16. A U.S. tax-exempt entity investor held a real estate asset (a parcel of land) that was purchased for $300,000,000, was held for 10 years, and will now be sold for $500,000,000. At the time of the sale, there was $75,000,000 outstanding on the loan that was 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 the asset through a corporation (consider both entity tax and tax on the distributions) and the $300,000,000 original investment was funded with $150,000,000 of shareholder loans which have accrued $80,000,000 of interest. Assume all cumulative accrued interest expense is deductible in the year of sale inside the corporation _______________________

6. 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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