Internal Revenue Service
Revenue Ruling

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 Rev. Rul. 64-85

1964-1 C.B. 230

Sec. 856

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Rev. Rul. 64-85

Section 856 of the Internal Revenue Code of 1954 provides, in part, that a trust or association shall not be considered a real estate investment trust for any taxable year unless, at the close of each quarter of the taxable year, at least 75 percent of the value of its assets is represented by certain specified items, including `Government securities.'

Held , the securities of the (1) Federal Housing Administration, (2) Federal National Mortgage Association, (3) Federal Home Loan Bank, (4) Federal Land Bank, (5) Federal Intermediate Credit Banks, (6) Banks for Cooperatives, and (7) Public Housing Administration are `Government securities' within the meaning of section 856 of the Code.