Page:United States Statutes at Large Volume 122.djvu/2924

 12 2 STA T . 2 90 1 PUBLIC LA W 110 – 2 8 9 —J UL Y3 0, 2008 tosuch su bpar a g raph as inef fect on the d a y before the enact -m ent of the H ousing A ssistance T a x Act of 20 0 8, as modified by subparagraph (G) as so in effect .’ ’. SEC.3052 . D E T E RMIN IN GVALU E OF SALES UNDER SAFE H AR B OR. S ection 8 57 (b)( 6 ) is amended — ( 1 ) by stri k ing the semico l on at the end of subparagraph ( C )(iii) and inserting ‘ ‘,or( I II) the fair market v alue of property (other than sales of foreclosure property or sales to w hich section 10 3 3 applies) sold during the taxable year does not exceed 10 percent of the fair market value of all of the assets of the trust as of the beginning of the taxable year ’’, and (2) by adding ‘‘or’’ at the end of subclause (II) of subpara- graph ( D )(iv) and by adding at the end of such subparagraph the following new subclause

‘‘(III) the fair market value of property (other than sales of foreclosure property or sales to which section 1033 applies) sold during the taxable year does not exceed 10 percent of the fair market value of all of the assets of the trust as of the beginning of the taxable year,’’. Subti t leD—H e a lt hC a r e REITs SEC. 30 61 . CONFORMIT Y FOR HEALTH CARE FACILITIES. (a) RELAT E DP A R T Y RE N TAL S .—Subparagraph ( B ) of section 856(d)(8) (relating to special rule for taxable R E IT subsidiaries) is amended to read as follows: ‘‘(B) E XC E P T IO N F OR CERTAIN LOD G ING FACILITIES AND H EALTH CARE PROPERTY.—The re q uirements of this subparagraph are met with respect to an interest in real property which is a qualified lodging facility (as defined in paragraph ( 9 )(D)) or a qualified health care property (as defined in subsection (e)(6)(D)(i)) leased by the trust to a taxable REIT subsidiary of the trust if the property is operated on behalf of such subsidiary by a person who is an eligible independent contractor. F or purposes of this section, a taxable REIT subsidiary is not considered to be operating or managing a qualified health care property or qualified lodging facility solely because it— ‘‘(i) directly or indirectly possesses a license, permit, or similar instrument enabling it to do so, or ‘‘(ii) employs individuals working at such facility or property located outside the U nited States, but only if an eligible independent contractor is responsible for the daily supervision and direction of such individuals on behalf of the taxable REIT subsidiary pursuant to a management agreement or similar service con- tract.’’. (b) ELIGI B LE INDEPENDENT CONTRACTOR.—Subparagraphs (A) and (B) of section 856(d)(9) (relating to eligible independent con- tractor) are amended to read as follows: ‘‘(A) IN GENERAL.—The term ‘eligible independent con- tractor’ means, with respect to any qualified lodging facility or qualified health care property (as defined in subsection

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