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.
Learning Objectives
- You will be able to identify REIT formation and organization rules
- You will be able to identify REIT qualification rules
- You will be able to differentiate between REIT Subsidiaries
- You will be able to recognize Taxation of REITs and Their Shareholders
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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
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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OnDemand Course
This course was last revised on June 13, 2023.
Call 1-866-352-9540 for further credit information.
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- 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 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
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CPE/NASBA - QAS Self Study 2.8 including Specialized Knowledge 2.8
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 2.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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.
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Why Lorman?
Over 37 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
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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