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MT online Form 1120-C: What You Should Know
A real estate partnership, limited partnership, or S corporation. All of these business entities must file a Form 1120 return and pay tax on their profits and losses. A real estate cooperative is a partnership or corporation that operates for the public benefit and carries on one or more of the following activities. (1) Operating or maintaining a cooperative. (2) Operating a cooperative with a member cooperative. (3) Operating or maintaining, or having the right to operate or maintain, a cooperative housing association. (4) Operating or maintaining a cooperative that is organized for the exclusive use as the headquarters of an association. (5) Operating or maintaining an activity for the public benefit that is carried on by a real estate cooperative. (6) Operating or maintaining, or having the right to operate or maintain, a cooperative housing association for not more than 4,000 contiguous or contiguous acres of land. (7) Operating or maintaining an activity that is for the public benefit that is carried on by a real estate cooperative, except that an exemption from tax based on real estate is allowed for such activity if the income from the activity is treated as business income and the gross receipts from the activity (net of allowable business deductions) can be reasonably expected to exceed 1,000,000. (8) A real estate cooperative is not treated as a partnership or corporation for purposes of paragraph (a)(4) of this section. However, a real estate cooperative is treated as a partnership, corporation, or LLC for purposes of paragraph (a)(2) of this section. (9) An association with a member is treated as a corporation for any purpose (other than the purpose of determining its income). (10) An association that is the principal office of a trustee to a trust with limited liability is treated as a partnership for any purpose (other than the purpose of determining its income). (11) A real estate cooperative is treated under the laws of the United States or of any State in which it has a permanent establishment or an office as a partnership or that has a general partner or limited partner. An association under the laws of either State can also be treated as a real estate cooperative. (12) A real estate cooperative is one of the following: (1) A corporation or partnership, (2) An association as defined in Regulations section 1.
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