Sorry, wrong.
http://www.kutv.com/news/features/local/stories/vid_797.shtml
Excerpt: The arm of the LDS Church which served as “master developer” of Utah’s newest and most elaborate shopping, residential and office complex has federal “tax exempt” status.
In response to questions from 2News, City Creek Reserve Inc, or CCRI, revealed it’s a “non-profit corporation.”
As such, CCRI Spokesman Dale Bills noted the company “pays property and sales taxes.” But it appears CCRI may not pay federal income taxes.
If City Creek Reserve makes money, it will go the LDS Church.
“Much like a university endowment fund supports a university, any after tax return on investment supports the religious, charitable and educational mission of the Church,” Bills said.
I am doing research. I did learn something new, and I stand corrected on the fact that CCRI might not pay taxes. However, they may still pay taxes, it is all very convoluted thanks to the IRS tax code. I promise to post my findings.
Bottom line is that CCRI is for profit. They will pay property taxes on the land that City Creek is located. City Creek is an investment by the LDS church, so that is up to the city and tax accountants to decide if/how much they will pay in taxes. Like any other business who invests money.
In general I detest the tax codes. Flatten them out, and eventually get rid of them.