### Question
How does NORMAL TAXES AND SURTAXES define qualified temporary investment income?


### Answer
Under *26 U.S.C. § 856*, **qualified temporary investment income** is defined as:

> any income which—



(I) is attributable to stock or a debt instrument (within the meaning of section 1275(a)(1)),



(II) is attributable to the temporary investment of new capital, and



(III) is received or accrued during the 1-year period beginning on the date on which the real estate investment trust receives such capital

#### 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**

