Madeline
Rookie
- Thread starter
- Banned
- #61
Tax the real estate religious organizations hold that are NOT specifically churches. It's a hypothetical example, but, should the Roman Catholic church hold apartment buildings in Manhattan and get a tax break on them?
It's unlikely that they do get tax break, Nosmo King. The law is that for-profit ventures of a religious outlet must either be separately incorporated or else the entire outlet loses its tax immunity. I suppose they could have wriggled through some loophole, but that isn't easy. Take a gander at 18 USCA 501 sometime -- it controls which charities etc. can be tax exempted.
But this makes the point I was addressing to WillowTree. Perhaps by some configuration of rights and duties, the RCC managed to get a tax immunity for some NYC rental property. One thing I am certain of is that many decisions on how to structure the holding were driven by a quest for tax discounts and NOT by rational landlord decision-making. The tax code's various discounts affect the conduct of taxpayers and those immune from tax in ways that are completely irrational.