Faculty Housing

Faculty Housing means:
university-provided housing for professors and other employees. Although such housing could be considered a fringe benefit and thus a form of income, its value is tax free when adequate rent is paid. The required minimal rent is the lesser of 5% of the appraised value of the lodging or the average rental paid for comparable school housing by people who are neither employees nor students Former IRC (check if this IRC provision is current here) §119(d).