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Along with the broader market, real estate investment trusts (“REITs”) and publicly traded partnerships, frequently referred to as master limited partnerships (“MLPs”), have increasingly embraced the principles of environmental, social, and governance (“ESG”) in their operations and investment strategies.
Public REITs should take steps to enhance their financial reporting processes to ensure that they will be able to provide daily quantitative share repurchase information and comply with additional new disclosure requirements regarding the objectives or rationales for repurchase programs and adoption or termination of Rule 10b5-1 trading plans.
Partner Chris Mangin, with assistance from Partner Paige Anderson, led the ABA Section of Taxation’s comment letter (the “Comments”) on Treasury and the IRS’s recently proposed regulations under Sections 897 and 892 (the “Proposed Regulations”) regarding issues affecting foreign investment in U.S. real estate.
On December 29, 2022, the Treasury Department and the Internal Revenue Service (IRS) published proposed regulations (the Proposed Regulations) under Section 897 of the Internal Revenue Code of 1986, as amended (the Code), which would significantly change the current interpretation of when a REIT is considered “domestically controlled” and thus when gains from the sale of such REIT interests may be exempt to foreign investors.
Planning to raise a private equity fund with your partners? It may not be your first investment vehicle, but if your new fund is larger than what you’ve worked on in the past — say, $500 million — you may find yourself navigating unfamiliar territory when dealing with institutional investors. See below for answers to what will likely be…