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Lamar (LAMR) stands fourth in the advertising agency industry with nearly 13% of the total industry's market capital. Its billboard business is successful and operating in 22 states in the U.S. as well as in the province of Ontario, Canada.

In November last year, Lamar filed a request with the IRS, to convert its business operations to real estate investment trust, or REIT. The benefit of this transformation is that it won't have to pay corporate tax any more, and will only have to distribute 90% of its taxable income as dividends to its shareholders.

However, policy changes by the IRS delayed the request. As per the required standards, REITs' are required to invest about 75%...

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