Accounting Rules
Form and Content of Financial Statements
Regulation S-X
Rule 3-15 -- Special Provisions as to Real Estate Investment Trusts
(a)
(1) The income statement prepared pursuant to Rule
5-03 shall include the following additional captions between those required
by Rule 5-03.15 and 16:
(i) Income or loss before gain or loss on sale of properties,
extraordinary items and cumulative effects of accounting changes, and
(ii) gain or loss on sale of properties, less applicable income
tax.
(2) The balance sheet required by Rule 5-02
shall set forth in lieu of the captions required by Rule
5-02.31(a)(3):
(i) The balance of undistributed income from other than gain or
loss on sale of properties and
(ii) accumulated undistributed net realized gain or loss on sale
of properties. The information specified in Rule 3-04
shall be modified similarly.
(b) The trust's status as a "real estate investment
trust" under applicable provisions of the Internal Revenue Code as
amended shall be stated in a note referred to in the appropriate statements.
Such note shall also indicate briefly the principal present assumptions
on which the trust has relied in making or not making provisions for Federal
income taxes.
(c) The tax status of distributions per unit shall
be stated (e.g., ordinary income, capital gain, return of capital).
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