Opinion

Dear Mr. Johnson:

Your request for an Attorney General's Opinion regarding thead valorem tax exemption for nonprofit corporations has been assigned to me for research and reply.

You indicated that a natural person formed a corporation, which subsequently obtained status as a nonprofit under the Internal Revenue Code of 1986. Later, that person and his spouse donated immovable property, including their family residence and some vacant tracts of land, to the corporation. Then, the corporation granted a lifetime usufruct over the immovable property to the same married couple.

First, we note that…