Become familiar with the use of REITs and the tax rules that apply to these increasingly utilized investment structures.
REITs are the investment vehicle of choice for holding interests in a diversified portfolio of real estate properties, as opposed to owning an interest in a single property. Estimates are that more than $300 billion is currently invested in publicly traded REITs, and more than $70 billion is invested in nontraded REITs. As the interest in alternative assets rises and real estate is being increasingly examined as presenting a significant gain opportunity given current market conditions, more investors, including nontraditional real estate investors, such as retirement plans and charitable organizations, are examining the ownership of REIT shares as part of their portfolio.
Learn about the uses, advantages, and disadvantages of the REIT structure for owning real estate. Discuss the basic tax rules related to REIT formation and operation, including the organizational rules, asset tests, income tests, distribution requirements, and the taxation of the REIT and its shareholders. Review certain structural alternatives associated with REITs, including the use of subsidiaries, QRSs and TRSs, and partnerships, UPREITs and DOWNREITs. Also included will be a discussion of recent changes made to the REIT provisions.
Agenda
Faculty
Leo N. Hitt
Reed Smith LLP
- Partner in the Pittsburgh office of Reed Smith LLP
- Member of Reed Smith’s tax practice and former head of the Tax, Benefits, and Wealth Planning Group
- Practice emphasizes all aspects of federal income taxation, with particular emphasis on the taxation of business entities, such as partnerships and corporations, securitized and other investment vehicles, including RICs, REITs, and REMICs
- Conducts seminars and workshops on numerous topics for a large number of professional groups, including lawyers, accountants, and business people
- Frequently writes for various publications on topics related to the areas of the federal income taxation of business entities and other related topics
- Member of the Pittsburgh Tax Club and Allegheny Tax Society
- Member of the Pennsylvania Supreme Court and U.S. Tax Court bars
- J.D. degree, University of Pittsburgh School of Law; LL.M. degree in taxation, New York University School of Law; B.A. degree, University of Pittsburgh
- Can be contacted at [email protected] or 412-288-3298
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