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Expert Analysis

IRS Doesn't Waver When Interpreting REIT 'Real Estate'

Law360, New York (June 10, 2013, 5:34 PM EDT) -- A significant amount of press attention has been given to an unusual press release filed with the U.S. Securities and Exchange Commission by Iron Mountain regarding its planned conversion to a real estate investment trust (REIT). Iron Mountain said that the IRS had informed the company that the IRS is "tentatively adverse" on Iron Mountain's private letter ruling (PLR) request that racking structures constitute "real estate" for REIT purposes. The press release stated that a PLR confirming that racking structures are real property is necessary for Iron Mountain's REIT conversion, presumably because of the significant value associated with these assets....

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