501(c)
A subsection under the United States Internal Revenue Code. The subsection relates to non-profit organizations and tax law and identifies which non-profit organizations are exempt from paying federal income tax Investopedia Says:
Under subsection 501(c) there are 12 other sections that separate the different organizations according to operations. The most common include:
c(1) - Any corporation that is organized under an act of Congress that is exempt from federal
income tax
c(2) - Corporations that hold title of property for exempt organizations
c(3) - Corporations, funds or foundations that operate for religious, charitable, scientific,
literary or educational purposes
c(4) - Non-profit organizations that promote social welfare
c(5) - Labor, agricultural or horticultural associations
c(6) - Business leagues, chambers of commerce, etc. that are not organized for profit
c(7) - Recreational organizations Related Terms:
Charitable Donation
Charitable Remainder Trust
Income Tax
Internal Revenue Service - IRS
Nonprofit Organization
Private Foundation |