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IN THE SENATE OF THE UNITED STATES - SEPTEMBER 22, 2011

In debating these numbers, parties have to look at the actual historical numbers for the property, the quality of management and the impact of a management or ownership change on those numbers, and what is going on in the marketplace. This applies not only to income and expenses from operation, but in ultimate disposition values as well. Real estate can be particularly challenging, as tax, utility and repair costs can be hard to predict and beyond ownership control, and there are a number of factors from the marketplace with affect vacancy rates or tenant based risks. Added. | AUTHENTICATED U.S. GOVERNMENT INFORMATION GPỌ II 112th congress 1st Session S. 1616 To amend the Internal Revenue Code of 1986 to exempt certain stock of real estate investment trusts from the tax on foreign investments in United states real property interests and for other purposes. IN THE senate of the united states September 22 2011 Mr. Menendez for himself and Mr. Enzi introduced the following bill which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property interests and for other purposes. 1 Be it enacted by the Senate and House of Representa- 2 tives of the United States of America in Congress assembled 3 SECTION 1. SHORT TITLE. 4 This Act may be cited as the Real Estate Invest - 5 ment and Jobs Act of 2011 . 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 SEC. 2. EXCEPTION FROM FIRPTA FOR CERTAIN STOCK OF REAL ESTATE INVESTMENT TRUSTS. a In General. Paragraph 3 of section 897 c of the Internal Revenue Code of 1986 is amended 1 by striking all that precedes If any class and inserting the following 3 Exceptions for certain stock. A Exception for stock regularly traded on established securities markets. 2 by inserting before the period the following . In the case of any class of stock of a real estate investment trust the preceding sentence shall be applied by substituting 10 percent for 5 percent and 3 by adding at the end the following new subparagraph B Exception for certain stock in real estate investment trusts. i In general. Stock of a real estate investment trust held by a qualified shareholder shall not be treated as a united states real property interest except to the extent that an investor in the qualified shareholder other than an investor that is a qualified shareholder holds di S 1616 IS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25