An Estate Planning FAQ with Mary E. Vandenack.
501(c)(3) is actually a section of the tax code that provides for the ability of an entity to fit into certain parameters and claim tax exempt status. In the section 501(c)(3) there are actually quite a few different types of organizations that will qualify for tax exempt status. The type that most people are familiar with is the public charity, so the American Red Cross and organizations like that are typically tax exempt entities and are actually subject to certain types of taxes but they have a general tax exempt status.
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