Exempt Organizations: 501(c), Form 1023 / 990, UBTI
Free IRS Enrolled Agent SEE Part 2 (Businesses) lesson in Specialized Returns and Taxpayers. 14 min read, ~2,033 words.
§501(c)(3) requires both an organizational test (purpose clause, dissolution clause) and operational test (activities primarily exempt); no private inurement, no political campaign activity, no substantial lobbying. Form 1023 seeks (c)(3) recognition (or Form 1023-EZ if gross receipts ≤ \$50,000 and assets ≤ \$250,000); Form 1024 covers most other §501(c) categories...
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