TITLE 26 - INTERNAL REVENUE CODE
Subtitle A—Income Taxes
CHAPTER 1—NORMAL TAXES AND SURTAXES
Subchapter F — Exempt Organizations
PART I — General rule
§ 501. Exemption from tax on corporations, certain trusts, etc.
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(a) Exemption from taxation
An organization described in subsection (c) or (d) or section 401 (a) shall be exempt from taxation under this subtitle unless such exemption is denied under section 502 or 503.
(b) Tax on unrelated business income and certain other activities
An organization exempt from taxation under subsection (a) shall be subject to tax to the extent provided in parts II, III, and VI of this subchapter, but (notwithstanding parts II, III, and VI of this subchapter) shall be considered an organization exempt from income taxes for the purpose of any law which refers to organizations exempt from income taxes.