December 23, 2009
NAREIT Applauds IRS Two-Year Extension and Clarification of Elective Stock Dividend GuidanceToday, the IRS issued
Rev. Proc. 2010-12, extending for two years
Rev. Proc. 2009-15, relating to elective stock dividends. Rev. Proc. 2010-12 extends the IRS guidance for REITs first issued in
Rev. Proc. 2008-68 and expanded to mutual funds in
Rev. Proc. 2009-15 so that, for dividends declared by publicly traded REITs (and mutual funds) on or after January 1, 2008 and on or before December 31, 2012, with respect to a taxable year ending on or before December 31, 2011, the
IRS will treat the entire value of the declared amount (including the stock portion) as a dividend, and thereby eligible for the dividends paid deduction so long as the specific calculation formula in Rev. Proc. 2010-12 is met, including
that the total amount of cash available for the distribution is not less than 10%.
|
Contact
For further information, please contact
Dara Bernstein at dbernstein@nareit.com.
|
|||
NAREIT® does not intend this publication to be a solicitation related to any particular company, nor does it intend to provide investment, legal or tax advice. Investors should consult with their own investment, legal or tax advisers regarding the appropriateness of investing in any of the securities or investment strategies discussed in this publication. Nothing herein should be construed to be an endorsement by NAREIT of any specific company or products or as an offer to sell or a solicitation to buy any security or other financial instrument or to participate in any trading strategy. NAREIT expressly disclaims any liability for the accuracy, timeliness or completeness of data in this publication. Unless otherwise indicated, all data are derived from, and apply only to, publicly traded securities. All values are unaudited and subject to revision. Any investment returns or performance data (past, hypothetical, or otherwise) are not necessarily indicative of future returns or performance. © Copyright 2009 National Association of Real Estate Investment Trusts®. NAREIT® is the exclusive registered trademark of the National Association of Real Estate Investment Trusts. |
|
|||
|