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 26
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32•
from Part I, line 26, column (d), and enter
The amounts and approximate dates of
2010 to satisfy elections. For example, if
it on line 1a.
any planned additions to the set-aside
undistributed income remained for any
after its initial establishment,
year before 2009, it could be reduced to
Borrowed funds. If the foundation
•
The reasons why the project can be
zero or, if the foundation wished, the
borrowed money in a tax year beginning
better accomplished by the set-aside than
distributions could be treated as
before January 1, 1970, or later borrows
by the immediate payment of funds,
distributions out of corpus.
money under a written commitment
•
A detailed description of the project,
3. If no elections are involved, apply
binding on December 31, 1969, the
including estimated costs, sources of any
remaining qualifying distributions to the
foundation may elect to treat any
future funds expected to be used for
2010 distributable amount on line 4d. If
repayments of the loan principal after
completion of the project, and the
the remaining qualifying distributions are
December 31, 1969, as qualifying
location(s) (general or specific) of any
greater than the 2010 distributable
distributions at the time of repayment,
physical facilities to be acquired or
amount, the excess is treated as a
rather than at the earlier time that the
constructed as part of the project, and
distribution out of corpus on line 4e.
borrowed funds were actually distributed,
•
A statement of an appropriate
only if:
If for any reason the 2010 qualifying
foundation manager that the amounts set
1. The money is used to make
distributions do not reduce any 2009
aside will actually be paid for the specific
expenditures for a charitable or similar
undistributed income to zero, the amount
project within a specified period of time
purpose, and
not distributed is subject to a 30% tax. If
ending within 60 months after the date of
2. Repayment on the loan did not start
the 2009 income remains undistributed at
the first set-aside, or a statement
until a year beginning after 1969.
the end of 2011, it could be subject again
explaining why the period for paying the
to the 30% tax. Also, see section 4942(b)
amount set aside should be extended and
On these loans, deduct any interest
for the circumstances under which a
indicating the extension of time
payment from gross income to compute
second-tier tax could be imposed.
requested. (Include in this statement the
adjusted net income in the year paid.
reason why the proposed project could
Line 1. Distributable amount. Enter the
Election. To make this election,
not be divided into two or more projects
distributable amount for 2010 from Part
attach a statement to Form 990-PF for the
covering periods of no more than 60
XI, line 7.
first tax year beginning after 1969 in
months each.)
Line 2. Undistributed income. Enter
which a repayment of loan principal is
Set-aside under item 2. For any
the distributable amount for 2009 and
made and for each tax year after that in
set-aside under 2 above, the private
amounts for earlier years that remained
which any repayment of loan principal is
foundation must attach a schedule to its
undistributed at the beginning of the
made. The statement should show:
annual information return showing how
2010 tax year.
•
The lender’s name and address,
the requirements are met. A schedule is
•
Line 2b. Enter the amount of
The amount borrowed,
required for the year of the set-aside and
•
undistributed income for years before
The specific use of the borrowed funds,
for each subsequent year until the
2009.
and
set-aside amount has been distributed.
•
The private foundation’s election to
Line 3. Excess distributions carryover
See Regulations section
treat repayments of loan principal as
to 2010. If the foundation has made
53.4942(a)-3(b)(7)(ii) for specific
qualifying distributions.
excess distributions out of corpus in prior
requirements.
years, which have not been applied in any
Line 1b. Program-related investments.
Line 5. Reduced tax on investment
year, enter the amount for each year. Do
Enter the total of the “Amount” column
income under section 4940(e). If the
not enter an amount for a particular year if
from Part IX-B. See the Part IX-B
organization does not qualify for the 1%
the organization was a private operating
instructions for the definition of
tax under section 4940(e), enter zero.
foundation for any later year.
program-related investments.
See Parts V and VI of the instructions.
Lines 3a through 3e. Enter the amount
Line 3. Amounts set aside. Amounts
Part XIII. Undistributed
of any excess distribution made on the
set aside may be treated as qualifying
line for each year listed. Do not include
distributions only if the private foundation
Income
any amount that was applied against the
establishes to the satisfaction of the IRS
distributable amount of an earlier year or
that the amount will be paid for the
If you checked box D2 on page 1, do not
that was already used to meet
specific project within 60 months from the
fill in this part.
pass-through distribution requirements.
date of the first set-aside and meets 1 or
If the organization is a private
(See the instructions for line 7.)
2 below.
operating foundation for any of the years
Line 3f. This amount can be applied
1. The project can be better
shown in Part XIII, do not complete the
in 2010.
accomplished by a set-aside than by the
portions of Part XIII that apply to those
immediate payment of funds (suitability
years. If there are excess qualifying
Line 4. Qualifying distributions. Enter
test).
distributions for any tax year, do not carry
the total amount of qualifying distributions
2. The private foundation meets the
them over to a year in which the
made in 2010 from Part XII, line 4. The
requirements of section 4942(g)(2)(B)(ii)
organization is a private operating
total of the amounts applied on lines 4a
(cash distribution test).
foundation or to any later year. For
through 4e is equal to the qualifying
example, if a foundation made excess
distributions made in 2010.
Set-aside under item 1. For any
qualifying distributions in 2008 and
Line 4a. The qualifying distributions for
set-aside under 1 above, the private
became a private operating foundation in
2010 are first used to reduce any
foundation must apply for IRS approval by
2010, the excess qualifying distributions
undistributed income remaining from
the end of the tax year in which the
from 2008 could be applied against the
2009. Enter only enough of the 2010
amount is set aside. Send the application
distributable amount for 2009 but not to
qualifying distributions to reduce the 2009
for approval to the:
any year after 2009.
undistributed income to zero.
Internal Revenue Service
The purpose of this part is to enable
Lines 4b and 4c. If there are any 2010
TE/GE EO - Determinations
the foundation to comply with the rules for
qualifying distributions remaining after
P.O. Box 2508
applying its qualifying distributions for the
reducing the 2009 undistributed income to
Cincinnati, OH 45201
year 2010. In applying the qualifying
zero, one or more elections can be made
distributions, there are three basic steps.
The application for approval must give
under Regulations section
all of the following information:
1. Reduce any undistributed income
53.4942(a)-3(d)(2) to apply all or part of
•
The nature and purposes of the specific
for 2009 (but not below zero).
the remaining qualifying distributions to
project and the amount of the set-aside
2. The organization may use any part
any undistributed income remaining from
for which approval is requested,
or all remaining qualifying distributions for
years before 2009 or to apply to corpus.
-26-
Form 990-PF Instructions
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Form 990-pf - Return Of Private Foundation Or Section 4947(a)(1) Nonexempt Charitable Trust Treated As A Private Foundation - Return Of Private Foundation Or Section 4947(a)(1) Nonexempt Charitable Trust Treated As A Private Foundation -
Financial
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 - 2009
Financial
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 - 2007
Financial
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 - 2008
Financial
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 - 2003
Financial
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 - 2004
Financial
Instructions For Form 990-pf - Return Of Private Foundation Or Section 4947(a)(1) Nonexempt Charitable Trust Treated As A Private Foundation - 2001
Financial
Instructions For Form 990-pf - Return Of Private Foundation Or Section 4947(a)(1) Nonexempt Charitable Trust Treated As A Private Foundation - 2017
Financial
Related Categories
Parent category: Financial