,i #aah? ,,congress #a/ ,session ,h4 ,r4 #cgdi ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,may #cj1 #bjbc,mr4 ,la,hood 7= himself & ,mr4 ,s*neid]7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to modify ! treatm5t ( c]ta9 r5ts receiv$ by real e/ate inve/m5t tru/s f relat$ p>ties4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,retail ,revitalization ,act ( #bjbc4 #b4 ,modification ( treatm5t ( c]ta9 r5ts receiv$ by real e/ate inve/m5t tru/ f relat$ p>ties 7a7 ,special rule = di/ress$ t5ants 7#a7 ,9 g5]al ,section #hef7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#aj7 ,special rule = di/ress$ t5ants 7,a7 ,9 g5]al ,except z o!rwise provid$ by ! ,secret>y1 9 ! case ( a real e/ate inve/m5t tru/ :i* makes a qualifi$ acquisition ( a qualifi$ t5ant dur+ ! #d-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is p>agraph1 p>agraph 7#b77;,b7 %all be appli$ ) respect to su* t5ant by sub/itut+ #ej p]c5t = #aj p]c5t ea* place x appe>s !re94 7,b7 ,qualifi$ acquisition ,= purposes ( ?is p>agraph-- 7i7 ,9 g5]al ,! t]m qualifi$ acquisition means ! acquisition by a real e/ate inve/m5t tru/ ( /ock1 assets1 or net pr(its 9 connection ) ! bankruptcy1 insolv5cy 7)9 ! mean+ ( section #ajh7;d77#c771 or ca% fl[ insolv5cy ( a qualifi$ t5ant4 7ii7 ,ca% fl[ insolv5cy ,= purposes ( clause 7i71 a qualifi$ t5ant %all be treat$ z hav+ ca% fl[ insolv5cy foll[+ a reasonable det]m9ation by ! real e/ate inve/m5t tru/1 bas$ ^u an exam9ation ( ! facts & circum/ances1 t su* t5ant's rev5ue is insuffici5t to cov] its debt s]vice paym5ts bas$ on su* t5ant's applicable f9ancial /atem5t 7z def9$ 9 section #dea7;b77#c774 7,c7 ,qualifi$ t5ant ,= purposes ( ?is p>agraph-- 7i7 ,9 g5]al ,! t]m qualifi$ t5ant means1 ) respect to any acquisition ref]r$ to 9 subp>agraph 7,b71 any p]son f :i* ! real e/ate inve/m5t tru/ receiv$ or accru$ r5ts f real prop]ty pursuant to a lease :i* 0 9 effect on ! date ( ! enactm5t ( ?is p>agraph4 7ii7 ,r5ewals1 etc41 ( exi/+ leases ,= purposes ( clause 7i71 a lease %all be treat$ z 9 effect on ! date ( ! enactm5t ( ?is p>agraph if ! conditions ( p>agraph 7#i77;,c7 are satisfi$4 7iii7 ,successors ,! t]m qualifi$ t5ant %all include a p]son if su* p]son is a successor to a qualifi$ t5ant )9 ! mean+ ( subsection 7g7 7)\t reg>d to su* p]son's /atus z a real e/ate inve/m5t tru/ or any cont9uity ( %>ehold] int]e/ requirem5t7 or = purposes ( section #cha4 7,d7 ,limitation on p]iod = :i* treatm5t applies ,) respect to any qualifi$ acquisition1 subp>agraph 7,a7 %all apply only to am\nts receiv$ or accru$ dur+ ! #g-taxable-ye> p]iod beg9n+ ) ! taxable ye> :i* includes ! date ( su* acquisition4 7,e7 ,coord9ation ) c]ta9 o!r provisions ,= purposes ( clauses 7i7 & 7v7 ( p>agraph 7#h77;,a71 :e!r a p]son is describ$ 9 p>agraph 7#b77;,b7 %all be det]m9$ aft] application ( subp>agraph 7,a7 ( ?is p>agraph4 4 7#b7 ,con=m+ am5dm5t ,section #hef7;d77#b77;,b7 ( su* ,code is am5d$ by /rik+ p>agraph 7#h7 & ins]t+ p>agraphs 7#h7 & 7#aj74 7#c7 ,effective date ,! am5dm5ts made by ?is subsection %all apply to qualifi$ acquisitions 7z def9$ 9 section #hef7;d77#aj77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z add$ by ?is subsection7 aft] ! date ( ! enactm5t ( ?is ,act1 9 taxable ye>s end+ aft] su* date4 7b7 ,increase 9 p]c5tage ( own]%ip at :i* r5ts are g5]ally disqualifi$ 7#a7 ,9 g5]al ,section #hef7;d77#b77;,b7 ( su* ,code is am5d$ by /rik+ #aj p]c5t ea* place x appe>s & ins]t+ #cj p]c5t4 7#b7 ,effective date ,! am5dm5t made by ?is subsection %all apply to taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4 7c7 ,increase 9 p]c5tage ( own]%ip at :i* con/ructive own]%ip rules beg9 ,to apply 7#a7 ,9 g5]al ,section #hef7;d77#e7 ( su* ,code is am5d$-- 7,a7 by /rik+ #aj p]c5t 9 subp>agraph 7,a7 & ins]t+ #cj p]c5t1 & 7,b7 by /rik+ #be p]c5t 9 subp>agraph 7,b7 & ins]t+ #cj p]c5t4 7#b7 ,effective date ,! am5dm5ts made by ?is subsection %all apply to taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4 7d7 ,limitation on application ( con/ructive own]%ip rules 7#a7 ,9 g5]al ,section #hef7;d77#e7 ( su* ,code is am5d$ by /rik+ & at ! end ( subp>agraph 7,a71 by /rik+ ! p]iod at ! end ( subp>agraph 7,b7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+3 7,c7 except z o!rwise provid$ by ! ,secret>y1 /ock1 assets1 & net pr(its con/ructively own$ by a p>tn]%ip1 e/ate1 tru/1 or corporation by reason ( ! application ( section #cah7;a77#c7 7aft] application ( subp>agraphs 7,a7 & 7,b77 %all n be consid]$ z own$ by x = purposes ( aga9 apply+ su* section 9 ord] to make ano!r p]son ! con/ructive own] ( su* /ock1 assets1 or net pr(its4 ,subp>agraph 7,c7 %all n prev5t any p]son f be+ ! con/ructive own] ( /ock1 assets1 or net pr(its ( any p]son z ! result ( any o!r application ( section #cah7;a7 7z modifi$ by ?is p>agraph74 4 7#b7 ,no inf]5ce ,no?+ 9 ! am5dm5ts made by p>agraph 7#a7 %all be con/ru$ to create any inf]5ce ) respect to ! prop] application ( section #cah ( ! ,int]nal ,rev5ue ,code ( #aihf to cases o!r ?an cases to :i* su* am5dm5ts apply4 7#c7 ,effective date ,! am5dm5ts made by ?is subsection %all apply to taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4 7e7 ,modification ( r5tal exception = taxable ,,reit subsidi>ies 7#a7 ,9 g5]al ,section #hef7;d77#h77;,a77i7 ( su* ,code is am5d$ to read z foll[s3 7i7 ,9 g5]al ,! requirem5ts ( ?is subp>agraph are met ) respect to any prop]ty if-- 7,i7 n m ?an #cj p]c5t ( ! leasable space ( su* prop]ty is r5t$ to taxable ,,reit subsidi>ies & o!r p]sons describ$ 9 p>agraph 7#b77;,b7 7det]m9$ )\t reg>d to p>agraph 7#aj771 & 7,,ii7 n m ?an #ej p]c5t ( ! leasable space ( su* prop]ty is r5t$ to taxable ,,reit subsidi>ies & o!r p]sons describ$ 9 p>agraph 7#b77;,b7 7det]m9$ aft] ! application ( p>agraph 7#aj774 4 7#b7 ,effective date ,! am5dm5t made by ?is subsection %all apply to taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4