### Question
How is the term nonqualified publicly offered REIT debt instrument defined?


### Answer
The term **nonqualified publicly offered REIT debt instrument** is defined in *26 U.S.C. § 856* as the following:

> any real estate asset which would cease to be a real estate asset if subparagraph (B) were applied without regard to the reference to "debt instruments issued by publicly offered REITs"

#### Citation:
  - *26 U.S.C. § 856*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter M-Regulated Investment Companies and Real Estate Investment Trusts > PART II-REAL ESTATE INVESTMENT TRUSTS**

