What is a 501 (c) (6)?

In General IRC 501(c)(6) describes a business league as an organization in which “no part of the net earnings inures to the benefit of any private shareholder or individual.”

What types of organizations are exempt from the 501(c)(6)?

Section 501(c)(6) of the Internal Revenue Code provides for the exemption of the following types of organizations: Business leagues Chambers of commerce Real estate boards Boards of trade Professional football leagues

Can a business League be a 501c6?

Business Leagues. Section 501(c)(6) of the Internal Revenue Code provides for the exemption of business leagues, chambers of commerce, real estate boards, boards of trade and professional football leagues, which are not organized for profit and no part of the net earnings of which inures to the benefit of any private shareholder or individual.

What is the IRC 501 (c) (6) organization page K-49?

IRC 501(c)(6) Organizations – page K-49 Exempt Organizations-Technical Instruction Program for FY 2003 Appendix B Special Processing Instructions Project Code 206 – Business Leagues This entity has been selected as part of a market segment study on 501(c)(6) business leagues.

What is an exempt organization under the IRC 501 (c) (3)?

An organization formed by members of a particular industry that contracts with various research organizations to develop new and improved uses for existing products of the industry is not exempt under IRC 501(c)(3) but may be exempt under IRC 501(c)(6). Rev. Rul. 69-632, 1969-2 C.B. 120. 12.

What is a non-501 (c) (3) organization?

Three particular 501 (c) groups, however, make up the bulk of all non-501 (c) (3) organizations. They can obtain federal income tax exemption, but contributions to these organizations are usually not tax deductible to the donor. They also have specific purposes that determine their classification and what they are allowed to do.