While the 15% rate applies to most corporate payouts, that's not the case for most real estate investment trust dividends or for bond fund dividends, which are really interest and are taxed at ordinary income rates of up to 35%.

FORBES: Filing Follies

"I'm not a fan of sticking real-estate companies in a trust so you don't have to pay corporate tax, " said activist hedge fund investor William Ackman of Pershing Square Capital during a recent real-estate conference sponsored by New York University.

WSJ: Congress Looks at REIT Tax Exemption

Roge likes Winthrop Realty Trust, Inc. (FUR), an unlevered way to invest, and Third Avenue Real Estate Value Fund (TAREX).

FORBES: Magazine Article