Abstract Real estate constitutes a major portion of the assets owned by U.S. corporations. Recent tax law changes, competitive pressures to use assets more efficiently, and the current hostile corporate takeover climate are prompting tax and financial advisors to consider alternative ways for corporations to hold corporate real estate. Two notable alternatives are publicly traded partnerships (PTPs) and real estate investment trusts (REITs). The primary purpose of this paper is to identify and compare the relative tax and non-tax advantages of using PTPs and REITs to restructure corporate real estate. Algebraic models and a conceptual framework are presented to help managers and corporate advisors assess the costs and benefits of restructuring a corporation's real estate holdings.
Lentz et al. (Sun,) studied this question.
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