SPECIAL REPORT: IRS Expanding Approval of Exempt Structures With REITs

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The latest in an increasing line of corporations aiming to become real estate investment trusts received the green light from the Internal Revenue Service recently, signifying that there are some new players on the block.
CyrusOne Data Centers, an initial public offering spinoff of Cincinnati Bell, received a private letter ruling from IRS dated April 5 approving its structure as a REIT (PLR 201314002; 67 DTR K-4, 4/8/13).
It joins a string of other corporations, such as Corrections Corporation of America, the GEO Group, and Penn National Gaming that already have received permission from IRS to switch from corporations to REITs, while other data companies such as Iron Mountain and Equinix are expected to convert.

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