Author: Weinlein, Graig W.

Publication Year: 1981

Media Type: Report

Summary:

This article examines the requirements for obtaining and maintaining an exemption from federal income taxation for a not-for-profit organization. Particular attention is paid to the most desirable exemption, that contained in section 501(c)3) of the Internal Revenue Code. The article restricts its examination to federal tax law. T

Abstract:

This article examines the requirements for obtaining and maintaining an exemption from federal income taxation for a not-for-profit organization. Particular attention is paid to the most desirable exemption, that contained in section 501(c)3) of the Internal Revenue Code. The article restricts its examination to federal tax law. There is no attempt to examine additional laws regulating not-for-profit arts organizations, such as state not-for-profit corporation statutes.

CONTENTS
Advantages of tax-exempt status.
Requirements for qualification under Section 501 (c) (3).
Taxation of unrelated business income.
Private foundation status.
Maintenance of tax-exempt status.

Arts & Intersections:

Categories: Financial Management