Property Ownership
In Tennessee, a 'nonprofit corporation' can own real estate and is:
AProhibited from owning residential property
BPermitted to own property with the same legal rights as other corporate entities✓ Correct
CRequired to use the property for public housing
DAutomatically exempt from all property taxes
Explanation
Nonprofit corporations in Tennessee have the same legal capacity to own, use, and convey real property as for-profit entities. Property tax exemptions are available for certain qualifying nonprofits but are not automatic.
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