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 - 2003 Page 24
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30completion of the project, and the
3. If no elections are involved, apply
section, to Form 990-PF. An election
location(s) (general or specific) of any
remaining qualifying distributions to the
made by filing a separate statement with
physical facilities to be acquired or
2003 distributable amount on line 4d. If
the IRS must be made within the year for
constructed as part of the project; and
the remaining qualifying distributions are
which the election is made. Otherwise,
•
A statement of an appropriate
greater than the 2003 distributable
attach a statement to the Form 990-PF
foundation manager that the amounts set
amount, the excess is treated as a
filed for the year the election was made.
aside will actually be paid for the specific
distribution out of corpus on line 4e.
Where to enter. If the organization
project within a specified period of time
elected to apply all or part of the
If for any reason the 2003 qualifying
ending within 60 months after the date of
remaining amount to the undistributed
distributions do not reduce any 2002
the first set-aside; or a statement
income remaining from years before
undistributed income to zero, the amount
explaining why the period for paying the
2002, enter the amount on line 4b.
not distributed is subject to a 15% tax. If
amount set aside should be extended and
the 2002 income remains undistributed at
If the organization elected to treat
indicating the extension of time
the end of 2004, it could be subject again
those qualifying distributions as a
requested. (Include in this statement the
to the 15% tax. Also, see section 4942(b)
distribution out of corpus, enter the
reason why the proposed project could
for the circumstances under which a
amount on line 4c.
not be divided into two or more projects
second-tier tax could be imposed.
covering periods of no more than 60
Entering an amount on line 4b or
Line 1 — Distributable amount. Enter
!
months each.)
4c without submitting the required
the distributable amount for 2003 from
statement is not considered a
CAUTION
Set-aside under item 2. For any
Part XI, line 7.
valid election.
set-aside under 2 above, the private
Line 2 — Undistributed income. Enter
Line 4d. Treat as a distribution of the
foundation must attach a schedule to its
the distributable amount for 2002 and
distributable amount for 2003 any
annual information return showing how
amounts for earlier years that remained
qualifying distributions for 2003 that
the requirements are met. A schedule is
undistributed at the beginning of the 2003
remain after reducing the 2002
required for the year of the set-aside and
tax year.
undistributed income to zero and after
for each subsequent year until the
Line 2b. Enter the amount of
electing to treat any part of the remaining
set-aside amount has been distributed.
undistributed income for years before
distributions as a distribution out of
See Regulations section
2002.
corpus or as a distribution of a prior year’s
53.4942(a)-3(b)(7)(ii) for specific
undistributed income. Enter only enough
Line 3 — Excess distributions
requirements.
of the remaining 2003 qualifying
carryover to 2003. If the foundation has
Line 5 — Reduced tax on investment
distributions to reduce the 2003
made excess distributions out of corpus in
income under section 4940(e). If the
distributable amount to zero.
prior years, which have not been applied
organization does not qualify for the 1%
in any year, enter the amount for each
Line 4e. Any 2003 qualifying distributions
tax under section 4940(e), enter zero.
year. Do not enter an amount for a
remaining after reducing the 2003
See Parts V and VI of the instructions.
particular year if the organization was a
distributable amount to zero should be
private operating foundation for any later
treated as an excess distribution out of
Part XIII—Undistributed
year.
corpus. This amount may be carried over
and applied to later years.
Lines 3a through 3e. Enter the amount
Income
of any excess distribution made on the
Line 5 — Excess qualifying
If you checked box D2 on page 1, do not
line for each year listed. Do not include
distributions carryover applied to
fill in this part.
any amount that was applied against the
2003. Enter any excess qualifying
distributable amount of an earlier year or
distributions from line 3, which were
If the organization is a private
that was already used to meet
applied to 2003, in both the Corpus
operating foundation for any of the years
pass-through distribution requirements.
column and the 2003 column. Apply the
shown in Part XIII, do not complete the
(See the instructions for line 7.)
oldest excess qualifying distributions first.
portions of Part XIII that apply to those
Thus, the organization will apply any
years. If there are excess qualifying
Line 3f. This amount can be applied in
excess qualifying distributions carried
distributions for any tax year, do not carry
2003.
forward from 1998 before those from later
them over to a year in which the
Line 4 — Qualifying distributions. Enter
years.
organization is a private operating
the total amount of qualifying distributions
foundation or to any later year. For
Line 6a. Add lines 3f, 4c, and 4e.
made in 2003 from Part XII, line 4. The
example, if a foundation made excess
Subtract line 5 from the total. Enter the
total of the amounts applied on lines 4a
qualifying distributions in 2001 and
net total in the Corpus column.
through 4e is equal to the qualifying
became a private operating foundation in
distributions made in 2003.
Line 6c. Enter only the undistributed
2003, the excess qualifying distributions
Line 4a. The qualifying distributions for
income from 2001 and prior years for
from 2001 could be applied against the
which either a notice of deficiency under
2003 are first used to reduce any
distributable amount for 2002 but not to
undistributed income remaining from
section 6212(a) has been mailed for the
any year after 2002.
section 4942(a) first-tier tax, or on which
2002. Enter only enough of the 2003
the first-tier tax has been assessed
qualifying distributions to reduce the 2002
The purpose of this part is to enable
undistributed income to zero.
because the organization filed a Form
the foundation to comply with the rules for
4720 for a tax year that began before
applying its qualifying distributions for the
Lines 4b and 4c. If there are any 2003
2002.
year 2003. In applying the qualifying
qualifying distributions remaining after
distributions, there are three basic steps.
Lines 6d and 6e. These amounts are
reducing the 2002 undistributed income to
zero, one or more elections can be made
taxable under the provisions of section
1. Reduce any undistributed income
4942(a), except for any part that is due
under Regulations section
for 2002 (but not below zero).
53.4942(a)-3(d)(2) to apply all or part of
solely to misvaluation of assets to which
2. The organization may use any part
the remaining qualifying distributions to
the provisions of section 4942(a)(2) are
or all remaining qualifying distributions for
being applied (see Part VII-B, line 2b).
any undistributed income remaining from
2003 to satisfy elections. For example, if
years before 2002 or to apply to corpus.
Report the taxable amount on Form 4720.
undistributed income remained for any
If the exception applies, attach an
year before 2002, it could be reduced to
Elections. To make these elections,
explanation.
zero or, if the foundation wished, the
the organization must file a statement
distributions could be treated as
with the IRS or attach a statement, as
Line 6f. In the 2003 column, enter the
distributions out of corpus.
described in the above regulations
amount by which line 1 is more than the
-24-
Form 990-PF Instructions
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