What is considered to be industrial and commercial property for purposes of the FONCE exemption?

Property is classified as industrial and commercial property if it is classified as such for property tax purposes. The industrial and commercial property includes all property of every kind used, directly or indirectly, or held for use, for any commercial, mining, industrial, manufacturing, trade, professional, club whether public or private, nonexempt lodge, business or similar purposes, whether conducted for profit or not. All real property that is used, or held for use, for dwelling purposes that contains more than four rental units is defined as industrial and commercial property.

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