[Code of Federal Regulations] [Title 26, Volume 17] [Revised as of April 1, 2004] From the U.S. Government Printing Office via GPO Access [CITE: 26CFR55.4981-1] [Page 403-404] TITLE 26--INTERNAL REVENUE CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) PART 55_EXCISE TAX ON REAL ESTATE INVESTMENT TRUSTS AND REGULATED INVESTMENT COMPANIES--Table of Contents Subpart A_Excise Tax on Real Estate Investment Trusts Sec. 55.4981-1 Imposition of excise tax on certain real estate investment Subpart A_Excise Tax on Real Estate Investment Trusts Sec. 55.4981-1 Imposition of excise tax on certain real estate investment trust taxable income not distributed during the taxable year; taxable years ending on or before January 1, 1987. 55.4981-2 Imposition of excise tax with respect to certain undistributed income of real estate investment trusts; calendar years beginning after December 31, 1986. Subpart B_Excise Tax on Regulated Investment Companies 55.4982-1 Imposition of excise tax on undistributed income of regulated investment companies. Subpart C_Procedure and Administration 55.6001-1 Notice or regulations requiring records, statements, and special returns. 55.6011-1 General requirement of return, statement, or list. 55.6061-1 Signing of returns and other documents. 55.6065-1 Verification of returns. 55.6071-1 Time for filing returns. 55.6081-1 Extension of time for filing the return. 55.6091-1 Place for filing Chapter 44 tax returns. 55.6091-2 Exceptional cases. 55.6151-1 Time and place for paying of tax shown on returns. 55.6161-1 Extension of time for paying tax or deficiency. 55.6165-1 Bonds where time to pay tax or deficiency has been extended. Authority: Secs. 6001, 6011, 6071, 6091, and 7805 of the Internal Revenue Code of 1954 (68A Stat. 731, 732, 749, 752, 917; 26 U.S.C. 6001, 6011, 6071, 6091, and 7805). Section 55.4981-1 also issued under sec. 860(e), 92 Stat. 2849 (26 U.S.C. 860(e); sec. 860(g), 92 Stat. 2850 (26 U.S.C. 860(g)); and sec 7805. 68A Stat. 917 (26 U.S.C. 7805) of the Internal Revenue Code of 1954), 26 U.S.C. 7805. Section 55.6011-1 also issued under 26 U.S.C. 6011(a); Section 55.6071-1 also issued under 26 U.S.C. 6071(a); Section 55.6091-1 also issued under 26 U.S.C. 6091(a). Section 55.6151-1 also issued under 26 U.S.C. 6151. Source: T.D. 7767, 46 FR 11282, Feb. 6, 1981; 46 FR 15263, Mar. 5, 1981, unless otherwise noted. trust taxable income not distributed during the taxable year; taxable years ending on or before January 1, 1987. Section 4981 as in effect before amendment by the Tax Reform Act of 1986 imposes an excise tax on a real estate investment trust if the deduction for dividends paid for the taxable year does not equal at least 75 percent of its real estate investment trust taxable income (computed as provided in section 4981 as in effect before amendment by the Tax Reform Act of 1986) for the taxable year. For purposes of section 4981 as in effect before amendment by the Tax Reform Act of 1986, the deduction for dividends paid is computed without regard to capital gains dividends (as defined in section 857(b)(3)(C)) and without regard to any dividends actually paid after the close of the taxable year. Thus, dividends considered as paid during the taxable year under section 858 are disregarded. Deficiency dividends (as defined in section 860(f) paid with respect to the taxable year [[Page 404]] are also disregarded. The return referred to in the last sentence of section 4981 as in effect before amendment by the Tax Reform Act of 1986 in the income tax return. Section 4981 as in effect before amendment by the Tax Reform Act of 1986, applies only to taxable years beginning after December 31, 1979 and ending before January 1, 1987, for which the taxpayer is taxable under Part II of Subchapter M of Chapter 1 of subtitle A as a real estate investment trust. [T.D. 7767, 46 FR 11282, Feb. 6, 1981; 46 FR 15263, Mar. 5, 1981; T.D. 7936, 49 FR 2109, Jan. 18, 1984; T.D. 8180, 53 FR 6147, Mar. 1, 1988]