Section 501 C

A 501 c organization is a nonprofit organization in the federal law of the united states according to section 501 c and is one of over 29 types of nonprofit organizations exempt from some federal income taxes sections 503 through 505 set out the requirements for obtaining such exemptions.
Section 501 c. In the case of any organization described in paragraph 3 or 4 of section 501 c of the internal revenue code of 1986 and with respect to which the provision of credit counseling services is a substantial purpose on the date of the enactment of this act the amendments made by this section shall apply to taxable years beginning after the date which is 1 year after the date of the enactment of this act. Tax exempt organizations include charities government entities and advocacy organizations. Organizations that meet the requirements of section 501 c 3 are.
In addition these organizations must make sure that no one individual or shareholder benefits financially from the organization s income. An organization described in subsection c or d or section 401 a shall be exempt from taxation under this subtitle unless such exemption is denied under section 502 or 503. A 501 c 3 organization is a corporation trust unincorporated association or other type of organization exempt from federal income tax under section 501 c 3 of title 26 of the united states code.
Exemption from tax on corporations certain trusts etc. A 501 c 6 membership based nonprofit is an organization that exists to promote its members business interests without the goal of making a profit. Section 501 c of the internal revenue code designates certain types of organizations as tax exempt.
B tax on unrelated business income and certain other activities. Internal revenue code irc and a specific tax category for nonprofit organizations. It is one of the 29 types of 501 c nonprofit organizations in the us.
Many states refer to section 501 c for definitions of organizations exempt from state taxation as well. Organizations described in section 501 c 3 other than testing for public safety organizations are eligible to receive tax deductible contributions in accordance with code section 170. 501 a exemption from taxation.
An organization described in subsection c or d or section 401 a shall be exempt from taxation under this subtitle unless such exemption is denied under section 502 or 503.