Business Services Industry
Pennsylvania Real Estate Investment Trust Gets Break from IRS.
Knight Ridder/Tribune Business News, February, 2004
By Kurt Blumenau, The Morning Call, Allentown, Pa. Knight Ridder/Tribune Business News
Feb. 10--The Lehigh Valley's largest mall owner avoided a financial nightmare Monday, receiving a pardon for a tax mistake that could have crippled the company.
Pennsylvania Real Estate Investment Trust, or PREIT, said the Internal Revenue Service granted its request for tax relief for 2001 through 2003.
On Friday, the trust said its tax returns from those years failed to disclose ownership in a shell company it once used to hold assets in a transaction. The shell company has no income or operations but is subject to tax laws that prevent real estate investment trusts from getting special tax treatment for businesses not related to real estate....
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