{"id":1004134249,"date":"2016-01-06T12:54:14","date_gmt":"2016-01-06T20:54:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004134249"},"modified":"2020-05-12T01:24:55","modified_gmt":"2020-05-12T09:24:55","slug":"feature-what-the-end-of-tax-free-spinoffs-means-for-cre","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/feature-what-the-end-of-tax-free-spinoffs-means-for-cre\/","title":{"rendered":"What the End of Tax-Free Spinoffs Means for CRE"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Kevin-Anderson-BDO1.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004134307\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/feature-what-the-end-of-tax-free-spinoffs-means-for-cre\/kevin-anderson-bdo-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Kevin-Anderson-BDO1.jpg\" data-orig-size=\"800,686\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Kevin Anderson BDO\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Kevin-Anderson-BDO1.jpg?w=800\" class=\"alignright size-medium wp-image-1004134307\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Kevin-Anderson-BDO1.jpg\" alt=\"Kevin Anderson BDO\" width=\"300\" height=\"257\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Kevin-Anderson-BDO1.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Kevin-Anderson-BDO1.jpg?resize=300,257 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Kevin-Anderson-BDO1.jpg?resize=768,659 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>At the end of 2015, the House of Representatives approved legislation including provisions that would remove the tax advantages of spinning off corporate real estate into a separate, publicly traded REIT, and the bill was enacted into law.<\/p>\n<p>\u201cThis is a significant development that may be detrimental to many companies and, some would say, is a step to tax real estate based on an inappropriate characterization of a REIT spinoff as a Wall Street loophole,\u201d Richard Morris, a partner at <a href=\"https:\/\/www.herrick.com\/\" rel=\"nofollow\" target=\"_blank\">Herrick, Feinstein LLP<\/a>, told <em>CPE<\/em>. \u201cThe result of the amendment may be that operating companies that hold valuable real estate property will keep their real estate assets because of a significant tax liability. Accordingly, the operating company will have an asset that has a different risk profile, creating valuation issues.\u201d<\/p>\n<p>This amendment would create taxable gains that may be significant given the low basis of improved real estate (a low basis because of the depreciation). The depreciation that a corporation has taken over the years would likely result in a lower tax basis of the improved real estate. The end of such tax-free spinoffs is expected to generate $1.9 billion in additional tax revenue in the coming years, the Joint Committee on Taxation has estimated.<\/p>\n<p>\u201cIn some respects, the bill relaxes some of the qualification requirements for a REIT and makes foreign investment in real estate less taxing,\u201d explained Kevin Anderson, a tax partner with <a href=\"https:\/\/www.bdo.com\/\" rel=\"nofollow\" target=\"_blank\">BDO<\/a>\u2019s National Tax Office. \u201cIn that respect, the market for commercial real estate might be slightly enhanced. The principal effect of the REIT spinoff provision is to make it prohibitively expensive for existing businesses to separate their operations from ownership of real estate. At this time, it\u2019s difficult to predict whether any of these changes will have a significant impact on the market for real estate.\u201d<\/p>\n<p>Anderson explained that for businesses organized as C corporations, all of their taxable income earned in the United States is subject to a federal income tax at a nominal rate of 35 percent. If a C corporation\u2019s after-tax income is distributed to individual U.S. shareholders, the income could be subject to federal taxes of as much as 23.8 percent.<\/p>\n<p>\u201cIn contrast, if an entity qualifies as a REIT, it could be operated so that it pays no direct federal income tax. Instead, its shareholders would pay a federal income tax on the REIT\u2019s income at a rate up to 43.4 percent, depending on their overall taxable income,\u201d he said. \u201cWhen a corporation owns its own real estate, it claims a federal income tax deduction for depreciation but not for rent. If a C corporation can move its real estate assets to a REIT without paying any federal income taxes on the property transfer, the corporation will further reduce its federal income tax liability by paying deductible rent to the REIT.\u201d<\/p>\n<p>The rent paid permanently reduces the \u201ccorporate tax base,\u201d and is effectively transferred to the REIT shareholders, who will pay only a single level of tax on the income.<\/p>\n<p>Even with the new law, shareholders may continue to press for more conventional spinoff transactions or business combinations. Spinoffs can continue to be accomplished on a tax-free basis, provided that neither of the two divided companies seeks to become a REIT within 10 years after the transaction is completed.<\/p>\n<p>\u201cAn existing REIT may be able to use the tax-free spinoff form provided that one of two conditions is present,\u201d Anderson said. \u201cFirst, if both corporations are REITs after the transaction is completed, it is not subject to the new rules. Second, if a REIT is spinning off one or more \u2018taxable REIT subsidiaries,\u2019 this transaction is also not subject to the new rules.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Keith Loria, Contributing Editor: While recent legislation ending tax-free REIT spinoffs is causing a stir in the real estate industry, there may be an upside. <\/p>\n","protected":false},"author":451,"featured_media":1004134307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,23891],"tags":[],"class_list":["post-1004134249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What the End of Tax-Free Spinoffs Means for CRE - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/feature-what-the-end-of-tax-free-spinoffs-means-for-cre\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What the End of Tax-Free Spinoffs Means for CRE\" \/>\n<meta property=\"og:description\" content=\"By Keith Loria, Contributing Editor: While recent legislation ending tax-free REIT spinoffs is causing a stir in the real estate industry, there may be an upside.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/feature-what-the-end-of-tax-free-spinoffs-means-for-cre\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-01-06T20:54:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-12T09:24:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Kevin-Anderson-BDO1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"686\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/feature-what-the-end-of-tax-free-spinoffs-means-for-cre\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/feature-what-the-end-of-tax-free-spinoffs-means-for-cre\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"What the End of Tax-Free Spinoffs Means for CRE\",\"datePublished\":\"2016-01-06T20:54:14+00:00\",\"dateModified\":\"2020-05-12T09:24:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/feature-what-the-end-of-tax-free-spinoffs-means-for-cre\\\/\"},\"wordCount\":626,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/feature-what-the-end-of-tax-free-spinoffs-means-for-cre\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/01\\\/Kevin-Anderson-BDO1.jpg\",\"articleSection\":[\"Corporate Real Estate\",\"National\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/feature-what-the-end-of-tax-free-spinoffs-means-for-cre\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/feature-what-the-end-of-tax-free-spinoffs-means-for-cre\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/feature-what-the-end-of-tax-free-spinoffs-means-for-cre\\\/\",\"name\":\"What the End of Tax-Free Spinoffs Means for CRE - 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