Title 26, Subsection 508 of the United States Code (26 U.S.C. § 508) refers to the tax-exempt status of certain organizations, specifically, Section 501(c)(3) organizations. This subsection outlines the requirements and conditions that organizations must meet to be recognized as tax-exempt under Section 501(c)(3) of the Internal Revenue Code.
Under this section, organizations that are organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, or to prevent cruelty to children or animals, may be eligible for tax-exempt status. They must not be involved in political campaigning or lobbying activities. If they meet the criteria outlined in Section 501(c)(3) and are qualified under Subsection 508, they can be exempt from federal income tax, and contributions to such organizations may be tax-deductible for donors.
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