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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. ยง 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. |
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