Real estate investment trusts $($REITs$)$ are not subjected to federal income taxes if

Question $14$ options:

at least $90\%$ of the portfolio is invested in real estate.

at least $90\%$ of the gross income is derived from real estate investments.

there are at least $500$ shareholders.

at least $90\%$ of net annual earnings are distributed to shareholders.

all of the above are requirements for tax exemption.