Internal Revenue Code (IRC) section 501(c)(3) governs non profit corporations (nonprofits) that are typically formed for religious, charitable, scientific, educational and/or literary purposes. These corporations fall into three groups:
- Public Benefit
- Mutual Benefit
- As their name applies, religious corporations exist primarily to advance religious causes, either as a church or for furthering general religious purposes. This may involve such activities as promoting, teaching or studying a particular religion.
- Public benefit corporations are typically formed for charitable, educational, literary, or scientific purposes.
- Mutual Benefit Corporations typically include social groups, trade unions, chambers of commerce and similar organizations. Contributions to these groups are generally not tax deductible.
An extreme degree of care needs to be exercised to assure that all state and federal tax code requirements are satisfied.
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