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Email On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). In short, the PATH Act (i) extends or makes permanent a number of temporary tax provisions that had expired or were set to expire, (ii) significantly restricts the ability of companies that are not real estate investment trusts (REITs) to spin off REIT subsidiaries on a tax-free basis, (iii) expands the opportunities for certain foreign investors to invest in U.S. real estate without paying FIRPTA (Foreign Investors in Real Property Tax Act) taxes, and (iv) modifies a number of the REIT and FIRPTA rules. https://www.cadwalader.com/resources/clients-friends-memos/the-path-act