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Tax Issues for Real Estate Leasing by Tax-Exempt Organizations

By Michael J. Huft

The first article in this series, published in March 2009, examined the issues involved when a tax-exempt organization leases improved property to one or more parties, for example a research building owned by a university leased to one or more private businesses. The primary issue examined in that article was whether or not the lease payments to the university constituted, in whole or in part, payments for services provided to the tenants, rather than purely payments for the rental of real property.

The article herein examines the issues involved when a tax-exempt organization owns a tract of vacant land that it wishes to develop and lease, so as to realize a stream of income from the land greater than would be realized by a simple sale or lease of the unimproved property. The third and final article in this series will examine the special cautions that must be observed if the real estate is debt-financed.

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