Which one of the following is not required of a REIT by federal law?
A) Distributing 90 percent or more of the taxable annual earnings to shareholders
B) Hiring independent real estate professionals to perform certain management activities
C) Having at least 100 shareholders with no more than half of all shares owned by 5 or fewer people
D) Making direct investments only in apartment houses, shopping malls, and other commercial property
E) Investing at least 75 percent of the total assets in real estate
Correct Answer:
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