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Post-April 6, 2015 Financial Reports and Correspondence
Tax Return Guides for Certificate Holders of the
Trust of Great Northern Iron Ore Properties
Great Northern Iron Ore Properties was a grantor trust for income tax purposes. If you were an investor in the Trust of Great Northern Iron Ore Properties, you were required to report your proportionate share of the Trust’s taxable income/(loss) on your federal and state (if applicable) income tax returns. A Tax Return Guide was prepared annually to assist certificate holders in the reporting of their taxable income/(loss) allocated from the Trust of Great Northern Iron Ore Properties.
Copies of the most recent five years of Tax Return Guides for certificate holders of the Trust of Great Northern Iron Ore Properties are available for download and are listed at the bottom of this page.
“Registered holders” (those with share certificates and/or accounts held via our stock transfer agent) will receive their tax information directly from Great Northern Iron Ore Properties. Domestic registered holders (investors) will receive a Substitute Form 1099-MISC (reporting one’s total allocated taxable income/(loss) from the Trust), a Trust Supplemental Statement (showing the number of shares held on the record dates), and a copy of the Tax Return Guide. Foreign registered holders (investors) will receive a Form 1042-S and a copy of the Tax Return Guide.
“Street name holders” (those with holdings in brokerage accounts) will receive their tax information directly from their brokers. The format of the street name tax information sometimes varies due to the brokerage firms’ tax accounting/reporting programs; however, the brokerage firms should provide their clients that have an investment in Great Northern Iron Ore Properties with a copy of the Tax Return Guide. If not, copies of recent Tax Return Guides are available below.
In either case, whether you are a registered holder or a street name holder, the Tax Return Guide will be required to calculate your allocated taxable income/(loss) from the Trust of Great Northern Iron Ore Properties. The Tax Return Guide will provide per unit (share) factors to separate the total allocated taxable income/(loss) into interest income, rental income (if applicable) and gain/(loss) from the sale of iron ore. The Tax Return Guide will also provide information on other deductions and adjustments that may be available to the investor. In addition, please note that for the benefit of street name holders, the Tax Return Guide is universal in that if you know the number of units (shares) held on the record dates during the year, you can calculate the proper amount of Trust income/(loss) and deductions allocable to you, regardless of whether or not you received a tax form from your broker.
Please note that the Trust’s distributions declared or paid throughout the year are not the basis for determining one’s tax liability, nor do the distributions constitute qualified dividend income as defined by the tax code. Rather, investors must use the worksheets in the Tax Return Guide to calculate their allocated taxable income/(loss) from Great Northern Iron Ore Properties and enter the appropriate amounts onto their income tax returns.
Tax Return Guides for Certificate Holders