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Section 501(c)(3) Basics Section 1

Section 1 (Total Run Time: 9 min. 22 sec.)
  • “Nonprofit”
    • State law concept
  • “Tax-Exempt”
    • Federal and state tax law concept
    • IRC § 501(a) – provides the exemption
    • §501(c) – about 28 categories of eligible entities
    • Most fit w/in 2 categories
  • Public-Serving
  • Mutual-Benefit (member-serving orgs)
  • §501(c)(3)
    • Generally include public-serving organizations and houses of worship
    • Special benefits of §501(c)(3) status

Presented by Will Foster

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University of Arkansas Legal e Source

University of Arkansas Legal e Source