Crown Castle International Corp.'s recent announcement that it is taking steps to reorganize as a real estate investment trust—without the IRS's approval—is a move other infrastructure companies may follow now that the IRS has created a working group to look at nontraditional REIT assets. That working group could seriously delay REIT approvals, Robert Willens, president of the tax and consulting firm Robert Willens LLC in New York, tells Bloomberg BNA. Crown Castle, which owns, operates and leases towers and other infrastructure for wireless communications, is the first company to convert to REIT status without a prior IRS ruling, Willens says.
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