).) :

Employees’ families at conventions or meetings?

If “Yes,” were any of these conventions or meetings outside the
North American area? (See section 274(h).)

}) Employee or family vacations not reported on Form W-2? .

) Did the REIT at the end of the tax year own, directly or

indirectly, 50% or more of the voting stock of a domestic Mh
corporation? (For rules of attribution, see section 267(c).) .
If "Yes," attach a schedule showing: (a) name, address, and
identifying number; (b) percentage owned; (c) taxable income (or
loss) before NOL and special deductions (e.g., if a Form 1120:
from Form 1120, line 28, page 1) of such corporation for the tax
year ending with or within your tax year; (d) highest amount owed
by the REIT to such corporation during the year; and (e) highest
amount owed to the REIT by such corporation during the year.

Did any individual, partnership, corporation, estate, or trust at

the end of the tax year own, directly or indirectly, 50% or more

of the REIT's voting stock (or beneficial interests)? (For rules

of attribution, see section 267(c).) If “Yes,” complete (a)

through (e) . .

(a) Attach a schedule showing name, a, address, and identifying.
number.

(b)
(c) Was the owner of such voting stock (or beneficial
interest) a person other than a U.S. person? (See
instructions.) Note: /f “Yes,” the REIT may have to file
Form 5472. oe
If “Yes,” enter owner's country PB ....

Enter highest amount owed by the REIT to such owner
during the year

Enter percentage owned >

@

Note: For purpose: ), “highest amount owed” includes
loans and accounts receivable/payable.

1 Was the REIT a U.S. shareholder of any controlled _forean
corporation? (See sections 951 and 957.)
If “Yes,” attach Form 5471 for each such corporation.

J At any time during the tax year, did the REIT have an interest in or
a signature or other authority over a financial account in a foreign
country (such as a bank account, securities account, or other
financial account)?

(See instruction F and filing requirements for form ‘TD F 90. 2. 1, )

If “Yes,” enter name of foreign country >

K 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
beneficial interest in it?

If “Yes,” the REIT may have to file Form 3620, 3520-4, or 926.

L 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.) . fa Foe ee
If “Yes,” file Form 5452.

M During this tax year did the REIT maintain any part of its
accounting/tax records on a computerized system? _

N_ Check method of accounting:

(a) Cl cash
(2) CO Accrual
(3) [J Other (specify) ® _. =...

O Check this box if the REIT issued publicly offered debt instruments
with original issue discount .

If so, the REIT may have to file Form 8281.

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

Q Ifthe REIT is a member of a controlled group, enter the amount of
taxable income for the entire group >

U7

S