Texas Charitable Trust with Creation Contingent upon Qualification for Tax Exempt Status
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How to fill out Charitable Trust With Creation Contingent Upon Qualification For Tax Exempt Status?
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FAQ
The Texas Tax Code provides an exemption from franchise tax and sales tax to: Nonprofit organizations with an exemption from Internal Revenue Service (IRS) under IRC Section 501(c) (3), (4), (8), (10) or (19);
How do we apply for an exemption? To apply for franchise and sales tax exemptions, complete and submit Form AP-204, Texas Application for Exemption Federal and All Others (PDF) to the Comptroller's office. Include a copy of the IRS-issued exemption determination letter with any addenda.
To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual.
IRS 557 provides details on the different categories of nonprofit organizations. Public charities, foundations, social advocacy groups, and trade organizations are common types of nonprofit organization. Any profits generated by these organizations is not distributed to shareholders or owners.
A first important distinction to make is that granting nonprofit status is done by the state, while applying for tax-exempt designation (such as 501(c)(3), the charitable tax-exemption) is granted by the federal government in the form of the IRS.
Tax information for charitable, religious, scientific, literary, and other organizations exempt under Internal Revenue Code ("IRC") section 501(c)(3). Information, explanations, guides, forms, and publications available on irs.gov for tax-exempt social welfare organizations.
Exempt Organization TypesCharitable Organizations.Churches and Religious Organizations.Private Foundations.Political Organizations.Other Nonprofits.
The IRS groups the 501(c)(9), 501(c)(4), and 501(c)(17) together when the latter two are employees' associations.
File Form 1023 with the IRS. Most nonprofit corporations apply for tax-exempt status under Sec. 501(c)(3).