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Tax Management Portfolio, Real Estate Investment Trusts, No. Mount, Esq., of Squire Sanders (US) LLP, Columbus, Ohio. D., University of Nebraska College of Law (1979); LL. 742-3rd, discusses the requirements for qualification as a real estate investment trust (REIT) and the tax treatment of its operation. To view this Portfolio, take a free trial to Bloomberg Tax Bloomberg Tax This Portfolio is available with a subscription to Bloomberg Tax, a comprehensive research solution including over 500 Tax Management Portfolios, practice tools, primary sources and timely news. of the Treasury, Office of Tax Legislative Counsel (1974-1976). Tax Management Portfolio, Real Estate Investment Trusts, No. Mount, Esq., of Squire Sanders (US) LLP, Columbus, Ohio. Director, Deloitte Tax LLP; member, American Bar Association Section of Taxation, National Association of Real Estate Investment Trusts; D. Bar Taxation Section, member, Steering Committee (1989-1994), Vice-Chair and then Chair, Pass-Through Entities and Real Estate Committee (1996-2001). 742-3rd, discusses the requirements for qualification as a real estate investment trust (REIT) and the tax treatment of its operation. There are eight basic organizational requirements an entity must satisfy to qualify as a REIT. It must be organized as a corporation, trust, or association; it must have centralized management by trustees or directors; ownership must be evidenced by transferable shares or certificates; it must be taxable as a domestic corporation but for the REIT provisions; it must not be a financial institution or an insurance company; the entity must be owned by at least 100 persons; five or fewer individuals may not own more than 50% in value of the entity's outstanding shares; and it must properly elect to be taxed as a REIT. A., Columbia University, summa cum laude (1969); J. A REIT is strictly limited in the assets it may own and the sources from which it may earn its income. Certified Public Accountant (California, DC, New York and Texas); Partner, Deloitte Tax LLP; member, American Institute of Certified Public Accountants, National Association of Real Estate Investment Trusts, American Society of Pension Professionals & Actuaries; AICPA Tax Practice Responsibilities Committee; and former member of the AICPA Employee Benefits Tax Committee. Thus, at the close of each quarter of the taxable year it must satisfy six interacting asset tests.
If all the requirements of §§856 through 860 of the Internal Revenue Code are satisfied, the REIT functions as a conduit; its earnings are passed through to its investors and taxed only at the investor level. Certified Public Accountant (California); Partner, Deloitte Tax LLP; member, American Institute of Certified Public Accountants, California Society of Certified Public Accountants, National Association of Real Estate Investment Trusts; author of numerous articles on REITs and REIT taxation; frequent speaker on REIT-related matters.
Because many provisions of §§851 through 855, concerning regulated investment companies, are similar to the comparable real estate investment company provisions, authorities concerning regulated investment companies are cited throughout this Portfolio. Carnevale, Esq., University of Michigan (1982); University of Detroit (1990).
Certified Public Accountant (New York, New Jersey, Michigan); Partner, Deloitte Tax LLP; member, American Institute of Certified Public Accountants, Michigan Society of Certified Public Accountants, American Bar Association, Michigan Bar Association, and National Association of Real Estate Investment Trusts.
Scott, United States Tax Court (1980-1982); co-author, Collier on Bankruptcy Taxation (Matthew Bender 2001), part of the nationally recognized Collier on Bankruptcy 15th Ed.; Principal, Deloitte Tax LLP and National Director (retired), Real Estate Tax Services, Deloitte Tax LLP, Phoenix, Arizona; member, American Bar Association Section of Taxation (Chair, Real Estate Committee, 1996-98), State Bar of Arizona.
Real Estate Assets (1) In General (2) Real Property (a) Inherently Permanent Structures (b) Structural Components (c) Specific Examples of Real Property (3) Mortgage Assets (a) Mortgages (b) Mortgage Participation Interests (c) Mortgage-Backed Securities (d) REMIC Tiered Provisions (e) Credit Enhancements (f) Mortgage Loan Defaults (g) Hypothecation Loans d. Other Matters (1) Determination of Value (2) Voting Securities (a) Substantive Rights of Holder (b) Timing of Voting Rights (c) Percentage Ownership i. Interest (1) In General (2) Contingent Interest (3) Interest for Purposes of the 95% Income Test (4) Interest for Purposes of the 75% Income Test (5) Hedging Transactions (6) Points and Original Issue Discount (7) Market Discount (8) Prepayment Penalties, Loan Assumption Fees, and Late Payment Charges c. 30% Income Limitation for Pre-August 6, 1997 Taxable Years 9. Rents from Real Property (1) Summary (2) Items Specifically Included in Rents (a) Rents from Interests in Real Property (b) Charges for Customary Services (c) Leases of Incidental Personal Property (d) Impermissible Tenant Service Income (3) Items Specifically Excluded from Rents (a) Rent Based on Income or Profits (b) Fixed Percentage Leases (i) Adjustments (ii) Escalator Provisions (iii) Overage Provisions (iv) Normal Business Practices (4) Rent Derived from an Owned Tenant (a) In General (b) Sublease (c) Attribution Rules (5) Rent Derived from REIT-Managed Properties (a) In General (b) Permissible Services (c) Definition of Independent Contractor (i) Independent Contractor Relationship to the REIT Adviser (ii) REIT May Not Receive Income from the Independent Contractor (iii) Compensation of the Independent Contractor f. Certain Wholly Owned Corporations and Partnership Interests 8.