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Federal input screens

Screen REIT - Real Estate Investment Trust (1120)

General Information

Use this section to enter information to complete the top portion of Page 1 of Form 1120-REIT and to complete the section 4981 tax Schedule M-1 adjustment.

Income

Enter the amount of dividends received by the REIT. Do not use the C&E screen to enter dividend information for the REIT.
Enter the gross rental income from real property in this field. This amount is combined with the gross rents entered in the Rent screen for activities that are coded Rental real estate. Do not use the Inc screen to enter gross rents from real property for the REIT.
Enter gross rents other than from real property in this field. This amount combines with the gross rents entered in the Rent screen for activities that are coded Other rental. Do not use the Inc screen to enter other gross rents for the REIT.

Tax for Failure to Meet Source-of-Income Requirements

Use the statement dialog to enter section 856(c)(2) income. The application automatically transfers dividends, interest, rents from real property and income and gain derived from foreclosure property to this statement at print time. These amounts do not appear in the data entry statement dialog, but they are included in the amount that prints on the form and they do appear in the printed statement. To view the values that are included in the printed statement prior to printing, review the Forced Statement Items Worksheet, Page 6. To view the statement, press CTRL+F to switch to form view and then select the View Statement button next to the appropriate field on the form.
Use the statement dialog to enter section 856(c)(3) income. The application automatically transfers rents from real property and income and gain derived from foreclosure property to this statement at print time. These amounts do not appear in the data entry statement dialog, but they are included in the amount that prints on the form and they do appear in the printed statement. To view the values that are included in the printed statement prior to printing, review the Forced Statement Items Worksheet, Page 6. To view the statement, press CTRL+F to switch to form view and then select the View Statement button next to the appropriate field on the form.

Tax on Prohibited Transactions and Excise Tax

Enter the amount of the 100-percent excise tax imposed on transactions between the REIT and the taxable REIT subsidiary.
Enter an amount equal to the greater of $50,000 or the tax on the net income generated by investment assets referred to in code section 856(c)(4).
Enter an amount equal to $50,000 for each failure to satisfy the provisions referred to in code sections 856 through 859.
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