Section 501 A Of The Internal Revenue Code

Q and redesignating former subsec.

Section 501 a of the internal revenue code. Internal revenue code 501. 501 a exemption from taxation. Organizations organized and operated exclusively for religious charitable scientific testing for public safety literary educational or other specified purposes and that meet certain other requirements are tax exempt under internal revenue code section 501 c 3.

Tax code outlines which types of nonprofit organizations are tax exempt. For more detailed codes research information including annotations and citations please visit westlaw. Exemption from tax on corporations certain trusts etc.

Findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system. 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. 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.

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. 109 280 1220 a which directed the amendment of section 501 by adding subsec. Exemption from tax on corporations certain trusts etc.

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.