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 - 2004 Page 25
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30distribution out of corpus, enter the
makes a distribution equal to the full
amount of excess distributions carryover
amount on line 4c.
amount of the contribution and the
from that year that has not been applied
distribution is a qualifying distribution that
as of the end of the 2004 tax year. If there
Entering an amount on line 4b or
is treated as a distribution of corpus. The
is an amount on the line for 2000, it must
!
4c without submitting the required
donee foundation must, no later than the
be applied by the end of the 2005 tax
statement is not considered a
CAUTION
close of the first tax year after the tax year
year since the 5-year carryover period for
valid election.
in which it receives the contributions,
2000 ends in 2005.
Line 4d. Treat as a distribution of the
distribute an amount equal in value to the
distributable amount for 2004 any
contributions received in the prior tax year
Part XIV—Private
qualifying distributions for 2004 that
and have no remaining undistributed
remain after reducing the 2003
Operating Foundations
income for the prior year. For example, if
undistributed income to zero and after
private foundation X received $1,000 in
All organizations that claim status as
electing to treat any part of the remaining
tax year 2003 from foundation Y,
private operating foundations under
distributions as a distribution out of
foundation X would have to distribute the
section 4942(j)(3) or (5) for 2004 must
corpus or as a distribution of a prior year’s
$1,000 as a qualifying distribution out of
complete Part XIV.
undistributed income. Enter only enough
corpus by the end of 2004 and have no
of the remaining 2004 qualifying
remaining undistributed income for 2003.
Certain elderly care facilities (section
distributions to reduce the 2004
4942(j)(5)). For purposes of section 4942
2. If a private foundation receives a
distributable amount to zero.
only, certain elderly care facilities may be
contribution from an individual or a
corporation and the individual is seeking
classified as private operating
Line 4e. Any 2004 qualifying distributions
foundations. To be so classified, they
remaining after reducing the 2004
the 50% contribution base limit on
must be operated and maintained for the
distributable amount to zero should be
deductions for the tax year (or the
principal purpose explained in section
treated as an excess distribution out of
individual or corporation is not applying
4942(j)(5) and also meet the endowment
corpus. This amount may be carried over
the limit imposed on deductions for
test described below.
and applied to later years.
contributions to the foundation of capital
gain property), the foundation must
Line 5 — Excess qualifying
If the foundation is a section
comply with certain distribution
distributions carryover applied to
4942(j)(5) organization, complete only
requirements.
2004. Enter any excess qualifying
lines 1a, 1b, 2c, 2d, 2e, and 3b. Enter
distributions from line 3, which were
By the 15th day of the 3rd month after
“N/A” on all other lines in the Total column
applied to 2004, in both the Corpus
the end of the tax year in which the
for Part XIV.
column and the 2004 column. Apply the
foundation received the contributions, the
Private operating foundation (section
oldest excess qualifying distributions first.
donee foundation must distribute as
Thus, the organization will apply any
qualifying distributions out of corpus:
4942(j)(3)). The term “private operating
excess qualifying distributions carried
foundation” means any private foundation
a. An amount equal to 100% of all
that spends at least 85% of the smaller of
forward from 1999 before those from later
contributions received during the year in
years.
its adjusted net income or its minimum
order for the individual contributor to
investment return directly for the active
Line 6a. Add lines 3f, 4c, and 4e.
receive the benefit of the 50% limit on
conduct of the exempt purpose or
Subtract line 5 from the total. Enter the
deductions, and
functions for which the foundation is
net total in the Corpus column.
b. Distribute all contributions of
organized and operated (the Income
property only so that the individual or
Line 6c. Enter only the undistributed
Test) and that also meets one of the three
corporation making the contribution is not
income from 2002 and prior years for
tests below.
subject to the section 170(e)(1)(B)(ii)
which either a notice of deficiency under
1. Assets test. 65% or more of the
limitations.
section 6212(a) has been mailed for the
foundation’s assets are devoted directly
section 4942(a) first-tier tax, or on which
If the organization is applying excess
to those activities or functionally related
the first-tier tax has been assessed
distributions from prior years (i.e., any
businesses, or both. Or 65% or more of
because the organization filed a Form
part of the amount in Part XIII, line 3f) to
the foundation’s assets are stock of a
4720 for a tax year that began before
satisfy the distribution requirements of
corporation that is controlled by the
2003.
section 170(b)(1)(E) or 4942(g)(3), it must
foundation, and substantially all of the
Lines 6d and 6e. These amounts are
make the election under Regulations
assets of the corporation are devoted to
taxable under the provisions of section
section 53.4942(a)-3(c)(2). Also, see
those activities or functionally related
4942(a), except for any part that is due
Regulations section 1.170A-9(g)(2).
businesses.
solely to improper valuation of assets to
2. Endowment test. The foundation
Enter on line 7 the total distributions
which the provisions of section 4942(a)(2)
normally makes qualifying distributions
out of corpus made to satisfy the
are being applied (see Part VII-B, line 2b).
directly for the active conduct of the
restrictions on amounts received from
Report the taxable amount on Form 4720.
exempt purpose or functions for which it
donors described above.
If the exception applies, attach an
is organized and operated in an amount
explanation.
Line 8 — Outdated excess distributions
that is two-thirds or more of its minimum
carryover. Because of the 5-year
Line 6f. In the 2004 column, enter the
investment return.
carryover limitation under section
amount by which line 1 is more than the
3. Support test. The foundation
4942(i)(2), the organization must reduce
total of lines 4d and 5. This is the
normally receives 85% or more of its
any excess distributions carryover by any
undistributed income for 2004. The
support (other than gross investment
amounts from 1999 that were not applied
organization must distribute the amount
income as defined in section 509(e)) from
in 2004.
shown by the end of its 2005 tax year so
the public and from five or more exempt
that it will not be liable for the tax on
Line 9 — Excess distributions
organizations that are not described in
undistributed income.
carryover to 2005. Enter the amount by
section 4946(a)(1)(H) with respect to
which line 6a is more than the total of
Line 7 — Distributions out of corpus for
each other or the recipient foundation.
lines 7 and 8. This is the amount the
2004 pass-through distributions.
Not more than 25% of the support (other
organization may apply to 2005 and
1. If the foundation is the donee and
than gross investment income) normally
following years. Line 9 can never be less
receives a contribution from another
may be received from any one of the
than zero.
private foundation, the donor foundation
exempt organizations and not more than
may treat the contribution as a qualifying
Line 10 — Analysis of line 9. In the
one-half of the support normally may be
distribution only if the donee foundation
space provided for each year, enter the
received from gross investment income.
-25-
Form 990-PF Instructions
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