The Joint Committee on Taxation yesterday released Summary Table Of Types And Tax Treatment Of Section 501(c) Organizations (JCX-30-05), a very handy 8-page chart highlighting the characteristics and tax treatment of the organizations exempt from tax under § 501(c)(1) through (c)(28). As an example, here is the chart for § 501(c)(3) organizations:
|
Year Exemption Introduced |
Nature of Activities |
Subject to UBIT? |
Taxed on Investment Income? |
|
1894 |
Religious, Charitable, Scientific, Educational, etc. |
Yes |
Generally No (Except Foundations) |
|
Contributions Deductible? |
Subject to Private Inurement Rules? |
Required to File Exemption Application? |
Number of Entities on File 2004 |
|
Yes |
Yes |
Yes (Except for Churches) |
1,010,365 |
