Internal Revenue Code Section 501
/ˌɪntɜrnəl ˈrɛvənju koʊd ˈsɛkʃən faɪv oʊ wʌn/
Definitions
- (n.) A section of the U.S. Internal Revenue Code that defines criteria for organizations to qualify as tax-exempt under 501(c)(3).
The charity sought recognition under Internal Revenue Code Section 501 to obtain tax-exempt status.
Forms
- internal revenue code section 501
Related terms
See also
Commentary
Section 501 commonly refers to the broad criteria under which organizations may qualify for tax exemption; specific subsections like 501(c)(3) detail particular types of exempt entities.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.