MODIFICATION OF TAXABLE REIT SUBSIDIARY ASSET TEST FOR TIMBER REITS.

SEC. 15314. MODIFICATION OF TAXABLE REIT SUBSIDIARY ASSET TEST FOR TIMBER REITS.(a) In General.—Section 856(c)(4)(B)(ii) is amended by inserting “(in the case of a quarter which closes on or before the termination date, 25 percent in the case of a timber real estate investment trust)” after “REIT subsidiaries”.(b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.