You are a shareholder in a corporation. The corporation earns $2.00 per share before taxes. Once it has paid taxes, it will distribute the rest of its earnings to you as a dividend. The corporate tax rate is 34%, the personal tax rate on dividend income is 18%, and the personal tax rate on ordinary income is 40%. How much is left for you after all taxes are paid?

Repeat Problem above except assume the corporation is now a REIT and you own units in the trust.