Is there more than one category of tax-exempt organizations for federal income tax purposes?
Yes. Section 501(c) of theInternal Revenue Code lists 28 categories of tax-exempt organizations. Included in the list are charitable organizations in section 501(c)(3), certain types of social welfare organizations in section 501(c)(4), business leagues, trade associations and chambers of commerce in section 501(c)(6) and social clubs in section 501(c)(7). The Internal Revenue Code’s section on 501(c) information is listed http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000501—-000-.html Of course, the IRS Internet site provides detailed tax information at www.irs.
Related Questions
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