Investing As A REIT In Utility Conduit Systems

Law360, New York (October 15, 2007, 12:00 AM EDT) -- The Internal Revenue Service (IRS) recently issued a private letter ruling stating that a passive conduit system owned by a real estate investment trust (REIT) qualified as a real estate asset.

This ruling is important to investors contemplating investments in passive utility systems, such as electric transmission and distribution systems, and to corporations considering a more tax-efficient structure for the ownership of their utility assets.

A REIT is a corporation, trust or association that primarily invests in real estate assets and elects to be treated as...
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