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Encyclopedia > 501(c)3

501(c)(3) is the type of non-profit organization that is dominant in the United States. The term refers to A non-profit organization (often called non-profit org or simply non-profit or not-for-profit) is an organization whose primary objective is something other than the generation of profit. ...

  • Section 501. Exemption from tax on corporations, certain trusts, etc.
  • Subsection (c) List of exempt organizations
  • Sub-subsection (3) Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition ... , or for the prevention of cruelty to children or animals ...

of the United States Internal Revenue Code that exempts payment of federal income taxes for certain groups and which makes donations to such groups tax deductible for the donors. The Internal Revenue Code is Title 26 of the United States Code. Religion—sometimes used interchangeably with faith or belief system—is commonly defined as belief concerning the supernatural, sacred, or divine, and the moral codes, practices and institutions associated with such belief. ... Charity is a term in Christian theology (one of the three theological virtues), meaning loving kindness towards others; it is held to be the ultimate perfection of the human spirit, because it is said to both glorify and reflect the nature of God. ... What is science? There are different theories of what science is. ... Wikisource Every Author - Online books and writers forums A Bibliography of Literary Theory, Criticism, and Philology (José Ángel García Landa, University of Zaragoza, Spain) Open Directory Project: Literature World Literature Electronic Text Archives Magazines and E-zines Online Writing Writers Resources Libraries, Digital Cataloguing, Metadata Distance Learning T... The Internal Revenue Service (IRS) is the United States government agency that collects taxes and enforces the tax laws. ... Income tax is a direct tax which is levied on the income of private individuals. ... The United States Code (U.S.C.) is a compilation and codification of the general and permanent federal Law of the United States. ...


Section 501(c)(3) is just one of the sections in the Internal Revenue Code which grants tax exemption to non-profit organizations, but it is also the most common one. For this reason, non-profit organizations in general are often referred to as "501(c)(3) organizations" or similar. A tax exemption is an exemption to the tax law of a state or nation in which part of the taxes that would normally be collected from an individual or an organization are instead forgone. ...


See also

A non-profit organization (often called non-profit org or simply non-profit or not-for-profit) is an organization whose primary objective is something other than the generation of profit. ...

External links

  • United States Code (http://www.gpoaccess.gov/uscode/browse.html) - Browse the U.S. Code at the Government Printing Office
  • Internal Revenue Code (http://www.access.gpo.gov/uscode/title26/subtitlea_chapter1_subchapterf_parti_.html) - Direct link to sections 501 - 505
  • IRS Website (http://www.irs.gov/)

  Results from FactBites:
 
501(c)(3) - Wikipedia, the free encyclopedia (276 words)
501(c)(3) is a provision of the US tax code that provides exempt status, for Federal income tax purposes, for some non-profit organizations in the United States (see 26 U.S.C. § 501(c)(3)).
Section 501(c)(3) is just one of the tax law provisions granting tax exemption to non-profit organizations.
501(c)(3) status for charities and the related section 170 deduction for donors are important to many charitable groups.
Exemption Requirements (658 words)
To be tax-exempt as an organization described in IRC Section 501(c)(3) of the Code, an organization must be organized and operated exclusively for one or more of the purposes set forth in IRC Section 501(c)(3) and none of the earnings of the organization may inure to any private shareholder or individual.
The articles of organization must limit the organization's purposes to one or more of the exempt purposes set forth in IRC Section 501(c)(3) and must not expressly empower it to engage, other than as an insubstantial part of its activities, in activities that are not in furtherance of one or more of those purposes.
IRC section 501(c)(3) organizations are restricted in the amount of political and legislative (lobbying) activities they may conduct.
  More results at FactBites »


 

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