Irs Code Section 501
3 excise tax.
Irs code section 501. 1 section 501 a provides an exemption from income taxes for organizations which are described in section 501 c or d and section 401 a unless such organization is a feeder organization see section 502 or unless it engages in a transaction described in section 503. Irs code section 501 section 501 of the u s. Exemption requirements 501 c 3 organizations.
501 u s. To be tax exempt under section 501 c 3 of the internal revenue code an organization must be organized and operated exclusively for exempt purposes set forth in section 501 c 3 and none of its earnings may inure to any private shareholder or individual. Exemption from tax on corporations certain trusts etc.
The section of this code that provides for exemption is section 501 a which states that organizations are exempt from some federal income taxes if they fall under sections 501 c or 501 d or under section 401 a. In addition it may not be an action organization i e it may not attempt to influence legislation as a substantial part of its activities and it may not participate in any. The requirements of section 501 r 3 of the internal revenue code of 1986 as added by subsection a shall apply to taxable years beginning after the date which is 2 years after the date of the enactment of this act.
Code unannotated title 26. Exemption from tax on corporations certain trusts etc. Internal revenue code 501.