There are various types of nonprofit organizations recognized by the IRS. Donations to which of the...
- There are various types of nonprofit organizations recognized
by the IRS. Donations to which of the following are considered tax
deductible as donations to charity?
- 501 (c ) 1
- 501 (c ) 3
- 501 (a ) 7
- 502 (b) 12
Homework Answers
Answer - b. 501(c) 3
Under Section 501(c)3, an individual may take tax deduction on a charitable gift to the organization and operated exclusively for religious, charitable, scientifc, literary or educational purposes also to foster sports and for prevention of cruelty to children or animals.
Section 501 (c) 1 includes corporations organized under Act of Congress, including Federal cerdit unions and National Farm loan Associations.
Section 501 (a) 7 deals with exemption from federal income tax of clubs organized for pleasure, recreation and other non profitable purposes.
Section 502 (b) 12 deals with medical expenses.
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