Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 33

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 1
Chunk 33
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 subject to a variety of taxes, including payroll taxes and state, local, and foreign income, property, gross receipts and other taxes on our assets and operations. We could also be subject to tax in situations and on transactions not presently contemplated.

Requirements for Qualification—General

The Code defines a REIT as a corporation, trust or association:

      (1)   that is managed by one or more trustees or directors;

      (2)   the beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of  

              beneficial interest;

           (3)   that would be taxable as a domestic corporation but for its election to be subject to tax as a REIT;

      (4)   that is neither a financial institution nor an insurance company subject to specific provisions of the Code;

      (5)   the beneficial ownership of which is held by 100 or more persons;

      (6)   in which, during the last half of each taxable year, not more than 50% in value of the outstanding stock is  

              owned, directly or indirectly, by five or fewer "individuals" (as defined in the Code to include specified tax-

              exempt entities); and

      (7)   that meets other tests described below, including with respect to the nature of its income and assets.

The Code provides that conditions (1) through (4) must be met during the entire taxable year, and that condition (5) must be met during at least 335 days of a taxable year of 12 months, or during a proportionate part of a shorter taxable year. Conditions (5) and (6) need not be met during a corporation's initial tax year as a REIT (which, in our case, was 2014). Our charter provides restrictions regarding the ownership and transfers of our stock, which are intended to assist us in satisfying the stock ownership requirements described in conditions (5) and (6) above. These restrictions, however, may not ensure that we will, in all cases, be able to satisfy the share ownership requirements described in conditions (5) and (6) above. If we fail to satisfy these share ownership requirements, except as provided in the next sentence, our status as a REIT will terminate. If, however, we comply with the rules contained in the applicable Treasury regulations that require us to ascertain the actual ownership of our shares and we do not know, or would not have known through