The REIT must distribute at least 90 percent of its annual taxable income, excluding capital gains, as dividends to its shareholders.

每个房地产投资信托基金必须将其年度应税收入(扣除资本利得)的至少90%用于向其股东派发红利。

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For interest, dividends, bonuses, incidental income and income from other sources, the amount of taxable income shall be the full amount received in each payment.

利息、股息、红利所得，偶然所得和其他所得，以每次收入额为应纳税所得额。

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Stock dividends are not taxable income to the recipient as are cash dividends.

红股与现金红利不同，对收入者没有所得税。

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That means they can book terrific gains without having to dump taxable dividends on their shareholders.

FORBES: Magazine Article

The law mandated that real estate investment trusts pay out no less than 90% of their income to their investors as taxable dividends.

FORBES: REITs Boom As More Industries Discover This Tax-Friendly Structure

Then there is Type III: companies that produce lots of cash from operations but are too smart to pay it out as taxable dividends.

FORBES: Magazine Article