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Real Estate Investment Trust (RET) was created to hold hotel properties. RET currently holds 15 luxury and five-star hotels in Europe. The entity is structured as an investment trust, which means that the trust does not pay income taxes because it distributes taxable income from the assets that it holds directly to unitholders (i.e. those who own units in the trust). Income taxes are, therefore, paid by the unitholders. The other key feature of the trust is that 85% to 90% of the distributable income is required to be paid to unitholders every year and the units of RET trade on the national stock exchange.
Instructions
Problem 1: Assume the role of the entity's auditors and discuss any financial reporting issues.
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