A not-for-profit corporation is one specifically formed for purposes other than operating a profit-seeking business. A not-for-profit corporation is a type of non-profit organization. Many Non Profit Corporations want to obtain 501(c) status to avoid paying federal income taxes and other types of state taxes. The purpose of the organization and the structure of the organization will determine whether a not-for-profit corporation will qualify for tax exemption status under 501(c). The mere fact that a company is organized under a Non Profit Corporation law does not mean that contributions to it are necessarily tax deductible. For donations to be tax deductible, the charity must file an Application for Recognition of Exemption with the Internal Revenue Service. The application must be approved pursuant to Internal Revenue Code Section 501(c)(3).