Sec. 41. (a) This section does not apply to a contract described in section 5.5 of this chapter. (b) If real or personal property that is exempt from taxation under section 2 or 4 of this chapter: (1) is being purchased under a contract of sale by another person: (A) whose real or personal property is not exempt from taxation; and (B) who is not engaged in an exempt purpose with the real or personal property; and (2) the contract of sale does not make the real or personal property taxable; the real or personal property shall be assessed and taxed as if the real or personal property were owned by the purchaser or the purchaser's assignee.
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