Rental real estate undertaking.
(ii) Rental real estate undertaking. For purposes of this paragraph (k), a rental real estate undertaking is a rental undertaking (within the meaning of paragraph (d) of this section) in which at least 85 percent of the unadjusted basis (within the meaning of 1.469-2T(f)(3)) of the property made available for use by customers is real property. For this purpose the term real property means any tangible property other than tangible personal property (within the meaning of 1.48-1(c)).