90 STAT. 1750
PUBLIC LAW 94-455—OCT. 4, 1976 estate investment t r u s t furnishes or renders services to the tena n t s of such property, o r manages or operates such property, other than through an independent contractor from whom the t r u s t itself does not derive or receive any income.
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" (3) INDEPENDENT CONTRACTOR DEFINED.—For purposes of t h i s
subsection and subsection (e), the term 'independent contractor' means any person— " (A) who does not own, directly or indirectly, more than 35 percent of the shares, or certificates of beneficial interest, in the real estate investment t r u s t; and " (B) if such person is a corporation, not more than 35 percent of the total combined voting power of whose stock (or 35 percent of the total shares of all classes of whose stock), or, if such person is not a corporation, not more than 35 percent of the interest in whose assets or net profits is owned, directly or indirectly, by one or more persons owning 35 percent or more of the shares or certificates of beneficial interest in the trust. "(4)
SPECIAL RULE FOR CERTAIN CONTINGENT RENTS.—Where a
real estate investment t r u s t receives or accrues, with respect to real or personal property, any amount which would be excluded from the term 'rents from real property ' solely because the t e n a n t of the real estate investment trust receives or accrues, directly or indirectly, from subtenants any amount the determination of which depends in whole or in part on the income or profits derived by any person from such property, only a proportionate part (determined pursuant to regulations prescribed by the Secretary) of the amount received or accrued by the real estate investment t r u s t from that t e n a n t will be excluded from the term 'rents from real property'. " (5) CONSTRUCTIVE OWNERSHIP OF STOCK.—For purposes of this subsection, the rules prescribed by section 318(a) for determining the ownership of stock shall apply in determining the ownership of stock, assets, or net profits of any person; except that '10 percent' shall be substituted for '50 percent' in subparagraph (C) of section 318(a)(2) and 318 (a)(3). " (c) C O M M I T M E N T F E E S. —
26 USC 856.
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26 USC 857.
(1) IN GENERAL.—Paragraphs (2) and (3) of section 856(c) (relating to limitations) are each amended by striking out " and " after the semicolon a t the end of subparagraph (E), by inserting " and " after the semicolon at the end of subparagraph (F), and by a d d i n g a t the end thereof the following new subparagraph: " (G) amounts (other than amounts the determination of which depends in whole or in part on the income or profits of any person) received or accrued as consideration for entering into agreements (i) to make loans secured by mortgages on real property or on interests in real property or (ii) to purchase or lease real property (including interests in real property and interests in mortgages on real property); ". (2) CONFORMING AMENDMENT.—Section 857(b)(4)(B) (relati n g to net income from foreclosure property) is amended by striking out " (D), or (E) " in subdivision (i) and inserting in lieu thereof " (D), (E), o r (G) ". (d) INCOME F R O M SALE OF MORTGAGES H E L D L E S S T H A N 4 Y E A R S. —
Section 8 5 6 (c)(4) (relating to limitations) is amended to read as follows: . . n., n " (4) less than 30 percent of its gross income is derived from the sale or other disposition of— .,..
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