(a) Real Property.—Real property of the corporation is exempt from taxation if it is—

(1) located in the District of Columbia;

(2) used for the purposes provided in section 151102 of this title; and

(3) not used to produce income.


Terms Used In 36 USC 151106

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Personal property: All property that is not real property.

(b) Personal Property.—Personal property of the corporation is exempt from taxation if it is used for the purposes provided in section 151102 of this title or to produce income to be used for those purposes.

(c) Annual Report.—The corporation shall submit annually to the Secretary of Education a written report stating in detail for the prior year—

(1) the real and personal property held by the corporation;

(2) the income from the property; and

(3) the expenditure or other use or disposition of the property and income from the property.

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