Concurrent Technologies Corporation (CTC) is exempt from income tax under Internal Revenue Code of 1986 (IRC) section 501(c)(3) primarily because we are a nonprofit, scientific research organization. The IRC section 501(c)(3) provides for tax exemption in the case of:

left Quote Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or for the prevention of cruelty to animals. Right Quote
   
CTC's primary purpose and programs are to undertake applied scientific research and development activities in the public interest. As reflected in Treasury regulations, rulings and court opinions, the tax law sets out what is required to be and remain exempt under IRC 501(c)(3) as a scientific research organization. "Scientific research" includes both basic, purely theoretical research and practical "applied research" of the kind that CTC performs.

Further, research conducted for a governmental entity is deemed to be "research in the public interest." The vast majority of CTC's work is performed for government entities.
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