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 25
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31Line 2b. Enter the amount of
electing to treat any part of the remaining
income for the prior year. For example, if
undistributed income for years
distributions as a distribution out of
private foundation X received $1,000 in
before 2004.
corpus or as a distribution of a prior year’s
tax year 2004 from foundation Y,
undistributed income. Enter only enough
foundation X would have to distribute the
Line 3 — Excess distributions
of the remaining 2005 qualifying
$1,000 as a qualifying distribution out of
carryover to 2005. If the foundation has
distributions to reduce the 2005
corpus by the end of 2005 and have no
made excess distributions out of corpus in
distributable amount to zero.
remaining undistributed income for 2004.
prior years, which have not been applied
in any year, enter the amount for each
2. If a private foundation receives a
Line 4e. Any 2005 qualifying distributions
contribution from an individual or a
year. Do not enter an amount for a
remaining after reducing the 2005
particular year if the organization was a
corporation and the individual is seeking
distributable amount to zero should be
the 50% contribution base limit on
private operating foundation for any
treated as an excess distribution out of
later year.
deductions for the tax year (or the
corpus. This amount may be carried over
individual or corporation is not applying
Lines 3a through 3e. Enter the amount
and applied to later years.
the limit imposed on deductions for
of any excess distribution made on the
Line 5 — Excess qualifying
contributions to the foundation of capital
line for each year listed. Do not include
distributions carryover applied to
gain property), the foundation must
any amount that was applied against the
2005. Enter any excess qualifying
comply with certain distribution
distributable amount of an earlier year or
distributions from line 3, which were
requirements.
that was already used to meet
applied to 2005, in both the Corpus
pass-through distribution requirements.
By the 15th day of the 3rd month after
column and the 2005 column. Apply the
(See the instructions for line 7.)
the end of the tax year in which the
oldest excess qualifying distributions first.
foundation received the contributions, the
Line 3f. This amount can be applied
Thus, the organization will apply any
donee foundation must distribute as
in 2005.
excess qualifying distributions carried
qualifying distributions out of corpus:
Line 4 — Qualifying distributions. Enter
forward from 2000 before those from later
the total amount of qualifying distributions
a. An amount equal to 100% of all
years.
contributions received during the year in
made in 2005 from Part XII, line 4. The
Line 6a. Add lines 3f, 4c, and 4e.
total of the amounts applied on lines 4a
order for the individual contributor to
Subtract line 5 from the total. Enter the
receive the benefit of the 50% limit on
through 4e is equal to the qualifying
net total in the Corpus column.
distributions made in 2005.
deductions, and
Line 6c. Enter only the undistributed
b. Distribute all contributions of
Line 4a. The qualifying distributions for
income from 2003 and prior years for
property only so that the individual or
2005 are first used to reduce any
which either a notice of deficiency under
corporation making the contribution is not
undistributed income remaining from
section 6212(a) has been mailed for the
subject to the section 170(e)(1)(B)(ii)
2004. Enter only enough of the 2005
limitations.
section 4942(a) first-tier tax, or on which
qualifying distributions to reduce the 2004
the first-tier tax has been assessed
undistributed income to zero.
because the organization filed a Form
If the organization is applying excess
Lines 4b and 4c. If there are any 2005
4720 for a tax year that began before
distributions from prior years (for
qualifying distributions remaining after
2004.
instance, any part of the amount in Part
reducing the 2004 undistributed income to
XIII, line 3f) to satisfy the distribution
zero, one or more elections can be made
Lines 6d and 6e. These amounts are
requirements of section 170(b)(1)(E) or
under Regulations section
taxable under the provisions of section
4942(g)(3), it must make the election
53.4942(a)-3(d)(2) to apply all or part of
4942(a), except for any part that is due
under Regulations section
the remaining qualifying distributions to
solely to improper valuation of assets to
53.4942(a)-3(c)(2). Also, see Regulations
any undistributed income remaining from
which the provisions of section 4942(a)(2)
section 1.170A-9(g)(2).
years before 2004 or to apply to corpus.
are being applied (see Part VII-B, line 2b).
Elections. To make these elections,
Report the taxable amount on Form 4720.
Enter on line 7 the total distributions
the organization must file a statement
If the exception applies, attach an
out of corpus made to satisfy the
explanation.
with the IRS or attach a statement, as
restrictions on amounts received from
described in the above regulations
donors described above.
Line 6f. In the 2005 column, enter the
section, to Form 990-PF. An election
amount by which line 1 is more than the
Line 8 — Outdated excess distributions
made by filing a separate statement with
total of lines 4d and 5. This is the
carryover. Because of the 5-year
the IRS must be made within the year for
undistributed income for 2005. The
carryover limitation under section
which the election is made. Otherwise,
organization must distribute the amount
4942(i)(2), the organization must reduce
attach a statement to the Form 990-PF
shown by the end of its 2006 tax year so
any excess distributions carryover by any
filed for the year the election was made.
that it will not be liable for the tax on
amounts from 2000 that were not applied
Where to enter. If the organization
undistributed income.
in 2005.
elected to apply all or part of the
Line 7 — Distributions out of corpus for
remaining amount to the undistributed
Line 9 — Excess distributions
2005 pass-through distributions.
income remaining from years before
carryover to 2006. Enter the amount by
2004, enter the amount on line 4b.
1. If the foundation is the donee and
which line 6a is more than the total of
receives a contribution from another
If the organization elected to treat
lines 7 and 8. This is the amount the
private foundation, the donor foundation
those qualifying distributions as a
organization may apply to 2006 and
may treat the contribution as a qualifying
distribution out of corpus, enter the
following years. Line 9 can never be less
distribution only if the donee foundation
amount on line 4c.
than zero.
makes a distribution equal to the full
Entering an amount on line 4b or
Line 10 — Analysis of line 9. In the
amount of the contribution and the
!
4c without submitting the required
space provided for each year, enter the
distribution is a qualifying distribution that
statement is not considered a
amount of excess distributions carryover
CAUTION
is treated as a distribution of corpus. The
valid election.
from that year that has not been applied
donee foundation must, no later than the
as of the end of the 2005 tax year. If there
Line 4d. Treat as a distribution of the
close of the first tax year after the tax year
is an amount on the line for 2001, it must
distributable amount for 2005 any
in which it receives the contributions,
be applied by the end of the 2006 tax
qualifying distributions for 2005 that
distribute an amount equal in value to the
year since the 5-year carryover period for
remain after reducing the 2004
contributions received in the prior tax year
2001 ends in 2006.
undistributed income to zero and after
and have no remaining undistributed
-25-
Form 990-PF Instructions
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