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Corrections Corp Of America Completes Internal Reorganization


Wednesday, 2 Jan 2013 07:00am EST 

Corrections Corp Of America announced that it has completed an internal reorganization of its business operations so that it now has the ability to elect to qualify as a real estate investment trust (REIT) for the taxable year commencing January 1, 2013. However, the Company's Board of Directors has not yet completed its assessment of the feasibility of a REIT conversion. Also, as previously disclosed, the Board has concluded that it would not be advisable to elect REIT status without a private letter ruling (PLR) from the Internal Revenue Service (IRS). We have not yet received a PLR from the IRS and there is no specific schedule for the IRS to respond to our PLR request. Although we believe there is a sound legal basis for the IRS to grant the PLR we have requested, we can provide no assurances the IRS will issue a favorable PLR. The Board of Directors unanimously authorized management to take all necessary steps to complete the internal reorganization following a thorough analysis which concluded that our customers would experience no change in the people, procedures or the high quality of service they have come to expect from CCA. Likewise, our employees will be unaffected by the reorganization and it requires no divestiture of assets. 

Company Quote

33.38
-0.06 -0.18%
11 Jul 2014