The Treasury Department and Internal Revenue Service recently issued proposed regulations (the Proposed Regulations) and Revenue Ruling 2018-29 (the QOZ Revenue Ruling), providing much anticipated guidance for Qualified...more
The Bipartisan Budget Act of 2015 fundamentally changes the rules and procedures governing IRS audits of partnerships for taxable years beginning on or after January 1, 2018. These new rules are contained in new Sections...more
This alert focuses on various tax reform proposals and their potential impact on REITs and the real estate industry. Tax reform is high on the agendas of both the House Ways and Means Committee and the Trump administration....more
I. Why Do REITs Have Ownership Limits in the First Place? -
Ownership limitation provisions are designed primarily to protect one of a REIT’s most valuable assets – its status as a REIT under the federal income tax...more
6/9/2016
/ Beneficial Owner ,
Board of Directors ,
Business Ownership ,
Controlling Stockholders ,
Corporate Charters ,
Income Taxes ,
Investment Management ,
Ownership Rules ,
Publicly-Traded Companies ,
REIT ,
Securities ,
Securities and Exchange Commission (SEC) ,
Tenants ,
Waivers
Under FIRPTA, a non-U.S. person’s gain from the sale of U.S. real property interests is treated as income that is effectively connected with a U.S. trade or business (“ECI”), and therefore, is subject to U.S. federal income...more
In our December 3, 2015 REIT Alert we suggested that the Prop Co/Op Co structure implemented by a tax-free REIT spin-off may not be dead. On December 7, 2015 House Ways and Means Committee Chairman, Kevin Brady (R-TX)...more
In recent years, a number of public companies have sought to unlock the value embedded in their corporate real estate assets by separating the real estate and other assets into two separate entities – a so-called PropCo/OpCo...more
In issuing IRS Notice 2015-59 and Rev. Proc. 2015-43 last week, the IRS intentionally created significant market uncertainty about the viability of “PropCo/OpCo” spin-offs as part of the PropCo’s REIT conversion (e.g., where...more
Chairman David Camp (R-MI) of the U.S. House Ways and Means Committee recently issued a discussion draft of a comprehensive tax reform proposal which would materially modify the taxation of REITs and real estate related...more
In This Issue:
Bringing Non-U.S. Capital Into (and Back Out of) U.S. Real Estate; A Wider Play of Shale: A Hydraulic Fracturing Primer; California Clears Way for Pollution Clean-Up with AB 440; and Which Way is the...more