11. A U.S. tax-exempt entity investor held a real estate asset (a parcel of land) that that was purchased for $10,000,000, was held for 10 years, and will now be sold for $30,000,000. At the time of the sale, there was $5,000,000 outstanding on a loan used to acquire the land (ignore interest accruals or payments of any kind for this question).

1. Compute the tax on the sale assuming that the investor was a pension plan (a qualified organization) and held the asset directly __________________

2. Compute the tax on the sale assuming that the investor was a private foundation (a non-qualified organization) and held the asset directly __________________

3. Compute the tax on the sale assuming that the investor was a pension plan (a qualified organization) and held the asset through a partnership that violated the fractions rule __________________

4. Compute the tax to the investor if held the asset through a corporation (consider both entity tax and tax on the distributions) _______________________

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

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