FROM THE OFFICE OF PUBLIC AFFAIRS

We applaud the efforts of Senators Roth and Moynihan and Representative Archer to eliminate this abusive transaction that threatens the corporate tax base. Their bill introduced today shuts down a structure that clearly was not contemplated by the drafters of the regulated investment company (RIC) or real estate investment trust (REIT) rules. The proposal, which eliminates liquidating RIC and REIT transactions, is the result of collaboration between the Treasury Department and the Congressional tax-writing staffs over the last several weeks.