Nonprofit corporation/Definition: Difference between revisions
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Any of a number of types of corporation recognized by tax authorities as subject to [[nondistribution constraint]]s. Under U.S. law, corporations are "legal personalities". The largest category of nonprofit corporation in the U.S. are exempt from federal (and state) taxation, donations to which may be tax deductible under Section [[501(c)(3)]] of the IRS Code | Any of a number of types of corporation recognized by tax authorities as subject to [[nondistribution constraint]]s. Under U.S. law, corporations are "legal personalities". The largest category of nonprofit corporation in the U.S. are exempt from federal (and state) taxation, donations to which may be tax deductible under Section [[501(c)(3)]] of the IRS Code if they are nonpolitical, or [[501(c)(4)]] if they engage in political activity | ||
Revision as of 19:14, 2 December 2009
Any of a number of types of corporation recognized by tax authorities as subject to nondistribution constraints. Under U.S. law, corporations are "legal personalities". The largest category of nonprofit corporation in the U.S. are exempt from federal (and state) taxation, donations to which may be tax deductible under Section 501(c)(3) of the IRS Code if they are nonpolitical, or 501(c)(4) if they engage in political activity