The Tax Reform Act of 1986 made DPPs much less valuable to investors, and so a lot of wealthy people switched from DPPs to REITs.
986年的税制改革法案,使得DPP对投资者不再那么有价值,所以很多富人从DPP转向REITs
You have a general partner, then limited partners, and you don't hear about DPPs.
有了普通合伙人,再找有限合伙人,你们以前没听说过DPP
If they didn't have a particular tax advantage to DPPs, they went into REITs.
既然在DPP没有避税优势了,人们便转向投资REITs
Before 1986, the tax law allowed use of DPPs as a tax loss device.
在1986年之前,税法允许DPP作为一种避税工具
People would invest in buildings solely for tax purposes because you could write off the depreciation on the building, so people were cynically setting up DPPs as tax shelters only.
人们可以仅仅为了避税而投资一幢大楼,因为你可以对大楼计提折旧,注,计提的折旧可以抵扣税前收益从而减少应交税金 所以讽刺的是DPP仅被当做了避税工具
Corporations are taxed on their profits and DPPs are not.
公司需要上缴利润税,但DPP不需要
This is not commonly advertised or described -just like hedge funds are not commonly advertised and described -because it is thought that DPPs are suitable only for wealthy and sophisticated investors.
PP不怎么打广告或者上新闻报道,就像对冲基金一样低调,因为DPP仅仅面向,富人和精明的投资者
It was saying, we're going to have lower taxes on rich people than on ordinary people; that didn't seem fair at all, so there was a complaint aired about DPPs in the late 1950s.
它意味着,富人的税率,比普通人低,这似乎完全不公,20世纪50年代后期很多人抱怨DPP
Nonetheless, DPPs don't advertise.
尽管如此,DPP还是不做广告
We have democratized -Now, REITs are a rapidly growing force in investing and now we have substantially democratized real estate holdings so it's not exclusively DPPs that are holding -not primarily--we have a lot of REITs now.
房地产投资已经公众化了,投资领域中的REITs正蓬勃发展,使得房产投资从根本上来说,公众化了,而不像DPP具有排他性,现在REITs数量众多
These DPPs go back a long time but there began to be complaints about them because people said, well why is it, because I'm not an accredited investor, I can't get into real estate like these other people do?
PP由来已久,但现在人们开始抱怨,他们说,我不是可信投资者,为什么仅凭此门槛,而不让我像别人一样投资商业地产呢
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