Levi, a licensed Optometrist, owns a lot and a small rental establishment built on it. Every Sundays,
Question:
Levi, a licensed Optometrist, owns a lot and a small rental establishment built on it. Every Sundays, Saturdays, and days of special obligation to Christians, his establishment is free to use for mass and even sacramental celebrations. In fact, a certain Christian sect regularly uses the place in the said manner and time. In other days, he rents out the place as venue for parties, conferences, conventions, and other events. As a deeply religious man, Levi sees to it that religious functions are preferred over these social events because this is his way of thanking the Creator for winning him the 6/59 the lotto jackpot. In addition to this, he lets the city government rent his place at a discounted rate for its charitable events. Despite his good deeds, however, Levi was taken aback when he found out the latest Real Property Tax assessment on the said property. The tax on land has increased by more than double the previous assessment due to the adjustments on the lot's assessed value. Levi recalls his lessons on taxation from RIPH and decides protest the Real Property Tax assessment. He calls you, as a brother/sister in the profession, to verify his course of action in seeking an exemption from Real Property Tax.
What will you advice him?
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman