11. A U.S. individual investor held a real estate asset (a parcel of land) that that was purchased for $10,000,000, then held for 10 years. Now, the individual will sell it for $30,000,000.

1. Compute the tax on the sale if the land is held directly by the investor _________________

2. Compute the tax on the sale to the investor if land is held in a corporation (consider both entity tax and tax on the distributions) _______________________

3. Compute the tax on the sale to the investor if the land is held in a REIT (assume that the REIT met requirements for REIT status in all years and consider both entity tax and tax on distributions)