Apartment Investment and Management Company Provides Clarification of Historical Unrelated Business Taxable Income
Apartment Investment and Management Company (NYSE: AIV) today clarified the nature and extent of previously earned unrelated business taxable income.
Aimco previously owned a residual interest in a real estate mortgage investment conduit (“REMIC”), which periodically generated an immaterial amount of excess inclusion income, which is generally required to be treated as UBTI by tax-exempt organizations. On August 7, 2008, Aimco liquidated the REMIC and eliminated its sole source of UBTI. Aimco did not generate UBTI in tax years 2009, 2010 or 2011 and has a practice of avoiding investments in vehicles that may generate UBTI to Aimco in the future.
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