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26 U.S.C. § 504 — Status after organization ceases to qualify for exemption under section 501(c)(3) because of substantial lobbying or because of political activities
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** An organization which—
(1) was exempt (or was determined by the Secretary to be exempt) from taxation under section 501(a) by reason of being an organization described in section 501(c)(3), and
(2) is not an organization described in section 501(c)(3)—
(A) by reason of carrying on propaganda, or otherwise attempting, to influence legislation, or
(B) by reason of participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for public office,
shall not at any time thereafter be treated as an organization described in section 501(c)(4).
**(b) Regulations to prevent avoidance** The Secretary shall prescribe such regulations as may be necessary or appropriate to prevent the avoidance of subsection (a), including regulations relating to a direct or indirect transfer of all or part of the assets of an organization to an organization controlled (directly or indirectly) by the same person or persons who control the transferor organization.
**(c) Churches, etc.** Subsection (a) shall not apply to any organization which is a disqualified organization within the meaning of section 501(h)(5) (relating to churches, etc.) for the taxable year immediately preceding the first taxable year for which such organization is described in paragraph (2) of subsection (a).
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Source file: Laws/federal/codes/united-states-code/title-26/section-504-status-after-organization-ceases-to-qualify-for-exemption-under-section--0b2196948e.md
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Source location: Title 26, Chapter 1, § 504; chapter-001-normal-taxes-and-surtaxes.md
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**(a) General rule** An organization which—
(1) was exempt (or was determined by the Secretary to be exempt) from taxation under section 501(a) by reason of being an organization described in section 501(c)(3), and
(2) is not an organization described in section 501(c)(3)—
(A) by reason of carrying on propaganda, or otherwise attempting, to influence legislation, or
(B) by reason of participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for public office,
shall not at any time thereafter be treated as an organization described in section 501(c)(4).
**(b) Regulations to prevent avoidance** The Secretary shall prescribe such regulations as may be necessary or appropriate to prevent the avoidance of subsection (a), including regulations relating to a direct or indirect transfer of all or part of the assets of an organization to an organization controlled (directly or indirectly) by the same person or persons who control the transferor organization.
**(c) Churches, etc.** Subsection (a) shall not apply to any organization which is a disqualified organization within the meaning of section 501(h)(5) (relating to churches, etc.) for the taxable year immediately preceding the first taxable year for which such organization is described in paragraph (2) of subsection (a).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Tax-exempt foundations** There is hereby imposed on each private foundation which is exempt from taxation under section 501(a) for the taxable year, with respect to the carrying on of its activities, a tax equal to 1.39 percent of the net investment income of such foundation for the taxable year.
**(b) Taxable foundations** There is hereby imposed on each private foundation which is not exempt from taxation under section 501(a) for the taxable year, with respect to the carrying on of its activities, a tax equal to—
(1) the amount (if any) by which the sum of (A) the tax imposed under subsection (a) (computed as if such subsection applied to such private foundation for the taxable year), plus (B) the amount of the tax which would have been imposed under section 511 for the taxable year if such private foundation had been exempt from taxation under section 501(a), exceeds
(2) the tax imposed under subtitle A on such private foundation for the taxable year.
**(c) Net investment income defined**
(1) **In general** — For purposes of subsection (a), the net investment income is the amount by which (A) the sum of the gross investment income and the capital gain net income exceeds (B) the deductions allowed by paragraph (3). Except to the extent inconsistent with the provisions of this section, net investment income shall be determined under the principles of subtitle A.
(2) **Gross investment income** — For purposes of paragraph (1), the term “gross investment income” means the gross amount of income from interest, dividends, rents, payments with respect to securities loans (as defined in section 512(a)(5)), and royalties, but not including any such income to the extent included in computing the tax imposed by section 511. Such term shall also include income from s
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 4940
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of deduction**
(1) **General rule** — There shall be allowed as a deduction any charitable contribution (as defined in subsection (c)) payment of which is made within the taxable year. A charitable contribution shall be allowable as a deduction only if verified under regulations prescribed by the Secretary.
(2) **Corporations on accrual basis** — In the case of a corporation reporting its taxable income on the accrual basis, if—
(A) the board of directors authorizes a charitable contribution during any taxable year, and
(B) payment of such contribution is made after the close of such taxable year and on or before the 15th day of the fourth month following the close of such taxable year,
then the taxpayer may elect to treat such contribution as paid during such taxable year. The election may be made only at the time of the filing of the return for such taxable year, and shall be signified in such manner as the Secretary shall by regulations prescribe.
(3) **Future interests in tangible personal property** — For purposes of this section, payment of a charitable contribution which consists of a future interest in tangible personal property shall be treated as made only when all intervening interests in, and rights to the actual possession or enjoyment of, the property have expired or are held by persons other than the taxpayer or those standing in a relationship to the taxpayer described in section 267(b) or 707(b). For purposes of the preceding sentence, a fixture which is intended to be severed from the real property shall be treated as tangible personal property.
**(b) Percentage limitations**
(1) **Individuals** — In the case of an individual, the deduction provided in subsection (a) shall be limited as provided in the succeeding subparagra
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 170
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Exemption from taxation** An organization described in subsection (c) or (d) or section 401(a) shall be exempt from taxation under this subtitle unless such exemption is denied under section 502 or 503.
**(b) Tax on unrelated business income and certain other activities** An organization exempt from taxation under subsection (a) shall be subject to tax to the extent provided in parts II, III, and VI of this subchapter, but (notwithstanding parts II, III, and VI of this subchapter) shall be considered an organization exempt from income taxes for the purpose of any law which refers to organizations exempt from income taxes.
**(c) List of exempt organizations** The following organizations are referred to in subsection (a):
(1) Any corporation organized under Act of Congress which is an instrumentality of the United States but only if such corporation—
(A) is exempt from Federal income taxes—
(i) under such Act as amended and supplemented before July 18, 1984, or
(ii) under this title without regard to any provision of law which is not contained in this title and which is not contained in a revenue Act, or
(B) is described in subsection (l).
(2) Corporations organized for the exclusive purpose of holding title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to an organization which itself is exempt under this section. Rules similar to the rules of subparagraph (G) of paragraph (25) shall apply for purposes of this paragraph.
(3) Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition (but only
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 501
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Trade or business income** In computing the deduction allowable under section 642(c) to a trust, no amount otherwise allowable under section 642(c) as a deduction shall be allowed as a deduction with respect to income of the taxable year which is allocable to its unrelated business income for such year. For purposes of the preceding sentence, the term “unrelated business income” means an amount equal to the amount which, if such trust were exempt from tax under section 501(a) by reason of section 501(c)(3), would be computed as its unrelated business taxable income under section 512 (relating to income derived from certain business activities and from certain property acquired with borrowed funds).
**(b) Cross reference** For disallowance of certain charitable, etc., deductions otherwise allowable under section 642(c), see sections 508(d) and 4948(c)(4).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 681
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Federal law — U.S. Code and appendices · legal_authorities
Page 1686
TITLE 26—INTERNAL REVENUE CODE
§ 504
86–667 are applicable only to loans made, renewed, or
continued after Dec. 31, 1959, see section 6 of Pub. L.
86–667, set out as a note under section 501 of this title.
EFFECTIVE DATE OF 1958 AMENDMENT
Pub. L. 85–866, title I, § 30(c), Sept. 2, 1958, 72 Stat.
1631, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100
Stat. 2095, provided that:
‘‘(1) IN GENERAL.—Except as provided in paragraph (2),
the amendment made by subsection (a) [amending this
section] shall apply with respect to taxable years end-
ing after March 15, 1956. The amendment made by sub-
section (b) [amending this section] shall apply with re-
spect to taxable years ending after the date of the en-
actment of this Act [Sept. 2, 1958], but only with re-
spect to periods after such date.
‘‘(2) EXCEPTIONS.—Nothing in subsection (a) [amend-
ing this section] shall be construed to make any trans-
action a prohibited transaction which, under announce-
ments of the Internal Revenue Service made with re-
spect to section 503(c)(1) of the Internal Revenue Code
of 1986 [formerly I.R.C. 1954] before the date of the en-
actment of this Act [Sept. 2, 1958], would not constitute
a prohibited transaction. In the case of any bond, de-
benture, note, or certificate or other evidence of in-
debtedness acquired before the date of the enactment of
this Act [Sept. 2, 1958], by a trust described in section
401(a) of such Code which is held on such date, para-
graphs (2) and (3) of section 503(h) of such Code shall be
treated as satisfied if such requirements would have
been satisfied if such obligation had been acquired on
such date of enactment [Sept. 2, 1958].’’
SAVINGS PROVISION
For provisions that nothing in amendment by Pub. L.
101–508 be construed to a
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 504
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