Instructions For Form 990-Pf - Return Of Private Foundation Or Section 4947(A)(1) Nonexempt Charitable Trust Treated As A Private Foundation - Internal Revenue Service - 2010 Page 13
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32provide the donor with a good-faith
Report rents from other sources on
4. Income received from an estate,
estimate of the value of goods or services
line 11. Enter any expenses attributable
but only if the estate was considered
given in return for the contribution.
to the rental income reported on line 5,
terminated for income tax purposes due
such as interest and depreciation, on
to a prolonged administration period; and
Penalties. An organization that does
lines 13 – 23.
5. Amounts treated in an earlier tax
not make the required disclosure for each
year as qualifying distributions to:
quid pro quo contribution will incur a
Line 6a. Net gain or (loss) from sale of
penalty of $10 for each failure, not to
assets Enter the net gain or (loss) per
•
A nonoperating private foundation if the
exceed $5,000 for a particular fundraising
books from all asset sales not included on
amounts were not redistributed by the
event or mailing, unless it can show
line 10.
grantee organization by the close of its
reasonable cause for not providing the
For assets sold and not included in
tax year following the year in which it
disclosure.
Part IV, attach a schedule showing:
received the funds, or
•
•
For more information. See
Date acquired,
An organization controlled by the
•
Regulations section 1.170A-13 for more
Manner of acquisition,
distributing foundation or a disqualified
•
information on charitable recordkeeping
Gross sales price,
person if the amounts were not
•
and substantiation requirements.
Cost, other basis, or value at time of
redistributed by the grantee organization
acquisition (if donated) and which of
by the close of its tax year following the
Line 2. Check this box if the foundation
year in which it received the funds.
these methods was used,
is not required to attach Schedule B.
•
Date sold,
Line 3. Interest on savings and
Lines 10a, b, c. Gross profit from sales
•
To whom sold,
temporary cash investments.
of inventory. Enter the gross sales (less
•
Expense of sale and cost of
returns and allowances), cost of goods
In column (a). Enter the total amount
improvements made subsequent to
sold, and gross profit or (loss) from the
of interest income from investments
acquisition, and
sale of all inventory items, including those
reportable in Part II, line 2. These include
•
Depreciation since acquisition (if
sold in the course of special events and
savings or other interest-bearing accounts
depreciable property).
activities. These inventory items are the
and temporary cash investments, such as
Line 6b. Gross sales price for all
ones the organization either makes to sell
money market funds, commercial paper,
assets on line 6a. Enter the gross sales
to others or buys for resale.
certificates of deposit, and U.S. Treasury
price from all asset sales whose net gain
bills or other government obligations that
Do not report any sales or exchanges
or loss was reported on line 6a.
mature in less than 1 year.
of investments on line 10.
Line 7. Capital gain net income. Enter
In column (b). Enter the amount of
Do not include any profit or (loss) from
the capital gain net income from Part IV,
interest income shown in column (a). Do
the sale of capital items such as
line 2. See Part IV instructions.
not include interest on tax-exempt
securities, land, buildings, or equipment
Line 8. Net short-term capital gain.
government obligations.
on line 10. Enter these amounts on
In column (c). Enter the amount of
line 6a.
Only private operating foundations
interest income shown in column (a).
report their short-term capital
TIP
Do not include any business expenses
Include interest on tax-exempt
gains on line 8.
such as salaries, taxes, rent, etc., on line
government obligations.
10. Include them on lines 13 – 23.
Include only net short-term capital gain
Line 4. Dividends and interest from
for the year (assets sold or exchanged
Attach a schedule showing the
securities.
that were held not more than 1 year). Do
following items: gross sales, cost of
In column (a). Enter the amount of
not include net long-term capital gain or
goods sold, gross profit or (loss). These
dividend and interest income from
net loss in column (c).
items should be classified according to
securities (stocks and bonds) reportable
type of inventory sold (such as books,
Do not include on line 8 a net gain
in Part II, line 10. Include amounts
tapes, other educational or religious
from the sale or exchange of depreciable
received from payments on securities
material, etc.). The totals from the
property, or land used in a trade or
loans as defined in section 512(a)(5). Do
schedule should agree with the entries on
business (section 1231) and held for
not include any capital gain dividends
lines 10a – 10c.
more than 1 year. However, include net
reportable on line 6. Report income from
loss from such property on line 23 as an
In column (c), enter the gross profit or
program-related investments on line 11.
Other expense.
(loss) from sales of inventory shown on
For debt instruments with an original
In general, foundations may carry to
line 10c, column (a).
issue discount, report the original issue
line 8 the net short-term capital gain
discount ratably over the life of the bond
Line 11. Other income. Enter the total
reported in Part IV, line 3. However, if the
on line 4. See section 1272 for more
of all the foundation’s other income for the
foundation had any short-term capital
information.
year. Attach a schedule that gives a
gain from sales of debt-financed property,
In column (b). Enter the amount of
description and the amount of the income.
add it to the amount reported in Part IV,
Include all income not reported on lines 1
dividend and interest income and
line 3 to figure the amount to include on
through 10c. Also, see the instructions for
payments on securities loans from
line 8. For the definition of “debt-financed
Part XVI-A, line 11 later.
column (a). Do not include interest on
property,” see the Instructions for Form
tax-exempt government obligations.
Include imputed interest on certain
990-T.
In column (c). Enter the amount of
deferred payments figured under section
Line 9. Income modifications. Include
dividend and interest income and
483 and any investment income not
on this line:
payments on securities loans from
reportable on lines 3 through 5, including
1. Amounts received or accrued as
column (a). Include interest on
income from program-related investments
repayments of amounts taken into
tax-exempt government obligations.
(defined in the instructions for Part IX-B).
account as qualifying distributions;
Line 5a. Gross rents.
Do not include unrealized gains and
2. Amounts received or accrued from
In column (a). Enter the gross rental
losses on investments carried at market
the sale or other disposition of property to
income for the year from investment
value. Report those as fund balance or
the extent that the acquisition of the
property reportable in Part II, line 11.
net asset adjustments in Part III.
property was considered a qualifying
In columns (b) and (c). Enter the
distribution for any tax year;
In column (b). Enter the amount of
gross rental income from column (a).
3. Any amount set aside for a specific
investment income included in line 11,
Line 5b. Net rental income or (loss).
project (see explanation in the
column (a). Include dividends, interest,
Figure the net rental income or (loss) for
instructions for Part XII) that was not
rents, and royalties derived from assets
the year and enter that amount on the
necessary for the purposes for which it
devoted to charitable activities, such as
entry line to the left of column (a).
was set aside;
interest on student loans.
-13-
Form 990-PF Instructions
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