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Meaning / Definition of
Nonprofit Corporation
Categories: Legal,
An organization incorporated under state laws and approved by both the state's secretary of state and its taxing authority as operating for educational, charitable, social, religious, civic, or humanitarian purposes. Some nonprofit corporations qualify for a federal tax exemption under Section 501(c)(3) of the internal revenue code, which makes them eligible for certain federal and state tax exemptions and the contributions they receive are tax deductible by the donors.
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Definition / Meaning of
Home Equity
Categories: Credit and Debt, Real Estate, Legal, ,
The current market value of a house minus how much is owed on it. A home equity loan borrows against this amount.
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