ACCT use REIT trial balance to prepare U.S. GAAP financial s…

Assignment

1. Construct Financial Statements

Prepare a balance sheet and P&L statement using the trial balance provided.

Correctly classify accounts into assets, liabilities, equity, revenues, and expenses.

2. Reconcile U.S. GAAP Income/Loss to Taxable Income/Loss

Identify and explain booktax differences relevant to REITs (e.g., depreciation, amortization, non-

deductible expenses).

Convert U.S. GAAP net income/loss to taxable income/loss before the dividends-paid deduction.

3. Compute REIT Taxable Income (RTI)

4. Apply the REIT Distribution Requirement

Calculate the minimum required distribution.

Compare required distributions to actual dividends paid.

5. Evaluate the outcome and determine whether the REIT qualifies for the dividends-paid deduction.

Guidance

Internal Revenue Code 857 (IRC Section 857)

Taxation of real estate investment trust and their beneficiaries

Points

This project is worth 200.00 points. The assignment will be graded based on the following:

Category Points

Complete the financial statement mapping from the trial balance 10.00

Prepare a balance sheet 10.00

Prepare a P&L statement 10.00

Prepare a pivot table for each of the statements 10.00

Compute the taxable income 10.00

Compute the REIT-based taxable income 15.00

Compute the minimum required distribution 15.00

REIT Qualification Result and Codification (5.00 points each) 10.00

E-mail IRC guidance via database 10.00

Concise and comprehensive use of formulas 100.00

Total 200.00

NO AI allowed. it needs to be done exactly in the manner as stated in the questions and guidance. i have attached the pdf instruction and the excel to do it on.

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