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Service addresses REIT's temporary investment of new capital.(real estate investment trusts)
- Article from:
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The Tax Adviser
- Article date:
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January 1, 2008
- Author:
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Copyright informationCOPYRIGHT 2008 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In Letter Ruling 200740004, the Service determined that a real estate investment trust (REIT) qualified for the "temporary investment of new capital" rules for purposes of the REIT income and asset tests when the REIT loaned the proceeds of its public debt offering to its operating partnership (OP) and the OP, in turn, temporarily invested the proceeds in stock and debt instruments. The Service also ruled that the loan from the REIT to the OP (and the interest received by the REIT thereon) is ignored for purposes of the REIT asset and income tests, to the extent of the REIT's capital interest in the OP.
Facts
A REIT is the OP's managing partner and owns a certain ...
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