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What is section 501(c)(3) mean? What is the purpose of section 501(c)(3)?

What is section 501(c)(3) mean? What is the purpose of section 501(c)(3)?

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Answer #1

Section 501(c)(3) is the portion of the US internal revenue code that allows for federal tax exemption of non profit organization, specifically those that are considered public charities, private foundation.

The purposes are

1.tax exemption apply to religious, charitable, scientific, literary organizations

2.educational purposes

3.testing for public safety

4.to foster national or international amateur sports competition.

5.prevention of cruelty to children,women and animals.

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