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 - Page 10
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31A significant disposition of assets does
termination is due (or would be due if a
Currency and language requirements.
Report all amounts in U.S. dollars (state
not include any disposition for a tax year
return were required).
conversion rate used). Report all items in
if:
The organization will be allowed a
total, including amounts from both U.S.
1. The total of the dispositions for the
reasonable period of time to file any
and non-U.S. sources. All information
tax year is less than 25% of the fair
private foundation returns required (for
must be in English.
market value of the net assets of the
the last year of the termination period) but
organization at the beginning of the tax
not previously filed if it is later determined
Attachments. Use the schedules on
year, and
that the organization did not terminate its
Form 990-PF. If you need more space
2. The total of the related dispositions
private foundation status. Interest on any
use attachments that are the same size
made during prior tax years (if a
tax due will be charged from the original
as the printed forms.
disposition is part of a series of related
due date of the Form 990-PF, but
On each attachment, write:
dispositions made during these prior tax
penalties under sections 6651 and 6652
•
years) is less than 25% of the fair market
“Form 990-PF,”
will not be assessed if the Form 990-PF is
•
value of the net assets of the organization
filed within the period allowed by the IRS.
The tax year,
at the beginning of the tax year in which
•
The corresponding schedule number or
any of the series of related dispositions
V. Special Rules for
letter,
was made.
•
The organization’s name and EIN, and
Section 507(b)(1)(B)
•
The information requested using the
The facts and circumstances of the
Terminations
format and line sequence of the printed
particular case will determine whether a
If the organization is terminating its
form.
significant disposition has occurred
private foundation status under the
through a series of related dispositions.
Also, show totals on the printed forms.
60-month provisions of section
Ordinarily, a distribution described in
507(b)(1)(B), special rules apply. (See
section 170(b)(1)(E)(ii) (relating to private
General Instructions T and U.) Under
foundations making qualifying
Specific Instructions
these rules, the organization may file
distributions out of corpus equal to 100%
Form 990-PF without paying the tax
of contributions received during the
based on investment income if it filed a
foundation’s tax year) will not be taken
Completing the Heading
consent under section 6501(c)(4) with its
into account as a significant disposition of
The following instructions are keyed to
notification to the TE/GE Customer
assets. See Regulations section
Account Services at the Cincinnati
items in the Form 990-PF heading.
1.170A-9(g)(2).
address given in General Instruction U of
Name and Address
its intention to begin a section
U. Filing Requirements
507(b)(1)(B) termination. The consent
If the organization received a Form
During Section
provides that the period of limitation on
990-PF package from the IRS with a
the assessment of tax under Chapter 42,
peel-off label, please use it. If the name or
507(b)(1)(B) Termination
based on investment income for any tax
address on the label is wrong, make
Although an organization terminating its
year in the 60-month period will not expire
corrections on the label. The address
until at least 1 year after the period for
private foundation status under section
used must be that of the principal office of
assessing a deficiency for the last tax
507(b)(1)(B) may be regarded as a public
the foundation.
year in which the 60-month period would
charity for certain purposes, it is
Include the suite, room, or other unit
normally expire. Any foundation not
considered a private foundation for filing
number after the street address. If the
paying the tax when it files Form 990-PF
requirement purposes and it must file an
Post Office does not deliver mail to the
must attach a copy of the signed consent.
annual return on Form 990-PF. The return
street address and the organization has a
must be filed for each year in the
If the foundation did not file the
P.O. box, show the box number instead of
60-month termination period, if that period
consent, the tax must be paid in the
the street address.
has not expired before the due date of the
normal manner as explained in General
return.
Instructions O and P. The organization
A—Employer Identification
may file a claim for refund after
Regulations under section 507(b)(1)
Number
completing termination or during the
(B)(iii) specify that within 90 days after the
The organization should have only one
termination period. The claim for refund
end of the termination period the
employer identification number. If it has
must be filed on time and the organization
organization must supply information to
more than one number, notify the Internal
must supply information establishing that
the IRS establishing that it has terminated
Revenue Service Center at the address
it qualified as a public charity for the
its private foundation status and,
shown under General Instruction J.
period for which it paid the tax.
therefore, qualifies as a public charity.
Explain what numbers the organization
Send the information to:
has, the name and address to which each
W. Rounding, Currency,
Internal Revenue Service
number was assigned, and the address of
TE/GE Customer Account Services
and Attachments
the organization’s principal office. The
P.O. Box 2508
IRS will then advise which number to use.
Cincinnati, OH 45201
Rounding off to whole-dollars. You
may round off cents to whole dollars on
B—Telephone Number
If information is furnished establishing
your return and schedules. If you do
a successful termination, then, for the
Enter a foundation telephone number
round to whole dollars, you must round all
final year of the termination period, the
(including the area code) that the public
amounts. To round, drop amounts under
organization should comply with the filing
and government regulators may use to
50 cents and increase amounts from 50
requirements for the type of public charity
obtain information about the foundation’s
to 99 cents to the next dollar. For
it has become. See the Instructions for
finances and activities. This information
example, $1.39 becomes $1 and $2.50
Form 990 and Schedule A (Form 990 or
should be available at this telephone
becomes $3.
990-EZ) for details on filing requirements.
number during normal business hours. If
This applies even if the IRS has not
If you have to add two or more
the foundation does not have a
confirmed that the organization has
amounts to figure the amount to enter on
telephone, enter a telephone number of a
terminated its private foundation status by
a line, include cents when adding the
foundation official who can provide this
the time the return for the final year of the
amounts and round off only the total.
information during normal business hours.
-10-
Form 990-PF Instructions
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