Instructions For Form 990-Pf - Return Of Private Foundation Or Section 4947(A)(1) Nonexempt Charitable Trust Treated As A Private Foundation - 2001 Page 3
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304. A family member of an individual
3. Does not have actual knowledge of
penalty. Generally, the foundation is not
described in 1, 2, or 3 above; or
the failure to collect, account for, and pay
required to file this form because the IRS
5. A corporation, partnership, trust, or
over these taxes.
can figure the amount of any penalty and
estate in which persons described in 1, 2,
bill the foundation for it. However,
However, this exception does not apply if
3, or 4 above own a total beneficial
complete and attach Form 2220 even if
it results in no person being liable for the
interest of more than 35%.
the foundation does not owe the penalty
penalty.
6. For purposes of section 4941
if:
•
Form 990-T, Exempt Organization
(self-dealing), a disqualified person also
The annualized income or the adjusted
Business Income Tax Return. Every
includes certain government officials.
seasonal installment method is used, or
•
organization exempt from income tax
(See section 4946(c) and the related
The foundation is a “large
under section 501(a) that has total gross
regulations.)
organization,” (see General Instruction O)
income of $1,000 or more from all trades
7. For purposes of section 4943
computing its first required installment
or businesses that are unrelated to the
(excess business holdings), a disqualified
based on the prior year’s tax.
organization’s exempt purpose must file a
person also includes:
If Form 2220 is attached, check the
return on Form 990-T. The form is also
box on line 8, Part VI, on page 4 of Form
a. A private foundation that is
used by tax-exempt organizations to
990-PF and enter the amount of any
effectively controlled (directly or indirectly)
report other additional taxes including the
penalty on this line.
by the same persons who control the
additional tax figured in Part IV of Form
Form 4506-A, Request for Public
private foundation in question or
8621, Return by a Shareholder of a
b. A private foundation to which
Inspection or Copy of Exempt or Political
Passive Foreign Investment Company or
substantially all of the contributions were
Organization IRS Form.
Qualified Electing Fund.
made (directly or indirectly) by one or
Form 4720, Return of Certain Excise
Form 990-W, Estimated Tax on
more of the persons described in 1, 2,
Taxes on Charities and Other Persons
Unrelated Business Taxable Income for
and 3 above, or members of their
Under Chapters 41 and 42 of the Internal
Tax-Exempt Organizations (and on
families, within the meaning of section
Revenue Code, is primarily used to
Investment Income for Private
4946(d).
determine the excise taxes imposed on:
•
Foundations).
An organization is controlled by a
acts of self-dealing between private
Form 1041, U.S. Income Tax Return for
foundation or by one or more disqualified
foundations and disqualified persons;
Estates and Trusts. Required of section
persons with respect to the foundation if
failure to distribute income; excess
4947(a)(1) nonexempt charitable trusts
any of these persons may, by combining
business holdings; investments that
that also file Form 990-PF. However, if
their votes or positions of authority,
jeopardize the foundation’s charitable
the trust does not have any taxable
require the organization to make an
purposes; and making political or other
income under the income tax provisions
expenditure or prevent the organization
noncharitable expenditures. Certain
(subtitle A of the Code), it may use the
from making an expenditure, regardless
excise taxes and penalties also apply to
filing of Form 990-PF to satisfy its Form
of the method of control. “Control” is
foundation managers, substantial
1041 filing requirement under section
determined regardless of how the
contributors, and certain related persons
6012. If this condition is met, check the
foundation requires the contribution to be
and are reported on this form.
box for question 13, Part VII-A, of Form
used.
Form 5500, Annual Return/Report of
990-PF and do not file Form 1041.
Employee Benefit Plan is used to report
D. Other Forms You May
Form 1041-ES, Estimated Income Tax
information concerning employee benefit
for Estates and Trusts.
Need To File
plans, Direct Filing Entities and fringe
Form 1096, Annual Summary and
benefit plans.
Form W-2, Wage and Tax Statement.
Transmittal of U.S. Information Returns.
Form 8109, Federal Tax Deposit
Forms 1099-INT, MISC, OID, and R,
Form W-3, Transmittal of Wage and Tax
Coupon.
Information returns for reporting certain
Statements.
Form 8282, Donee Information Return.
interest; miscellaneous income (e.g.,
Required of the donee of “charitable
Form 941, Employer’s Quarterly Federal
payments to providers of health and
deduction property” that sells, exchanges,
Tax Return. Used to report social
medical services, miscellaneous income
or otherwise disposes of the property
security, Medicare, and income taxes
payments, and nonemployee
within 2 years after the date it received
withheld by an employer and social
compensation); original issue discount;
the property.
security and Medicare taxes paid by an
and distributions from retirement or
employer.
Also required of any successor donee
profit-sharing plans, IRAs, SEPs or
that disposes of charitable deduction
If income, social security, and
SIMPLEs, and insurance contracts.
property within 2 years after the date that
Medicare taxes that must be withheld are
Form 1120, U.S. Corporation Income
the donor gave the property to the original
not withheld or are not paid to the IRS, a
Tax Return. Filed by nonexempt taxable
donee. (It does not matter who gave the
Trust Fund Recovery Penalty may apply.
private foundations that have taxable
property to the successor donee. It may
The penalty is 100% of such unpaid
income under the income tax provisions
have been the original donee or another
taxes.
(subtitle A of the Code). The Form
successor donee.) For successor donees,
This penalty may be imposed on all
990-PF annual information return is also
the form must be filed only for any
persons (including volunteers, see below)
filed by these taxable foundations.
property that was transferred by the
whom the IRS determines to be
Form 1120-POL, U.S. Income Tax
original donee after July 5, 1988.
responsible for collecting, accounting for,
Return for Certain Political Organizations.
Form 8275, Disclosure Statement.
and paying over these taxes, and who
Section 501(c) organizations must file
Taxpayers and tax return preparers
willfully did not do so.
Form 1120-POL if they are treated as
should attach this form to Form 990-PF to
having political organization taxable
This penalty does not apply to any
disclose items or positions (except those
income under section 527(f)(1).
volunteer, unpaid member of any board of
contrary to a regulation — see Form
trustees or directors of a tax-exempt
Form 1128, Application To Adopt,
8275-R below) that are not otherwise
organization, if this member:
Change, or Retain a Tax Year.
adequately disclosed on the tax return.
1. Is solely serving in an honorary
Form 2220, Underpayment of Estimated
The disclosure is made to avoid parts of
capacity,
Tax by Corporations, is used by
the accuracy-related penalty imposed for
2. Does not participate in the
corporations and trusts filing Form
disregard of rules or substantial
day-to-day or financial activities of the
990-PF to see if the foundation owes a
understatement of tax. Form 8275 is also
organization, and
penalty and to figure the amount of the
used for disclosures relating to preparer
-3-
Form 990-PF Instructions
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