Which of the following is one of the requirements that will enable mortgaged land acquired by an exempt organization for later exempt use to be excluded from debt-financed property,for purposes of the unrelated business income tax?
A)The principal purpose of acquiring the land is for investment.
B)The land is sold within ten years of the acquisition date in the organization's exempt purpose.
C)The land is located in the United States.
D)Only a.and b.
E)None of the above.

Question

Quizplus · Accepted Answer

The requirement for excluding mortgaged land from debt-financed property is that the principal purpose of acquiring the land must be for the organization's exempt purpose, not for investment or sale.

Which of the Following Is One of the Requirements That