Assignment task: Many, if not most nonprofit organizations are tax-exempt under IRS rule 501(c)(3) status. Research the following subjects and write a research paper in APA format discussing the following subjects. Use subheadings to distinguish between the questions being addressed. Cite your source or sources and provide a reference page in APA format.
Q1. What distinguishes an organization as being nonprofit and what distinguishes an organization as being tax-exempt? Are these concepts mutually exclusive?
Q2. Why would an organization wish to receive 501(c)(3) status?
Q3. What advantages would that organization find beneficial?
Q4. What does it mean to be "double tax exempt"?