Securities Lawyer's Deskbook                          published by The University of Cincinnati College of Law

Rule 12-24 -- Real Estate Owned and Rental Income (1)

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Part 1 - Real estate owned at end of period                          |      Part 2 - Rental income
                   |        |        |            |         |        |        |        |        |        |
                   |        |        |            |         |        |        |        |        |        |
                   |        |        |            | Column  |        |        |        | Col-   |        |
                   |        |        |            |   E -   |        | Col-   |        | umn    |        |
                   |        | Col-   |            | Amount  |  Col-  | umn    |  Col-  |  I -   |        |
                   | Column | umn    |            |   at    |  umn   |  G -   |  umn   |  Ex-   |  Col-  |
Column A - List    |   B -  |  C -   | Column D - |  which  |   F -  | Rents  |  H -   | pended |  umn   |
 classification of | Amount |Initial |  Cost of   | carried |  Re-   |  due   | Total  |  for   |  J -   |
 property as in-   |   of   |cost to |  improve-  |   at    | serve  |  and   | rental | inter- |  Net   |
 dicated below 2,3 | incom- | compa- | ments, etc.|  close  |  for   |  ac-   | income |  est,  | income |
___________________|brances |  ny    |            |  of     | depre- | crued  | appli- | taxes, | appli- |
                   |        |        |            |  peri-  | ciation| at end | cable  | repairs| cable  |
                   |        |        |            | od 4,5, |        |   of   |  to    |  and   |  to    |
                   |        |        |            |  6,7    |        | period | period |  ex-   | period |
                   |        |        |            |         |        |        |        | penses |        |
                   |        |        |            |         |        |        |        |        |        |
Farms..............|........|........|............|.........|........|........|........|........|........|
Residential........|........|........|............|.........|........|........|........|........|........|
Apartments and     |        |        |            |         |        |        |        |        |        |  
 business..........|........|........|............|.........|........|........|........|........|........|
Unimproved.........|........|........|............|.........|........|........|........|........|........|
                   |________|________|____________|_________|________|________|________|________|________|
    Total 8........|........|........|............|.........|........|........|........|........|........|
                   |        |        |            |         |        |        |        |        |        |
Rent from pro-     |        |        |            |         |        |        |        |        |        |
 perties sold      |        |        |            |         |        |        |        |        |        |
 during period.....|        |        |            |         |        |........|........|........|........|
                   |________|________|____________|_________|________|________|________|________|________|
    Total..........|        |        |            |         |        |........|........|........|........|
___________________|________|________|____________|_________|________|________|________|________|________|

1. All money columns shall be totaled.

2. Each item of property included in column E in an amount in excess of $100,000 shall be listed separately.

3. In a separate schedule classify by states in which the real estate owned is located the total amounts in support of columns E and F.

4. In a footnote to this schedule, furnish a reconciliation, in the following form, of the total amount at which real estate was carried at the beginning of the period with the total amount shown in column E:

         Balance at beginning of period.............................$___________

          Additions during period:

            Acquisitions through foreclosure...........$___________
  
            Other acquisitions..........................___________

            Improvements, etc...........................___________

            Other (describe)............................___________

          Deductions during period:

            Cost of real estate sold...................$___________

            Other (describe)............................___________

        Balance at close of period..................................$___________

If additions, except acquisitions through foreclosure, represent other than cash expenditures, explain. If any of the changes during the period result from transactions, directly or indirectly, with affiliates, explain and state the amount of any intercompany gain or loss.

5. If any item of real estate investments has been written down or reserved against pursuant to Rule 6-21(f), describe the item and explain the basis for the write-down or reserve.

6. State in a footnote to column E the aggregate cost for Federal income tax purposes.

7. The amount of all intercompany profits included in the total of column E shall be stated if material.

8. Summarize the aggregate amounts for each column applicable to captions 7 and 12 of Rule 6-22.

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