Section 7402.2 - Interests in unincorporated entities(a) Except as set forth in subsection (b), for purposes of this article, a corporation's interest in an entity which is not a corporation shall be considered a direct ownership interest in the assets of the entity rather than an intangible interest.(b) Subsection (a) does not apply to a corporation's interest in an entity described in section 401(1)1 or section 401(1) 2 other than: (1) A business trust which is a real estate investment trust as defined in section 856 of the Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 856 ) more than fifty per cent of the voting power or value of the beneficial interests or shares of which are owned or controlled, directly or indirectly, by a single corporation that is not: (i) a real estate investment trust as defined in section 856 of the Internal Revenue Code of 1986;(ii) a qualified real estate investment trust subsidiary under section 856(i) of the Internal Revenue Code of 1986;(iii) a regulated financial institution; or(iv) formed as a holding company, subsidiary or affiliate of a regulated financial institution prior to December 1, 2003.(2) A business trust which is a qualified real estate trust subsidiary under section 856(i) of the Internal Revenue Code of 1986 owned, directly or indirectly, by a real estate investment trust as defined in section 856 of the Internal Revenue Code of 1986 more than fifty per cent of the voting power or value of the beneficial interests or shares of which are owned or controlled, directly or indirectly, by a single corporation that is not: (i) a real estate investment trust as defined in section 856 of the Internal Revenue Code of 1986;(ii) a qualified real estate investment trust subsidiary under section 856(i) of the Internal Revenue Code of 1986;(iii) a regulated financial institution; or(iv) formed as a holding company, subsidiary or affiliate of a regulated financial institution prior to December 1, 2003.1971, March 4, P.L. 6, No. 2, art. IV, § 402.2, added 2002, June 29, P.L. 559, No. 89, § 15, effective 7/1/2002. Amended 2002, Dec. 30, P.L. 2080, No. 232, § 1, imd. effective; 2003, Dec. 23, P.L. 250, No. 46, § 12, imd. effective.