S. 2002 would amend the Internal Revenue Code of 1986 to simplify certain provisions applicable to real estate investment trusts.

== Detailed Summary ==

<summary>
(Log inREIT Investment Diversification and Empowerment Act of 2007 - Amends Internal Revenue Code provisions relating to real estate investment trusts (REITs) to: (1) treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income; (2) increase from 20 to edit25% the wiki and be the first to providemaximum value of a detailed summaryREIT's total assets thay may be represented by securities of one or more taxable REIT subsidiaries; (3) revise safe harbor rules for the bill!)excise tax penalty on certain REIT sales activities; (4) treat rental payments made by a health care facility to a REIT as qualifying REIT income; and (5) treat income from, and interests in, foreign-qualified REITs as qualifying REIT income and assets.
</summary>

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== Status of the Legislation ==

<status>
(Log inLatest Major Action: 8/3/2007: Referred to edit the wikiSenate committee. Status: Read twice and be the firstreferred to update the status of the bill!)Committee on Finance.
</status>

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== Points in Favor ==

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== Points Against ==

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