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Real Estate Investment Trusts: Their Uses and Basic Tax Rules

Webinar: ID# 1012497
Recorded CD
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Real Estate Investment Trusts: Their Uses and Basic Tax Rules
About This Course:
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 (assets outside of traditional corporate and government securities) 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.

This live audio conference begins with a discussion of the uses, advantages and disadvantages of the REIT structure for owning real estate. Continuing with 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.

Attend this live audio conference and become familiar with the use of REITs and the tax rules that apply to these increasingly utilized investment structures.

Learning Objectives:

  • You will be able to explain the advantages and disadvantages compared to other investments in real estate.
  • You will be able to review qualification rules.
  • You will be able to discuss REIT subsidiaries.
  • You will be able to define REIT shareholder taxation.

Agenda

I. REITs – General Concepts

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

II. 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

III. Qualification Rules

  • General
  • Asset Tests
  • Income Tests

IV. REIT Subsidiaries

  • QRS
  • TRS

V. Required Distributions

  • 90 Percent Test
  • Timing of Dividends

VI. Taxation of REITs and Their Shareholders

  • REIT Taxation
  • REIT Shareholder Taxation

VII. Partnerships Used in REIT Structures

  • UPREITs
  • DOWNREITs

Faculty

Leo N. Hitt, Partner, Reed Smith LLP, Pittsburgh, PA

  • Member of its tax practice and former head of the Tax, Benefits and Wealth Planning Group
  • Practice emphasizes all aspects of federal income taxation, with particular emphasis in 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
  • Wrote several publications related to the areas of the federal income taxation of business entities and other related topics
  • Adjunct professor at the University of Pittsburgh School of Law
  • Listed in Best Lawyers in America for tax law for more than 10 years and achieved the highest rating by Martindale-Hubbell Law Directory
  • Board of the Pittsburgh Tax Club and member of the Allegheny Tax Society
  • J.D. degree, University of Pittsburgh School of Law; LL.M. degree, New York University School of Law; B.A. degree, University of Pittsburgh

Who Should Attend

This live audio conference is designed for accountants, tax managers, CFOs, controllers, real estate professionals, presidents, vice presidents, business owners and managers, developers, property managers, enrolled agents, tax preparers, financial planners, lenders and attorneys.

Continuing Education Credit

Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit. Only registered and paid attendees will receive continuing education credit. Certificates of Completion are provided to each registered attendee. Your certificate will be emailed to you within two weeks following completion of the program.

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Real Estate Investment Trusts: Their Uses and Basic Tax Rules
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