Types of Tax Exempt Organizations
| Type of Exempt Organization | I.R.C. Section |
|---|---|
| Corporations Organized Under Act of Congress | 501(c)(1) |
| Title Holding Corporations for Exempt Organizations | 501(c)(2) |
| Charitable, Religious, Educational, Scientific, Literary, et.al. Organizations | 501(c)(3) |
What does tax-exempt income mean?
Exempt income refers to certain types or amounts of income that are not subject to income tax. The Internal Revenue Service (IRS) determines which types of income are exempt from federal income tax as well as the circumstances for each exemption.
What makes a corporation a tax exempt organization?
(i) is organized not for profit and (ii) no part of its net earnings inures to the benefit of any member or individual. If you intend to apply to the IRS for recognition of federal tax-exempt status as a charitable organization under section 501 (c) (3) of the Internal Revenue Code, your articles of incorporation must contain certain provisions.
Where can I find list of tax exempt organizations?
For more information regarding these types of organizations, download Publication 557 PDF, Tax-Exempt Status for Your Organization, or contact IRS Customer Service. Corporations Organized Under Act of Congress (including Federal Credit Unions) Civic Leagues and Social Welfare Organizations and Local Associations of Employees
Can a domestic corporation file as an exempt corporation?
Exempt Corporation Definition. The Delaware Code allows a qualified domestic corporation to file as an exempt corporation. The definition of an exempt corporation is as follows:
How to become an exempt corporation in Delaware?
The Delaware Code allows a qualified domestic corporation to file as an exempt corporation. The definition of an exempt corporation is as follows: In order to file as an exempt corporation you must meet the requirements of 391 (j) as follows: “…the term “exempt corporation” shall be defined as any corporation…
