”“But he has to lay out capital.”“Yes. But this is all about converting capital into an income stream.”“I’m missing something here, obvi...usly. Why generate taxable income when he could just use his capital?”“He holds this property in an REIT - a Real Estate Investment Trust. It’s supposed to generate income, and from that income, pay out dividends. He has investors the same as any regular corporation. This is separate from his personal holdings because of the REIT 5/50 investor rules. Trust me,. Cocles remained in M. Morrel's service, and a most singular change had taken place in his position; he had at the same time risen to the rank of cashier, and sunk to the rank of a servant. He was, however, the same Cocles, good, patient, devoted, but inflexible on the subject of arithmetic, the only point on which he would have stood firm against the world, even against M. Morrel; and strong in the multiplication-table, which he had at his fingers' ends, no matter what scheme or what trap was. More

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