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REITs: Business, Tax and Transactions
Pages:
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Published On:
Updated On:
20095
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Hardcover Book
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This treatise explains the intricacies of REIT transactions, taxation, and elections, and provides a summary of election failures that are costly, yet easily avoided. It details the innovative self-help measures REITs have adopted to meet tenant expectations and business exigencies, without contradicting I.R.S. interpretive pronouncements, and explains how principles enunciated here remain relevant today, even as these arrangements (such as stapled REITs and preferred stock subsidiaries) have been restricted by legislative changes. Real estate practitioners dealing with REITs, and interacting with the I.R.S. will find its sources and insights into their tax and transactional advantages, and their pitfalls, essential.
The book is organized into the following areas: an introductory section dealing with REIT origins, economics, alternatives, legislative history, and their method of tax integration (Chapters 1 to 3), the rules for qualification and taxation of REITs and their shareholders (Chapters 4 to 16) and the opportunities and intricacies of REIT transactions (Chapter 17). Finally, an Addendum lists the basis for late election relief applications by REITs and their affiliates, for those REITs and advisors who find themselves in circumstances where a needed election was not made, or a planned election was made prematurely. This information will be valuable to professionals and executives responsible for ongoing compliance, as it lists the many ways in which a REIT’s elections can be invalidated or flawed.
Simon Johnson has over 20 years of experience in the commercial real estate industry, first negotiating countless investment real property transactions and then serving as a real estate, tax and transactional attorney. He has advised on, negotiated and closed countless real estate transactions, and is a published researcher and author on pooled real estate investment arrangements like REITs. He has been published in the Real Estate Law Journal, and other scholarly journals.
His research is comprehensive – reaching back to the origins of the income tax, and unearthing essential materials and sources – yet innovative, covering topics essential to REIT governance and practice omitted from other works.
Mr. Johnson’s practice in Irvine, California focuses on business, real estate, tax and transactional law. His research and writing is informed by his diverse real estate experience, having served as an officer, in-house counsel, and attorney. His clients include high net worth investors, and real estate investment groups.
Simon Johnson has a Juris Doctor degree from the B.N Cardozo School of Law, where he graduated Cum Laude, and received the Order of the Coif. He also earned an LLM in Taxation from the New York University School of Law. He is admitted to practice in California, Nevada, New Jersey and New York and lives in Southern California surrounded by REITs.
Through years of effort and painstaking research, Simon Johnson has assembled a remarkable and useful guide to REITs – their history, taxation, transactions and business advantages and disadvantages. He draws deeply on the legislative history of these important business arrangements, and incorporates every significant written determination applicable to REITs to date, making this treatise a lasting contribution to the field of real estate, taxation and business. Whether one is a syndicator, an executive, investor or REIT business counterparty or advisor (such as an attorney, broker, investment banker, or accountant), all will benefit from the quality of Simon Johnson’s analysis and detailed explanation of all relevant REITs tax and business aspects. It teaches REIT advisors and executives how to effectively deal with the I.R.S., properly structure transactions to take full advantage of REIT tax and transactional efficiencies, and avoid mistakes that can jeopardize desired tax benefits. Comprehensive in its analysis yet usable and plainspoken, this treatise will serve as the first and last resource a real estate and REIT practitioner will need.
– Timothy R. Busch, Philanthropist, Attorney, Business and Civic Leader, Real Estate Investor and Entrepreneur – Trinitas Cellars, Busch's Markets, and Pacific Hospitality Group, Irvine, CA.
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