Empire State Building owner files for $1 bln IPO

[dmcowen674]

Of course it's so the Corporation doesn't have to pay any taxes.


2-13-2012

http://finance.yahoo.com/news/empire-state-building-owner-files-141813704.html

Empire State Building owner files for $1 bln IPO


Empire State Realty Trust, owners of the iconic Empire State Building, filed to sell up to $1 billion of its Class A common stock, giving ordinary investors a chance to own a piece of the building that has been fought over by billionaires.

The REIT plans to list on the New York Stock Exchange under the symbol "ESB."

A REIT is a real estate-linked company that can avoid paying U.S. corporate income taxes if it distributes at least 90 percent of its taxable income to shareholders.

 

[cybrsage]

That is cool! I might just buy some, provided a get a piece of paper worthy of framing.

 

[palehorse]

That is cool! I might just buy some, provided a get a piece of paper worthy of framing.

Same here. 🙂

 

[Gunslinger08]

Of course it's so the Corporation doesn't have to pay any taxes.


2-13-2012

http://finance.yahoo.com/news/empire-state-building-owner-files-141813704.html

Empire State Building owner files for $1 bln IPO


Empire State Realty Trust, owners of the iconic Empire State Building, filed to sell up to $1 billion of its Class A common stock, giving ordinary investors a chance to own a piece of the building that has been fought over by billionaires.

The REIT plans to list on the New York Stock Exchange under the symbol "ESB."

A REIT is a real estate-linked company that can avoid paying U.S. corporate income taxes if it distributes at least 90 percent of its taxable income to shareholders.

So instead the shareholders will pay capital gains tax on any profits from the stock and dividends tax on any the 90%+ profit payout. I think the government probably comes out ahead in the end.

 

[ichy]

Lol @ DMCowen's ignorance of US tax law. The reason that REITs don't have to pay taxes is that they're required to pass their profits on to shareholders who then must pay higher rates on that income than they would on most investment income.

 

[dmcowen674]

So instead the shareholders will pay capital gains tax on any profits from the stock and dividends tax on any the 90%+ profit payout. I think the government probably comes out ahead in the end.

Come on, you know 99% of the people that buy this stuff launder their money overseas, the U.S. will see nothing from this.

 

[ichy]

God you're an idiot. Do you have anything at all to back up the moronic claims that you make?

 

[dmcowen674]

God you're an idiot. Do you have anything at all to back up the moronic claims that you make?

Yes, simply search Occupy

You must be in the 1% so you don't see it.

 

[the DRIZZLE]

Come on, you know 99% of the people that buy this stuff launder their money overseas, the U.S. will see nothing from this.

You don't even know what that means do you?

 

[ichy]

Yes, simply search Occupy

It astounds me that someone could be as stupid as this. I sometimes wonder if you're actually a right-winger trying to make liberals look bad.

I own some REIT shares in my Roth IRA. They're a great investment for average investors saving for retirement since they work very well in a tax-advantaged account. The very wealthy benefit from them far less since they're not eligible for IRAs and can only put a tiny portion of their income into a 401(k).