Hearing strength in Iron Mountain and Lamar Advertising attributed circulation of reports that the IRS's private letter rulings on REIT conversions could be issued this week
- Lamar Advertising is actively considering an election to convert to real estate investment trust (REIT) status. In conjunction with that review, the Company submitted a private letter ruling request to the U.S. Internal Revenue Service (the IRS) in November, 2012 regarding a potential REIT election.
- On November 14th, 2013 the IRS informed the Iron Mountain that it would resume issuing rulings regarding the definition of 'real estate' for purposes of the REIT provisions of the code.
***Reminder: Back in June 2013, the IRS formed an internal working group to study the current legal standards the IRS uses to define for purposes of REIT provision. In mid November, the IRS indicated it will resume rulings on REIT conversions.