2
Form 1066 (2012)
Page
Tax Computation
Schedule J
Part I—Tax on Net Income From Prohibited Transactions
1
Income—See instructions.
a Gain from certain dispositions of qualified mortgages
1a
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b Income from nonpermitted assets .
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1b
c Compensation for services .
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1c
d Gain from the disposition of cash flow investments (except from a qualified liquidation) .
1d
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2
Total income. Add lines 1a through 1d .
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2
3
Deductions directly connected with the production of income shown on line 2 (excluding
deductions attributable to prohibited transactions resulting in a loss)
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3
4
Tax on net income from prohibited transactions. Subtract line 3 from line 2 .
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4
Part II—Tax on Net Income From Foreclosure Property (as defined in section 860G(a)(8))
(Caution: See instructions before completing this part.)
5
Net gain or (loss) from the sale or other disposition of foreclosure property described in section
1221(a)(1) (attach statement)
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5
6
Gross income from foreclosure property (attach statement)
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6
7
Total income from foreclosure property. Add lines 5 and 6 .
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7
8
8
Deductions directly connected with the production of income shown on line 7 (attach statement) .
9
Net income from foreclosure property. Subtract line 8 from line 7
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9
10
Tax on net income from foreclosure property. Enter 35% of line 9
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10
Part III—Tax on Contributions After the Startup Day
(Do not complete this part if the startup day was before July 1, 1987. See instructions.)
11
Tax. Enter amount of taxable contributions received during the calendar year after the startup
day. See instructions (attach statement) .
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11
Part IV—Total Tax
12
Total tax. Add lines 4, 10, and 11. Enter here and on page 1, Section II, line 1 .
12
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1066
Form
(2012)