Qualified Charitable Organization
- Qualified Charitable Organization
- A nonprofit organization that qualifies for tax-exempt status according to the U.S. Treasury. Qualified charitable organizations must be operated exclusively for religious, charitable, scientific, literary or educational purposes, or for the prevention of cruelty to animals or children, or the development of amateur sports.
Nonprofit veterans' organizations, fraternal lodge groups, cemetery and burial companies and certain legal corporations can also qualify. Even federal, state and local governments can be considered qualified charitable organizations if money that is donated to them is earmarked for charitable causes.
Only donations that are made to a qualified charitable organization are tax-deductible. Organizations that do not qualify for this status are considered for-profit and are taxed accordingly.
For example, political contributions are not tax-deductible, because political parties are not charitable institutions. On the other hand, contributions to an organization dedicated to building hospitals in third-world countries would likely be a charitable organization, and contributions would be tax deductible.
Investment dictionary.
Academic.
2012.
Look at other dictionaries:
charitable contribution — n. Donations of money or other valuable items to charitable organizations; often tax deductible. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. charitable contribution … Law dictionary
Charitable organizations (Canada) — Charitable organizations in Canada are regulated under the Canadian Income Tax Act through the Charities Directorate of the Canada Revenue Agency. There are more than 85,600 registered charities in Canada.[1] The charitable sector employs over 2… … Wikipedia
Charitable immunity — is a legal doctrine which holds that a charitable organization is not liable under tort law. It originated in 19th century Britain.[1][2] The early form of charitable immunity in England did not provide immunity from suit; it only protected… … Wikipedia
Charitable remainder unitrust — Part of a series on Taxation Taxation in the United States … Wikipedia
Charitable trust — Wills, trusts and estates … Wikipedia
charitable deduction — In taxes, a contribution to a qualified charity or other tax exempt institution for which taxpayer may claim a deduction on his tax return. I.R.C. No. 170(c). Also applicable to trusts. I.R.C. No. 512(b)(ll). As regards tax exempt status of… … Black's law dictionary
charitable deduction — In taxes, a contribution to a qualified charity or other tax exempt institution for which taxpayer may claim a deduction on his tax return. I.R.C. No. 170(c). Also applicable to trusts. I.R.C. No. 512(b)(ll). As regards tax exempt status of… … Black's law dictionary
Davis v. United States (1990) — Supreme Court of the United States Argued Monday March 26, 1990 Decided … Wikipedia
Mother's Right Foundation — Founder(s) Veronika Marchenko, Margarita Pashkova, Inna Plavan Type Non profit Founded 1989 Location Moscow … Wikipedia
Knights of Columbus — Emblem Abbreviation KofC Motto In service to one. In service to all … Wikipedia
