우리나라 부동산투자회사와 미국 리츠의 자격요건에 관한 비교연구

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우리나라 부동산투자회사와 미국 리츠의 자격요건에 관한 비교연구에 대한 보고서 자료입니다.

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the value of the REIT's assets must consist of real estate assets, cash items, government securities. Second, the balance of the REIT's assets may be invested without restriction, except that holdings of securities of any issuer(other than securities that count towards satisfying the 75% asset test) cannot exceed 5% of the value of the REIT's assets or 10% of the total outstanding voting securities of such issuer.
And the distribution requirement is that a REIT generally is required to distribute to its shareholders at least 90% of its taxable income(I.R.C. § 857(a)).
If the statutory requirements are met, a REIT is not taxed on corporate income distributed to shareholders, provided that 90% or more of its ordinary taxable income is distributed. If a REIT fails to maintain its requirements, it will not be eligible again to elect REIT status for 5 years.
Real Estate Investment Company (hereinafter "K-REIT") means the company which is established in accordance with the K-REITs Act with the purpose of investing its asset in the real estate and operating the real estate. The K-REITs Act also has K-REIT's requirement provisions.
Organizational requirements are as follows. K-REIT shall be a stock corporation. Each shareholder and the specially related person of such shareholder shall not own more than ten percent (10%) of the total number of shares issued by K-REIT (the Share Ownership Limit Per Person). The number of shareholders is free.
The K-REITs Act has no provision of income tests.
The composition of a K-REIT's assets must satisfy the following asset tests. First, the K-REIT shall have at least ninety percent (90%) of its assets in real estate, securities related to real estate and cash, as of the end of each quarter. In such case, at least seventy percent (70%) of its total assets shall be in real estate (including buildings under construction). Second, K-REIT shall not acquire in excess of ten percent (10%) of issued stocks with voting rights of another company. K-REIT shall not acquire the securities issued by the same person which will constitute more than five percent (5%) of the total assets of K-REIT. Third, K-REIT shall not invest more than thirty percent (30%) of its equity capital in the Real Estate Development Project.
And the distribution requirement is that K-REIT shall pay to its shareholders ninety percent (90%) or more of the dividend limit, as stipulated in Article 462.1 of KCC(the Korean Commercial Code), for the fiscal year concerned.
In this case, the earned K-REIT surplus reserve under the Article 458 of KCC shall not be accumulated. On the other hand, CRREIT(Corporate Restructuring Real Eestate Investment Company) is not subject to corporate income tax.
What it takes for K-REIT to grow in Korea? First, corporate income taxation is key. It requires that K-REIT be not subject to corporate income tax. Second, K-REIT must have 100 shareholders requirement. Third, K-REIT Act is required to establish income tests provision.

키워드

우리나라 부동산투자회사와 미국 리츠의 자격요건에 ,   우리나라 부동산투자회사