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 27
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32Line 8. Outdated excess distributions
Elections. To make these elections,
Line 6f. In the 2010 column, enter the
carryover. Because of the 5-year
the organization must file a statement
amount by which line 1 is more than the
carryover limitation under section
with the IRS or attach a statement, as
total of lines 4d and 5. This is the
4942(i)(2), the organization must reduce
described in the above regulations
undistributed income for 2010. The
any excess distributions carryover by any
section, to Form 990-PF. An election
organization must distribute the amount
amounts from 2005 that were not applied
made by filing a separate statement with
shown by the end of its 2011 tax year so
in 2010.
the IRS must be made within the year for
that it will not be liable for the tax on
which the election is made. Otherwise,
undistributed income.
Line 9. Excess distributions carryover
attach a statement to the Form 990-PF
to 2011. Enter the amount by which line
Line 7. Distributions out of corpus for
filed for the year the election was made.
6a is more than the total of lines 7 and 8.
2010 pass-through distributions.
This is the amount the organization may
Where to enter. If the organization
If the foundation is the donee and
apply to 2011 and following years. Line 9
elected to apply all or part of the
receives a contribution from another
can never be less than zero.
remaining amount to the undistributed
private foundation, the donor foundation
income remaining from years before
Line 10. Analysis of line 9. In the space
may treat the contribution as a qualifying
2009, enter the amount on line 4b.
provided for each year, enter the amount
distribution only if the donee foundation
of excess distributions carryover from that
If the organization elected to treat
makes a distribution equal to the full
year that has not been applied as of the
those qualifying distributions as a
amount of the contribution and the
end of the 2010 tax year. If there is an
distribution out of corpus, enter the
distribution is a qualifying distribution that
amount on the line for 2006, it must be
amount on line 4c.
is treated as a distribution of corpus. The
applied by the end of the 2011 tax year
donee foundation must, no later than the
Entering an amount on line 4b or
since the 5-year carryover period for 2006
close of the first tax year after the tax year
!
4c without submitting the required
ends in 2011.
in which it receives the contributions,
statement is not considered a
CAUTION
distribute an amount equal in value to the
Part XIV. Private Operating
valid election.
contributions received in the prior tax year
Line 4d. Treat as a distribution of the
Foundations
and have no remaining undistributed
distributable amount for 2010 any
income for the prior year. For example, if
All organizations that claim status as
qualifying distributions for 2010 that
private foundation X received $1,000 in
private operating foundations under
remain after reducing the 2009
tax year 2009 from foundation Y,
section 4942(j)(3) or (5) for 2010 must
undistributed income to zero and after
foundation X would have to distribute the
complete Part XIV.
electing to treat any part of the remaining
$1,000 as a qualifying distribution out of
Certain elderly care facilities (section
distributions as a distribution out of
corpus by the end of 2010 and have no
4942(j)(5)). For purposes of section
corpus or as a distribution of a prior year’s
remaining undistributed income for 2009.
4942 only, certain elderly care facilities
undistributed income. Enter only enough
may be classified as private operating
If a private foundation receives a
of the remaining 2010 qualifying
foundations. To be so classified, they
contribution from an individual or a
distributions to reduce the 2010
must be operated and maintained for the
corporation and the individual is seeking
distributable amount to zero.
principal purpose explained in section
the 50% contribution base limit on
Line 4e. Any 2010 qualifying
4942(j)(5) and also meet the endowment
deductions for the tax year (or the
distributions remaining after reducing the
test described below.
individual or corporation is not applying
2010 distributable amount to zero should
the limit imposed on deductions for
If the foundation is a section
be treated as an excess distribution out of
contributions to the foundation of capital
4942(j)(5) organization, complete only
corpus. This amount may be carried over
gain property), the foundation must
lines 1a, 1b, 2c, 2d, 2e, and 3b. Enter
and applied to later years.
comply with certain distribution
“N/A” on all other lines in the Total column
Line 5. Excess qualifying distributions
requirements.
for Part XIV.
carryover applied to 2010. Enter any
Private operating foundation (section
By the 15th day of the 3rd month after
excess qualifying distributions from line 3,
4942(j)(3)). The term “private operating
the end of the tax year in which the
which were applied to 2010, in both the
foundation” means any private foundation
foundation received the contributions, the
Corpus column and the 2010 column.
that spends at least 85% of the smaller of
donee foundation must distribute as
Apply the oldest excess qualifying
its adjusted net income or its minimum
qualifying distributions out of corpus:
distributions first. Thus, the organization
investment return directly for the active
will apply any excess qualifying
a. An amount equal to 100% of all
conduct of the exempt purpose or
distributions carried forward from 2005
contributions received during the year in
functions for which the foundation is
before those from later years.
order for the individual contributor to
organized and operated (the Income
Line 6a. Add lines 3f, 4c, and 4e.
receive the benefit of the 50% limit on
Test) and that also meets one of the three
Subtract line 5 from the total. Enter the
deductions, and
tests below.
net total in the Corpus column.
b. Distribute all contributions of
1. Assets test. 65% or more of the
Line 6c. Enter only the undistributed
property only so that the individual or
foundation’s assets are devoted directly
income from 2008 and prior years for
corporation making the contribution is not
to those activities or functionally related
which either a notice of deficiency under
subject to the section 170(e)(1)(B)(ii)
businesses, or both; or 65% or more of
section 6212(a) has been mailed for the
limitations.
the foundation’s assets are stock of a
section 4942(a) first-tier tax, or on which
corporation that is controlled by the
If the organization is applying excess
the first-tier tax has been assessed
foundation, and substantially all of the
distributions from prior years (for
because the organization filed a Form
assets of the corporation are devoted to
instance, any part of the amount in Part
4720 for a tax year that began before
those activities or functionally related
XIII, line 3f) to satisfy the distribution
2009.
businesses.
requirements of section 170(b)(1)(F) or
Lines 6d and 6e. These amounts are
2. Endowment test. The foundation
4942(g)(3), it must make the election
taxable under the provisions of section
normally makes qualifying distributions
under Regulations section
4942(a), except for any part that is due
directly for the active conduct of the
53.4942(a)-3(c)(2). Also, see Regulations
solely to improper valuation of assets to
exempt purpose or functions for which it
section 1.170A-9(h)(2).
which the provisions of section 4942(a)(2)
is organized and operated in an amount
are being applied (see Part VII-B, line 2b).
Enter on line 7 the total distributions
that is two-thirds or more of its minimum
Report the taxable amount on Form 4720.
out of corpus made to satisfy the
investment return.
If the exception applies, attach an
restrictions on amounts received from
3. Support test. The foundation
explanation.
donors described above.
normally receives 85% or more of its
-27-
Form 990-PF Instructions
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