What is the Internal Revenue Code for 501c3?

Answer by  patti (29325)

501c3 is the section of the IRS code that explains exemption requirements for that type of organzation. The IRS website features the code in its entirety: To be tax-exempt under section 501(c)(3), none of its earnings may inure to any private shareholder or individual. In addition, it may not be an action organization, or influence legislation, etc.

Answer by  Att4372 (1704)

This code covers not for profit organizations. It states the rules for an organization that wants to be tax exempt. The organization must be organized and operated an exempt purpose and profits cannot be made by its organizers.

Answer by  janedoe (701)

501c3 is the classification the IRS gives to certain non-profit organizations. These organizations are exempt from taxation because they do not operate on a for process basis. There are other 501c category organizations that are also tax exempt but have different rights/regulations applied to them.

Answer by  DogLover82 (412)

A 501c3 corporation is a organized for a charitable purpose. Therefore, your donations to a 501c3 corporation are tax deductable.

Answer by  mannersandsuch (1796)

This code refers to certain non-profit charities that have been granted status that allows people to make donations to them and deducted these donation from taxes. This might include schools or even a church or service organization.

Answer by  Atomicrayon (2504)

That's the code that governs retail value on housing, industry and personal assets in general. It protects you when purchasing or requesting loans from being "hosed" so to speak by scams.