1. Indicate below whether each activity would be nontaxable or taxable (subject to UBTI) for a tax exempt investor: "U" = subject to UBTI "N" = nontaxable

_____ Single family home real estate development and sale

_____ Operating income from a nursing home

_____ Condominium sales in the ordinary course of a business

_____ Capital gain distributions from a REIT

_____ Interest income on a loan from a wholly owned US corporation

_____ Dividends from a corporation where the investment was made with borrowed money

_____ Daily parking fees for customers who may or may not be tenants

_____ Ordinary dividends from a REIT

2. List 5 requirements to qualify as a REIT:

1 ________________________________

2 ________________________________

3 _________________________________

4 _________________________________

5 _________________________________