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 Page 9
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32maintaining the World Wide Web page
(defined below) of the organization,
R. Disclosures Regarding
must:
attach:
•
•
Certain Information and
Have procedures for ensuring the
A statement to the return
reliability and accuracy of the document
explaining it,
Services Furnished
•
that it posts on the page;
A certified copy of the liquidation plan,
•
Take reasonable precautions to
A section 501(c) organization that offers
resolution, etc. (if any) and all
prevent alteration, destruction, or
to sell or solicits money for specific
amendments or supplements that were
accidental loss of the document when
information or a routine service to any
not previously filed,
•
posted on its page; and
individual that could be obtained by the
A schedule that lists the names and
•
Correct or replace the document if a
individual from a Federal Government
addresses of all recipients of assets, and
•
agency free or for a nominal charge must
posted document is altered, destroyed, or
An explanation of the nature and fair
disclose that fact conspicuously when
lost.
market value of the assets distributed to
making such offer or solicitation.
4. Notice requirement — To meet this,
each recipient.
a private foundation must notify any
Additional requirements. For a
Any organization that intentionally
individual requesting a copy of its annual
complete corporate liquidation or trust
disregards this requirement will be subject
returns and/or exemption application
termination, attach a statement as to
to a penalty for each day the offers or
where the documents are available
whether a final distribution of assets was
solicitations are made. The penalty is the
(including the Internet address). If the
made and the date it was made (if
greater of $1,000 or 50% of the total cost
request is made in person, the private
applicable).
of the offers and solicitations made on
foundation must notify the individual
that day.
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
S. Organizations
“Final Return” box in G at the top of page
receiving the request.
1 of the return, or
Organized or Created in a
•
Is terminating its private foundation
Penalties
Foreign Country or U.S.
status under section 507(b)(1)(B), see
A penalty may be imposed on any person
General Instructions U and V, or
Possession
•
who does not make the annual returns
Is voluntarily terminating its private
(including all required attachments to
If you apply any provision of any U.S. tax
foundation status under section 507(a)(1)
each return) or the exemption application
treaty to compute the foundation’s taxable
and owes a termination tax, send the
available for public inspection according
income, tax liability, or tax credits in a
notice (and tax payment, if applicable)
to the section 6104(d) rules discussed
manner different from the 990-PF
required by Rev. Rul. 2003-13, 2003-4
above. If more than one person fails to
instructions, attach an explanation.
I.R.B. 305, and Rev. Rul. 2002-28,
comply, each person is jointly and
2002-20, I.R.B. 941 (2002-1 C.B., 941) to
Regulations section 53.4948-1(b)
severally liable for the full amount of the
the Manager, Exempt Organizations
states that sections 507, 508, and
penalty. The penalty amount is $20 for
Determinations, at the address given in
Chapter 42 (other than section 4948) do
each day during which a failure occurs.
General Instruction U.
not apply to a foreign private foundation
The maximum penalty that may be
Relief from public inspection
that from the date of its creation has
imposed on all persons for any one
requirements. If the organization has
received at least 85% of its support (as
annual return is $10,000. There is no
terminated its private foundation status
defined in section 509(d), other than
maximum penalty amount for failure to
under section 507(b)(1)(A), it does not
section 509(d)(4)) from sources outside
make the exemption application available
have to comply with the notice and public
the United States.
for public inspection.
inspection requirements of their return for
Section 4948(a) imposes a 4% tax on
the termination year.
Any person who willfully fails to comply
the gross investment income from U.S.
with the section 6104(d) public inspection
Filing date. See General Instruction J
sources (such as income from dividends,
requirements is subject to an additional
for the filing date.
interest, rents, payments received on
penalty of $5,000 (section 6685).
securities loans (as defined in section
Definitions. The term substantial
512(a)(5)), and royalties not reported on
contraction includes any partial liquidation
Requirements Placed on the
Form 990-T) of an exempt foreign private
or any other significant disposition of
IRS
foundation. This tax replaces the section
assets. However, this does not include
A private foundation’s Form 990-PF,
4940 tax on the net investment income of
transfers for full and adequate
990-T, and approved exemption
a domestic private foundation. To pay any
consideration or distributions of current
application may be inspected by the
tax due, see the instructions for Part VI,
income.
public at an IRS office for your area or at
line 9.
A significant disposition of assets does
the IRS National Office in Washington,
Taxable foreign private foundations
not include any disposition for a tax year
DC.
and foreign section 4947(a)(1) nonexempt
if:
To request a copy or to inspect a Form
charitable trusts are not subject to the
1. The total of the dispositions for the
990-PF, 990-T, or an approved exemption
excise taxes under sections 4948(a) and
tax year is less than 25% of the fair
application, complete Form 4506-A.
4940, but are subject to income tax under
market value of the net assets of the
Generally, there is a charge for
subtitle A of the Code.
organization at the beginning of the tax
photocopying.
year, and
Certain foreign foundations are not
2. The total of the related dispositions
required to send copies of annual returns
Also, the IRS can provide a complete
made during prior tax years (if a
to state officials, or comply with the public
set of Forms 990-PF filed for a year on
disposition is part of a series of related
inspection and notice requirements of
CD and/or DVD. A partial set of Forms
dispositions made during these prior tax
annual returns. (See General Instructions
990-PF filed by state or by month is also
years) is less than 25% of the fair market
G and Q.)
available. Call 1-877-829-5500 or write to
value of the net assets of the organization
the address below for details.
at the beginning of the tax year in which
T. Liquidation, Dissolution,
any of the series of related dispositions
Termination, or
was made.
Internal Revenue Service
Substantial Contraction
The facts and circumstances of the
RAIVS Unit MS:6716
If there is a liquidation, dissolution,
particular case will determine whether a
Ogden, UT 84201
termination, or substantial contraction
significant disposition has occurred
-9-
Form 990-PF Instructions
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