Form 480.70(Oe) - Informative Return For Income Tax Exempt Organizations - Puerto Rico Department Of The Treasury Page 5

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Informative Return for
Income Tax Exempt Organizations
Form 480.70 (OE)
INSTRUCTIONS
Rev. 05.00
GENERAL INFORMATION
individuals, fiduciaries, partnerships, corporations, associations and other
organizations. The amounts received by a central organization from
This annual informative return specifying the gross income, receipts and
organizations included in a group return do not have to be detailed in the
disbursements, is required for all Income Tax Exempt Organization under
return which the central organization will file separately.
Section 1101 of the Puerto Rico Internal Revenue Code of 1994, as
amended (Code), except for: (1) a religious organization exempt under
If line 25, Part III is not equal to line 9, Part II, include an explanatory schedule
Section 1101(4); (2) educational organizations exempt under Section
of the difference.
1101(4) if normally they maintain a regular faculty and curriculum, and
PART IV
normally has a regularly organized body of pupils or students that attend
the place where their educational activities are regularly carried on; (3)
The balance sheet must be reconciled with the accounting books. Any
charitable organizations or an organization for the prevention of cruelty to
difference must be reconciled. All organizations that inform to a national
children or animals, exempt under Section 1101(4), if said organization
official, of the Commonwealth of Puerto Rico, municipal or other public
is supported in whole or in part by funds contributed by the United States
official, may submit copies of the balance sheets required by such
or the Commonwealth of Puerto Rico or any political subdivision thereof,
authority for the beginning and ending of the year.
or primarily supported by contributions of the public in general; (4)
organizations exempt under Section 1101(4) if said organizations are
In all cases in which line 6 includes 10% or more of any class of stocks of
operated, supervised or controlled by, or in connection with a religious
any corporation, include a list indicating the name of the corporation, the
organization exempt under Section 1101(4); (5) fraternal or beneficient
number of shares of each class of stock owned (indicate whether the
societies, orders or associations exempt under Section 1101(2); or (6)
stocks include the right to vote or not) and the book value of the stocks
corporations exempt under Section 1101(11) totally possessed by the
included on line 6.
Commonwealth of Puerto Rico or any agency or instrumentality thereof,
or subsidiaries totally possessed by such corporations.
Include a detailed statement indicating the relationship with respect to
each unit of property sold: (a) date and form of acquisition; (b) gross
This form will be completed according to the accounting method regularly
sales price; (c) cost or other basis (if donated, value at the time of
used to keep the accounting books.
acquisition); (d) sales expenses and cost of improvements after
acquisition; (e) depreciation since acquisition; and (f) gain or loss
Fill in the lines on pages 2 and 3 only to the extent that they are applicable
(difference between (b) and the total of (c) less (e) plus (d)).
to your organization. The registered investment companies are in general
totally tax exempt, while the real estate investment trusts are exempt
Signature and Oath- The return should be signed by the president,
only with respect to the income derived from: (a) interest received from
vicepresident, treasurer, assistant treasurer, chief accounting officer
liabilities secured by mortgages on real estate; (b) interest, commissions,
or any other corporate officer authorized to sign. A depositary, trustee
service charges, etc., related with the financing of such real estate. The
or syndic must sign any return that comes obliged to file on behalf of a
taxable income of a real estate investment trust, must be informed in the
corporation.
Corporation Income Tax Return (Form 480.20).
If you pay for the preparation of the return, require that the
A group return could be filed on this form by a central, parent or like
specialist signs and includes the registration number on the same.
organization for two or more of its constituted, affiliated or associated
The Code provides administrative and penal sanctions to the
local organizations which: (a) are subject to the general supervision
specialist that does not provide this information.
and examination by the central organization; (b) are tax exempt under
the same provision of Section 1101 than the central organization; (c)
WHEN AND WHERE TO FILE THIS RETURN?
have authorized in writing the central organization to include them in the
group return; and (d) have prepared and filed with such central organization
This return must be filed not later than the 15th day of the fourth month
their statements, including written declarations to the effect that they are
following the end of the period for which the filing of said return is required.
prepared under penalty of perjury, with the information related with said
organizations that is required to indicate in the group return. There shall
The return must be filed in the Department of the Treasury, Returns
be included with the group return a schedule showing separately: (a) the
Processing Bureau, 10 Paseo Covadonga, Intendente Ramírez Building
total number, names and addresses of the local organizations included
in Old San Juan, or mailed to:
and (b) the same information related to those that were not included.
DEPARTMENT OF THE TREASURY
For additional information see the Regulations under Sections
PO BOX 9022501
1054(f) and 1101 of the Code.
SAN JUAN PR 00902-2501
PARTS II AND III
IMPORTANT NOTICE
In all cases where the amount on line 1 or 2, Part II includes money or
Every organization that has established its right to tax exemption, having
property of $3,000 or more, and lines 3 through 8, Part II include money
the obligation to file an annual informative return or not, must submit
or property of $1,000 or more, received directly or indirectly from one
annually to the Tax Assistance and Legislation Bureau of the Department
person, in one or more transactions during the year, there shall be
of the Treasury, an income and expenses statement, as well as any
included detailed schedules indicating the amount received and the name
additional information that may be required by the Secretary.
and address of each one of those persons. The term "person" includes

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