Financial Institution Franchise And Excise Tax Captive Reit Disclosure Form - Tennessee Department Of Revenue Page 2
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2Franchise and Excise Financial Institution Return
Instructions to Captive REIT Disclosure Form
GENERAL INSTRUCTIONS
SPECIFIC INSTRUCTIONS
Purpose of Form
Taxable Year
Public Chapter 1106 (2008) amended Tenn. Code
Enter the taxable period shown on the Franchise
Ann. § 67-4-2006(e) to require financial institutions
and Excise Financial Institution Tax Return.
to disclose dividends received from captive REITs
for tax years beginning on or after January 1, 2008.
Taxpayer Name
Enter the legal name of the taxpayer.
“Captive real estate investment trust” or “captive
REIT” means an entity with an election in effect
Account No. or FEIN
under § 856(c)(1) of the Internal Revenue Code,
Enter the taxpayer’s franchise and excise tax nine-
compiled in 26 U.S.C. § 856(c)(1), in which the
digit account number or the federal employer
taxpayer, directly or indirectly, has at least eighty
identification number.
percent
(80%)
ownership
interest
by
value
determined in accordance with generally accepted
Letter Ruling Requested
accounting principles and whose shares are not
Check the appropriate box to indicate whether or
traded on a national stock exchange (Tenn. Code
not the taxpayer has requested and received a
Ann. § 67-4-2004).
binding letter ruling, in accordance with Tenn. Code
Ann. § 67-1-109, pertaining to the Captive REIT(s)
Who Must File
disclosed on this form.
Any financial institution that receives dividends,
directly or indirectly, from one or more captive
REIT Disclosure
REITs must complete this form.
Complete a REIT Disclosure section for each
captive REIT from which the taxpayer received
When to File
dividends, directly or indirectly, during the taxable
The Captive REIT Disclosure Form must be filed
year. Attach additional forms as needed.
with the Franchise and Excise Financial Institution
Tax Return (Form FAE 174). The tax return is due
Enter the legal name, address and FEIN of the
th
th
on the 15
day of the 4
month following the close
REIT on the appropriate lines. Use the address of
of the taxable year.
the REIT’s principal office or place of business.
Failure to File the Disclosure Form
Amount of Dividend Received
Failure to file the required disclosure form will result
Enter the amount of dividends received, directly or
in the disallowance of the dividends received
indirectly from the captive REIT.
deduction provided in Tenn. Code Ann. § 67-4-
2006(b)(2)(A) with respect to any direct or indirect
REIT’s Principal Business Activity
dividends received from a captive REIT.
Provide a complete description of the captive
REIT’s principal business activity.
Penalty for Failure to Disclose
Failure to disclose the captive REIT dividend will
Taxpayer’s Relationship to the Captive REIT
result in a fifty percent (50%) penalty on the amount
Provide a complete description of the relationship
of any underpayment arising from the disallowance
between the taxpayer and the captive REIT. If the
of the eighty percent (80%) owned dividend
captive REIT is indirectly owned, show the
received deduction.
ownership from the REIT to the taxpayer. Attach
an organizational chart to show the REIT’s
ownership.
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