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 3
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30501(a) and all of the unexpired interests
persons with respect to the foundation if
Foundations). Use of this form is
of which are devoted to religious,
any of these persons may, by combining
optional. It is provided only to aid you in
charitable, or other purposes described in
their votes or positions of authority,
determining your tax liability.
section 170(c)(2)(B), and for which a
require the organization to make an
Form 1041, U.S. Income Tax Return for
deduction was allowed under a section of
expenditure or prevent the organization
Estates and Trusts. Required of section
the Code listed in section 4947(a)(1).
from making an expenditure, regardless
4947(a)(1) nonexempt charitable trusts
3. A taxable private foundation is an
of the method of control. “Control” is
that also file Form 990-PF. However, if
organization that is no longer exempt
determined regardless of how the
the trust does not have any taxable
foundation requires the contribution to be
under section 501(a) as an organization
income under the income tax provisions
described in section 501(c)(3). Though it
used.
(subtitle A of the Code), it may use the
may operate as a taxable entity, it will
filing of Form 990-PF to satisfy its Form
continue to be treated as a private
1041 filing requirement under section
D. Other Forms You May
foundation until that status is terminated
6012. If this condition is met, check the
under section 507.
Need To File
box for question 13, Part VII-A, of Form
4. A private operating foundation is an
•
990-PF and do not file Form 1041.
Form W-2, Wage and Tax Statement.
organization that is described under
•
Form W-3, Transmittal of Wage and
Form 1041-ES, Estimated Income Tax
section 4942(j)(3) or (5). It means any
for Estates and Trusts. Used to make
Tax Statements.
private foundation that spends at least
•
Form 941, Employer’s Quarterly
estimated tax payments.
85% of the smaller of its adjusted net
Federal Tax Return.
Form 1096, Annual Summary and
income (figured in Part I) or its minimum
These forms are used to report social
investment return (figured in Part X)
Transmittal of U.S. Information
security, Medicare, and income taxes
Returns. Used to transmit forms 1099,
directly for the active conduct of the
withheld by an employer and social
1098, 5498, and W-2G to the IRS. Do not
exempt purpose or functions for which the
security and Medicare taxes paid by an
foundation is organized and operated and
use it to transmit electronically or
employer.
magnetically.
that also meets the assets test, the
endowment test, or the support test
If income, social security, and
Forms 1099-INT, MISC, OID, and R.
(discussed in Part XIV).
Medicare taxes that must be withheld are
Information returns for reporting certain
5. A nonoperating private foundation
not withheld or are not paid to the IRS, a
interest; miscellaneous income (e.g.,
is a private foundation that is not a private
trust fund recovery penalty may apply.
payments to providers of health and
operating foundation.
The penalty is 100% of such unpaid
medical services, miscellaneous income
6. A foundation manager is an officer,
taxes.
payments, and nonemployee
director, or trustee of a foundation, or an
compensation); original issue discount;
This penalty may be imposed on all
individual who has powers similar to
and distributions from retirement or
persons (including volunteers, see below)
those of officers, directors, or trustees. In
profit-sharing plans, IRAs, SEPs or
whom the IRS determines to be
the case of any act or failure to act, the
SIMPLEs, and insurance contracts.
responsible for collecting, accounting for,
term “foundation manager” may also
Form 1120, U.S. Corporation Income
and paying over these taxes, and who
include employees of the foundation who
Tax Return. Filed by nonexempt taxable
willfully did not do so.
have the authority to act.
private foundations that have taxable
7. A disqualified person is:
This penalty does not apply to any
income under the income tax provisions
a. A substantial contributor (see
volunteer, unpaid member of any board of
(subtitle A of the Code). The Form
instructions for Part VII-A, line 10, on
trustees or directors of a tax-exempt
990-PF annual information return is also
page 19);
organization, if this member:
filed by these taxable foundations.
•
b. A foundation manager;
Is solely serving in an honorary
Form 1120-POL, U.S. Income Tax
c. A person who owns more than 20%
capacity,
Return for Certain Political
•
of a corporation, partnership, trust, or
Does not participate in the day-to-day
Organizations. Section 501(c)
unincorporated enterprise that is itself a
or financial activities of the organization,
organizations must file Form 1120-POL if
substantial contributor;
and
they are treated as having political
•
d. A family member of an individual
Does not have actual knowledge of the
organization taxable income under
described in a, b, or c above; or
failure to collect, account for, and pay
section 527(f)(1).
e. A corporation, partnership, trust, or
over these taxes.
estate in which persons described in a, b,
Form 1128, Application To Adopt,
Change, or Retain a Tax Year. Form
c, or d above own a total beneficial
However, this exception does not apply if
1128 is used to request approval from the
interest of more than 35%.
it results in no person being liable for the
f. For purposes of section 4941
IRS to change a tax year or to adopt or
penalty.
retain a certain tax year.
(self-dealing), a disqualified person also
Form 990-T, Exempt Organization
includes certain government officials.
Form 2220, Underpayment of
Business Income Tax Return. Every
(See section 4946(c) and the related
Estimated Tax by Corporations. Form
organization exempt from income tax
regulations.)
2220, is used by corporations and trusts
under section 501(a) that has total gross
g. For purposes of section 4943
filing Form 990-PF to see if the foundation
income of $1,000 or more from all trades
(excess business holdings), a disqualified
owes a penalty and to figure the amount
or businesses that are unrelated to the
person also includes:
of the penalty. Generally, the foundation
organization’s exempt purpose must file a
i. A private foundation that is
is not required to file this form because
return on Form 990-T. The form is also
effectively controlled (directly or indirectly)
the IRS can figure the amount of any
used by tax-exempt organizations to
by the same persons who control the
penalty and bill the foundation for it.
report other additional taxes including the
private foundation in question, or
However, complete and attach Form 2220
additional tax figured in Part IV of Form
ii. A private foundation to which
even if the foundation does not owe the
8621, Return by a Shareholder of a
substantially all of the contributions were
penalty if:
Passive Foreign Investment Company or
•
made (directly or indirectly) by one or
The annualized income or the adjusted
Qualified Electing Fund.
more of the persons described in a, b,
seasonal installment method is used, or
•
and c above, or members of their families,
Form 990-W, Estimated Tax on
The foundation is a “large
within the meaning of section 4946(d).
Unrelated Business Taxable Income
organization,” (see General Instruction O)
8. An organization is controlled by a
for Tax-Exempt Organizations (and on
computing its first required installment
foundation or by one or more disqualified
Investment Income for Private
based on the prior year’s tax.
-3-
Form 990-PF Instructions
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