You are approached by a very wealthy client who is looking for a "good dividend paying stock" and heard Iron Mountain makes quarterly payments. Describe the tax savings Iron Mountain had from the REIT conversion (assume 2014 tax rates). 

1. Discuss the following circumstances. These can be mostly done mathematically but I would also like you to describe the intuition. Generally, how did the conversion reduce explicit taxes 

2. How placing this investment in an IRA might change the taxability to certain investors and whether there are clientele effects (i.e., who might be more likely to do so)  

3. In 2017 the Tax Cuts and Jobs Act (TCJA) drastically altered the tax environment. Please discuss whether changes from the TCJA favorably or unfavorably impacted companies like Iron Mountain who converted to a REIT. You do not need to discuss every possible change from the law that could affect Iron Mountain, but please find two-four articles that discuss this (cite these sources) and describe them