A U.S. tax-exempt entity investor held a real estate asset (a parcel of land) that that was purchased for $50,000,000, was held for 10 years, and will now be sold for $90,000,000. 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). Answer each one and give your reasons on why you chose that tax rate

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

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

c. 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 __________________

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

e. 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) ____________________________________________