Nonprofit Tax and Form 990

Exemption, public support, unrelated business income, and excise taxes for exempt organizations.

Key sections and concepts

Section 501(c)(3): Charitable organizations
Provides exemption for charitable, religious, and educational bodies.
Section 501(c)(4): Social welfare organizations
Provides exemption for social welfare organizations.
Section 509: Private foundation defined
Separates public charities from private foundations.
Section 170: Charitable contributions
Sets the deduction rules for charitable gifts.
Section 511: Unrelated business income tax
Imposes tax on the unrelated business income of exempt organizations.
Section 512: Unrelated business taxable income
Defines UBTI and its modifications.
Section 513: Unrelated trade or business
Defines an unrelated trade or business.
Section 514: Debt-financed income
Treats certain debt-financed income as unrelated.
Section 4940: Foundation investment income tax
Imposes excise tax on net investment income of private foundations.
Section 4941: Self-dealing
Imposes excise taxes on self-dealing with private foundations.
Section 4942: Minimum distributions
Requires private foundations to distribute a minimum amount.
Section 4958: Excess benefit transactions
Imposes excise taxes on excess benefits to disqualified persons.
Section 4960: Excess executive compensation
Imposes an excise tax on certain exempt organization compensation.
Section 6033: Annual exempt organization returns
Requires annual information returns.
Section 6104: Public inspection
Makes returns and exemption applications publicly available.

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