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Tax Report 2015-32 PLR 201537020

Type
PLR
Subject
11.00 - Taxable REIT Subsidiary (TRS)
11.03 - Noncustomary Services
11.05 - Related Party Rent
2.00 - Income Tests - (75% & 95%)
2.01b - Rents from Real Property - 75% Income Test - Permissible Services
2.02a - Obligations secured by Mortgages or Interests in Real Property (75% Test Interest)
2.08 - Gross Income Defined
2.10 - Dividends
4.01a - Real Estate Assets
6.01 - Distributions - Generally
6.06 - Distributions - Preferential Dividends
Keywords
Accounting Method Change
Controlled Foreign Corporation
Cross-Connectivity Income
Data Centers
Distributions
Distribution of Pre-REIT C Corporation Earnings
Earnings and Profits
Distribution of, after Electing REIT Status, through Choice of Stock or Cash
Elective Stock Dividends
Foreign Currency
Gross Income
Defined
Reimbursements (Not Gross Income)
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856(c)(5)(J)
Impermissible Tenant Services Income
Independent Contractor
Intangibles
Interest in Real Property
Passive Foreign Investment Company
Permissible Tenant Services
PFIC
Real Estate Asset
Reimbursements
REIT Conversion(s)
Subpart F Income
Taxable REIT Subsidiary
Loan Secured by Real Estate Not a "Security"
Noncustomary Services, Paid for by Tenant
Rents from Real Property
Year
2015
IRS Link
https://www.irs.gov/pub/irs-wd/201537020.pdf
Tax Report Link
TaxReport (January 12, 2016)
Summary

Data centers are qualifying real estate assets that generate qualifying income for a non-REIT C corporation that plans to elect REIT status

Title
PLR 201537020
Guidance Tags
PLR - 201537020