Taxation of real estate investment trusts and their beneficiaries

90 percent of the real estate investment trust taxable income for the taxable year (determined without regard to the deduction for dividends paid (as defined in section 561) and by excluding any net capital gain); and

(Added Pub. L. 86–779, § 10(a) , Sept. 14, 1960 , 74 Stat. 1006 ; amended Pub. L. 88–272, title II, § 201(d)(11) , Feb. 26, 1964 , 78 Stat. 32 ; Pub. L. 91–172, title V, § 511(c)(3) , Dec. 30, 1969 , 83 Stat. 637 ; Pub. L. 93–625, § 6(c) , (d)(2)–(4), Jan. 3, 1975 , 88 Stat. 2113 , 2114; Pub. L. 94–455, title XIV, § 1402(b)(1)(P) , (2), title XVI, §§ 1601(c), 1602(b), 1603(b), (c)(5), 1604(c)(2), (f)(3)(B), (j), (k)(2)(B), 1605(b)(2), 1606(a), (d), 1607(a), (b)(1)(A), (2), (3), title XIX, §§ 1901(a)(112), (b)(1)(V), (33)(K), 1906(b)(13)(A), Oct. 4, 1976 , 90 Stat. 1732 , 1746–1748, 1750–1757, 1783, 1792, 1801, 1834; Pub. L. 95–600, title III , §§ 301(b)(12), 362(d)(3), 363(b), title IV, § 403(c)(3), Nov. 6, 1978 , 92 Stat. 2822 , 2851, 2852, 2868; Pub. L. 96–222, title I, § 103(a)(1) , Apr. 1, 1980 , 94 Stat. 208 ; Pub. L. 96–223, title IV, § 404(b)(8) , Apr. 2, 1980 , 94 Stat. 307 ; Pub. L. 97–34, title III, § 302(c)(5) , (d)(1), Aug. 13, 1981 , 95 Stat. 273 , 274; Pub. L. 98–369, div. A, title I , §§ 16(a), 55(b), title X, § 1001(b)(13), (e), July 18, 1984 , 98 Stat. 505 , 572, 1011, 1012; Pub. L. 99–514, title VI , §§ 612(b)(7), 661(b), 664, 665(a), (b)(1), 666, 668(b)(1)(A), (2), (3), Oct. 22, 1986 , 100 Stat. 2251 , 2300, 2303–2305, 2307, 2308; Pub. L. 100–647, title I , §§ 1006(r), (s)(2), (4), (5), 1018(u)(28), Nov. 10, 1988 , 102 Stat. 3418 , 3419, 3591; Pub. L. 101–508, title XI, § 11704(a)(37) , Nov. 5, 1990 , 104 Stat. 1388–520 ; Pub. L. 105–34, title XII , §§ 1251(a), 1254(a), (b)(1), 1255(b)(2), (3), 1256, 1259, 1260, Aug. 5, 1997 , 111 Stat. 1030 , 1032–1035; Pub. L. 105–206, title VI, § 6012(g) , July 22, 1998 , 112 Stat. 819 ; Pub. L. 106–170, title V , §§ 532(c)(2)(L), (M), 545, 556(a), (b), 566(a)(2), (b), Dec. 17, 1999 , 113 Stat. 1930 , 1944, 1949, 1950; Pub. L. 106–554, § 1(a)(7) [title III, § 311(b)] , Dec. 21, 2000 , 114 Stat. 2763 , 2763A–640; Pub. L. 107–147, title IV , §§ 413(a), 417(13), Mar. 9, 2002 , 116 Stat. 54 , 56; Pub. L. 108–27, title III, § 302(d) , May 28, 2003 , 117 Stat. 763 ; Pub. L. 108–311, title IV, § 402(a)(5)(E) , Oct. 4, 2004 , 118 Stat. 1185 ; Pub. L. 108–357, title II, § 243(c) , (e), (f)(4), title III, § 321(a), title IV, § 418(b), Oct. 22, 2004 , 118 Stat. 1442 , 1445, 1473, 1512; Pub. L. 109–135, title IV , §§ 403(d)(3), 412(ii), Dec. 21, 2005 , 119 Stat. 2622 , 2639; Pub. L. 110–172, § 11(a)(17)(B) , Dec. 29, 2007 , 121 Stat. 2486 ; Pub. L. 110–234, title XV , §§ 15311(c), 15315(a)–(d), May 22, 2008 , 122 Stat. 1503–1505 ; Pub. L. 110–246, § 4(a) , title XV, §§ 15311(c), 15315(a)–(d), June 18, 2008 , 122 Stat. 1664 , 2265–2267; Pub. L. 110–289, div. C, title II , §§ 3033, 3051, 3052, July 30, 2008 , 122 Stat. 2900 , 2901; Pub. L. 114–113, div. Q, title III , §§ 313(a), (b), 316(a), 320(a), 321(a)(1), (2), (b), 322(a)(2)(B), Dec. 18, 2015 , 129 Stat. 3091–3093 , 3096, 3097, 3101; Pub. L. 115–97, title I, § 13001(b)(2)(K) , Dec. 22, 2017 , 131 Stat. 2096 ; Pub. L. 115–141, div. U, title IV, § 401(a)(148) , Mar. 23, 2018 , 132 Stat. 1191 .)