All of the following are true of a REIT except?

a. Shares in the REIT must be held by at least 100 persons.

b. More than 50% of a REITs stock can be held by five or fewer investors.

c. At least 75% of the REITs gross income must come from rents, interest, gains from asset sales or income in other REITs.

d. The REIT is taxable as a corporation and managed by trustees.