CenturyLink (NYSE: CTL) could follow Windstream into a profitable corporate-tax-law loophole, say analysts, who speculate that the company could be next in line to spin off its wireline assets into a publicly traded real estate investment trust (REIT). Macquarie Research wrote in a research note that CenturyLink is most likely looking closely at how Windstream's new REIT, called Communications Sales and Leasing (CS&L), performs. "We continue to think that CTL is watching WIN closely and could convert its legacy or network business to a REIT later this year," the analysts wrote. "We value CTL on a breakup at $44.65 and in the high $40s for a breakup and REIT conversion." FierceTelecom has a complete look at CenturyLink's potential move into this controversial tax loophole.