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  "authorName": "Elliott",
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      "kind": "callout",
      "text": "Services business contributed to ServiceCo, which elects to be treated as a taxable REIT subsidiary (TRS)",
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      "text": "Services business contributed to ServiceCo, which elects to be treated as a taxable REIT subsidiary (TRS)\nCustomer contracts remain with IRM\nIRM adopts REIT status and makes arm's length payments to ServiceCo (TRS) for the services provided by ServiceCo to IRM customers\nIf necessary for REIT compliance, IRM could IPO a percentage of its ownership stake in ServiceCo (while maintaining voting control)",
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