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Primer on Real Estate Investment Trusts

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 are currently invested in publicly traded REITs and more than $70 billion are 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. Hear a discussion of the basic tax rules that relate to REIT formation and operation, including the organizational rules, asset tests, income tests, distribution requirements, and the taxation of the REIT and its shareholders. Certain structural alternatives associated with REITs, including the use of subsidiaries, QRSs and TRSs, and partnerships, UPREITs and DOWNREITs, will be reviewed; as well as changes made to the REIT provisions in the Protecting Americans from Tax Hikes Act of 2015 (signed 12/18/2015).

102 minutes
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

REITs - General Concepts

  • Uses
  • Advantages and Disadvantages Compared to Other Investment Vehicles for Real Estate

Formation and Organization Rules

  • Structure of Entity
  • Management by Directors
  • Shares
    • Transferability
    • Number of Shareholders
    • Closely Held Restriction
  • Corporate Tax Issues
    • Classification Rules
    • Distribution of E&P
  • Election
  • Other Tax Issues at Outset
    • No Financial Institution or Insurance Company
    • Calendar Tax Year

Qualification Rules

  • General
  • Asset Tests
  • Income Tests

REIT Subsidiaries

  • QRS
  • TRS

Required Distributions

  • 90 Percent Test
  • Timing of Dividends

Taxation of REITs and Their Shareholders

  • REIT Taxation
  • REIT Shareholder Taxation

Partnerships Used in REIT Structures

  • UPREITs
  • DOWNREITs
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on April 20, 2020.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.7
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.7 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ND CLE 1.75
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.75 hours of CLE credit.
     
  • NH MCLE 1.7
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 101 Minutes.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 2.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 6 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WV MCLE 2.0
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 2.0 MCLE hours.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Leo N. Hitt

Leo N. Hitt

Reed Smith LLP

  • Partner in the Tax Group of Reed Smith LLP’s Pittsburgh office
  • Practice includes counseling in all areas of federal income taxes, including corporations, partnerships, specialty entities, such as RICs, REITs and REMICs, and international tax transactions (outbound and inbound)
  • Frequent speaker before a variety of tax, legal, and business groups
  • Adjunct Professor of Law at the University of Pittsburgh School of Law
  • Author and co-author of numerous publications related to business and taxation, including Rethinking the Obvious: Choice of Entity After the Tax Cuts and Jobs Act, Pittsburgh Tax Review, Volume 16 (2018) http://taxreview.law.pitt.edu
  • Member of Pittsburgh Tax Club and Allegheny Tax Society
  • LL.M. degree, New York University School of Law; J.D. degree, cum laude, University of Pittsburgh School of Law; B.A. degree, summa cum laude, University of Pittsburgh
  • Court Admissions include U.S. Tax Court, U.S. District Court - Western District of Pennsylvania, and State Supreme Court - Pennsylvania

• Can be contacted at 412-288-3298 or [email protected]

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 406713
Published 2020
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