Indiana § 6-3-1-34.5 "Captive real estate investment trust"

Indiana Statutes

§ 6-3-1-34.5 — "Captive real estate investment trust"

Indiana § 6-3-1-34.5

Art. 3STATE INCOME TAXES

Ch. 1Definitions

This text of Indiana § 6-3-1-34.5 ("Captive real estate investment trust") is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 6-3-1-34.5 (2026).

Text

5.

(a)Except as provided in subsection (b), "captive real estate investment trust" means a corporation, a trust, or an association:

(1)that is considered a real estate investment trust for the taxable year under Section 856 of the Internal Revenue Code;

(2)that is not regularly traded on an established securities market; and

(3)in which more than fifty percent (50%) of the:

(A)voting power;

(B)beneficial interests; or

(C)shares; are owned or controlled, directly or constructively, by a single entity that is subject to Subchapter C of Chapter 1 of the Internal Revenue Code.

(b)The term does not include a corporation, a trust, or an association in which more than fifty percent (50%) of the entity's voting power, beneficial interests, or shares are owned by a single entity described i

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5. (a) Except as provided in subsection (b),
"captive real estate investment trust" means a corporation, a trust, or an
association:
(1) that is considered a real estate investment trust for the taxable
year under Section 856 of the Internal Revenue Code;
(2) that is not regularly traded on an established securities market;
and
(3) in which more than fifty percent (50%) of the:
(A) voting power;
(B) beneficial interests; or
(C) shares;
are owned or controlled, directly or constructively, by a single
entity that is subject to Subchapter C of Chapter 1 of the Internal
Revenue Code.
(b) The term does not include a corporation, a trust, or an
association in which more than fifty percent (50%) of the entity's voting
power, beneficial interests, or shares are owned by a single entity
described in subsection (a)(3) that is owned or controlled, directly or
constructively, by:
(1) a corporation, a trust, or an association that is considered a
real estate investment trust under Section 856 of the Internal
Revenue Code;
(2) a person exempt from taxation under Section 501 of the
Internal Revenue Code;
(3) a listed property trust or other foreign real estate investment
trust that is organized in a country that has a tax treaty with the
United States Treasury Department governing the tax treatment
of these trusts; or
(4) a real estate investment trust that:
(A) is intended to become regularly traded on an established
securities market; and
(B) satisfies the requirements of Section 856(a)(5) and Section
856(a)(6) of the Internal Revenue Code under Section 856(h)
of the Internal Revenue Code.
(c) For purposes of this section, the constructive ownership rules of
Section 318 of the Internal Revenue Code, as modified by Section
856(d)(5) of the Internal Revenue Code, apply to the determination of
the ownership of stock, assets, or net profits of any person.