Treasury, IRS Propose New Exemptions For REITs

Law360, New York (April 17, 2012, 8:37 PM EDT) -- The U.S. Department of the Treasury and the Internal Revenue Service on Monday introduced new proposed regulations that would remove the possibility of real estate investment trusts having to pay taxes on property acquired through an exempt asset trade-off with a C corporation.

Currently, if a REIT acquires a piece of property from a corporation and the corporation does not elect to recognize gain or loss as if it sold the property at fair market value, the REIT is subject to a tax on the net...
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