taxable REIT subsidiary
(3) Exceptions The term “taxable REIT subsidiary” shall not include— (A) any corporation which directly or indirectly operates or manages a lodging facility or a health care facility, and (B) any corporation which directly or indirectly provides to any other person (under a franchise, license, or otherwise) rights to any brand name under which any lodging facility or health care facility is operated. Subparagraph (B) shall not apply to rights provided to an eligible independent contractor to operate or manage a lodging facility or a health care facility if such rights are held by such corporation as a franchisee, licensee, or in a similar capacity and such lodging facility or health care facility is either owned by such corporation or is leased to such corporation from the real estate investment trust.