On July 12, the IRS released a private letter ruling issued on April 12, 2013, ruling that certain real estate mortgage excess servicing spread would constitute a real estate asset, and that income received from the spread would be treated as interest on obligations secured by mortgages on real property, for purposes of the tax rules governing REITs. This ruling is similar in many respects to another ruling issued in May 2012. Private letter rulings are not binding on the IRS other than with respect to the taxpayer to whom it is addressed, but REITs may find these rulings useful in analyzing tax issues associated with real estate mortgage excess servicing spreads. IRS Private Letter Ruling 201328018 (April 12, 2013). IRS Private Letter Ruling 201234006 (May 24, 2012).