Many founders are familiar with tax-exempt charitable organizations. These nonprofit entities—which are commonly known by reference to Section 501(c)(3) of the Internal Revenue Code—are operated exclusively for a broad range of charitable purposes. 501(c)(3) organizations come in a wide range of flavors, including private foundations, donor-advised funds, and public charities. When funds are donated to a 501(c)(3) organization, the donor can claim an income tax deduction for the contribution,...
By: Patterson Belknap Webb & Tyler LLP
By: Patterson Belknap Webb & Tyler LLP