501(c)

501(c)

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Description

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Colloquially, a 501(c) organization or simply "a 501(c)" is an American tax-exempt, nonprofit corporation or association. Section 501(c) of the United States Internal Revenue Code (26 U.S.C. 501(c)), provides that 28 types of nonprofit organizations are exempt from some federal income taxes. Sections 503 through 505 set out the requirements for attaining such exemptions. Many states refer to Section 501(c) for definitions of organizations exempt from state taxation as well. According to the IRS Publication 557, in the Organization Reference Chart section, the following is an exact list of 501(c) organization types and their corresponding descriptions. Under Section 511, a 501(c) organization is subject to tax on its "unrelated business income," whether or not the organization actually makes a profit, but not including selling donated merchandise or other business or trade carried on by volunteers, or certain bingo games. Disposal of donated goods valued over $2,500, or acceptance of goods worth over $5,000 may also trigger special filing and record-keeping requirements.show more

Product details

  • Paperback | 136 pages
  • 152 x 229 x 8mm | 209g
  • Junct
  • United States
  • English
  • 6134945471
  • 9786134945479