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 9
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31•
After it is downloaded and viewed,
To request a copy or to inspect an
charitable trusts are not subject to the
the web document exactly reproduces the
annual return or an approved exemption
excise taxes under sections 4948(a) and
image of the annual returns or exemption
application, complete Form 4506-A.
4940, but are subject to income tax under
application as it was originally filed with
Generally, there is a charge for
subtitle A of the Code.
the IRS, except for any information
photocopying.
Certain foreign foundations are not
permitted by statute to be withheld from
Also, the IRS can provide a complete
required to send copies of annual returns
public disclosure; and
set of Form 990-PF returns filed for a year
•
to state officials, or comply with the public
Any individual with access to the
on CD-ROM. A partial set of Form 990-PF
inspection and notice requirements of
Internet can access, download, view, and
returns filed by state or by month is also
annual returns. (See General Instructions
print the document without special
available. Call 1-877-829-5500 or write to
G and Q.)
computer hardware or software required
the address below for details.
for that format (except software that is
T. Liquidation, Dissolution,
readily available to members of the public
without payment of any fee) and without
Internal Revenue Service
Termination, or
payment of a fee to the private foundation
TE/GE Customer Account Services
or to another entity maintaining the web
Substantial Contraction
P.O. Box 2508
page.
Cincinnati, OH 45201
If there is a liquidation, dissolution,
3. Reliability and accuracy
termination, or substantial contraction
requirements — To meet this, the entity
R. Disclosures Regarding
(defined below) of the organization,
maintaining the World Wide Web page
Certain Information and
attach:
must:
•
A statement to the return
•
Have procedures for ensuring the
Services Furnished
explaining it,
reliability and accuracy of the document
•
A certified copy of the liquidation plan,
A section 501(c) organization that offers
that it posts on the page;
resolution, etc. (if any) and all
•
to sell or solicits money for specific
Take reasonable precautions to
amendments or supplements that were
information or a routine service to any
prevent alteration, destruction, or
not previously filed,
individual that could be obtained by the
accidental loss of the document when
•
A schedule that lists the names and
individual from a Federal Government
posted on its page; and
•
addresses of all recipients of assets, and
agency free or for a nominal charge must
Correct or replace the document if a
•
An explanation of the nature and fair
disclose that fact conspicuously when
posted document is altered, destroyed, or
market value of the assets distributed to
making such offer or solicitation.
lost.
each recipient.
Any organization that intentionally
4. Notice requirement — To meet this,
disregards this requirement will be subject
a private foundation must notify any
Additional requirements. For a
to a penalty for each day the offers or
individual requesting a copy of its annual
complete corporate liquidation or trust
solicitations are made. The penalty is the
returns and/or exemption application
termination, attach a statement as to
greater of $1,000 or 50% of the total cost
where the documents are available
whether a final distribution of assets was
of the offers and solicitations made on
(including the Internet address). If the
made and the date it was made (if
that day.
request is made in person, the private
applicable).
foundation must notify the individual
S. Organizations
Also, an organization must indicate:
immediately. If the request is in writing, it
•
That it has ceased to exist, check the
must notify the individual within 7 days of
Organized or Created in a
“Final Return” box in G at the top of page
receiving the request.
Foreign Country or U.S.
1 of the return, or
•
Is terminating its private foundation
Penalties
Possession
status under section 507(b)(1)(B), see
A penalty may be imposed on any person
General Instructions U and V, or
If you apply any provision of any U.S. tax
who does not make the annual returns
•
Is voluntarily terminating its private
treaty to compute the foundation’s taxable
(including all required attachments to
foundation status under section 507(a)(1)
income, tax liability, or tax credits in a
each return) or the exemption application
and owes a termination tax, send the
manner different from the 990-PF
available for public inspection according
notice (and tax payment, if applicable)
instructions, attach an explanation.
to the section 6104(d) rules discussed
required by Rev. Rul. 2003-13, 2003-4
Regulations section 53.4948-1(b)
above. If more than one person fails to
I.R.B. 305, and Rev. Rul. 2002-28,
states that sections 507, 508, and
comply, each person is jointly and
2002 – 20, I.R.B. 941 (2002-1 C.B., 941)
Chapter 42 (other than section 4948) do
severally liable for the full amount of the
to the Manager, Exempt Organizations
not apply to a foreign private foundation
penalty. The penalty amount is $20 for
Determinations, at the address given in
that from the date of its creation has
each day during which a failure occurs.
General Instruction U.
received at least 85% of its support (as
The maximum penalty that may be
defined in section 509(d), other than
imposed on all persons for any 1 annual
Relief from public inspection
section 509(d)(4)) from sources outside
return is $10,000. There is no maximum
requirements. If the organization has
the United States.
penalty amount for failure to make the
terminated its private foundation status
exemption application available for public
Section 4948(a) imposes a 4% tax on
under section 507(b)(1)(A), it does not
inspection.
the gross investment income from U.S.
have to comply with the notice and public
sources (such as, income from dividends,
inspection requirements of their return for
Any person who willfully fails to comply
interest, rents, payments received on
the termination year.
with the section 6104(d) public inspection
securities loans (as defined in section
requirements is subject to an additional
Filing date. See General Instruction J for
512(a)(5)), and royalties not reported on
penalty of $5,000 (section 6685).
the filing date.
Form 990-T) of an exempt foreign private
Requirements Placed on the
foundation. This tax replaces the section
Definitions. The term substantial
IRS
4940 tax on the net investment income of
contraction includes any partial liquidation
a domestic private foundation. To pay any
A private foundation’s annual returns and
or any other significant disposition of
tax due, see the instructions for Part VI,
approved exemption application may be
assets. However, this does not include
line 9.
inspected by the public at an IRS office
transfers for full and adequate
for your area or at the IRS National Office
Taxable foreign private foundations
consideration or distributions of current
in Washington, DC.
and foreign section 4947(a)(1) nonexempt
income.
-9-
Form 990-PF Instructions
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