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 9
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30to the section 6104(d) rules discussed
manner different from the 990-PF
notice (and tax payment, if applicable)
above. If more than one person fails to
instructions, attach an explanation.
required by Rev. Rul. 2002-28, 2002-20
comply, each person is jointly and
I.R.B. 941 (2002-1 C.B., 941) and Rev.
Regulations section 53.4948-1(b)
severally liable for the full amount of the
Rul. 2003-13, 2003-4 I.R.B. 305, to the
states that sections 507, 508, and
penalty. The penalty amount is $20 for
Manager, Exempt Organizations
Chapter 42 (other than section 4948) do
each day during which a failure occurs.
Determinations, at the address given in
not apply to a foreign private foundation
The maximum penalty that may be
General Instruction U.
that from the date of its creation has
imposed on all persons for any 1 annual
Relief from public inspection
received at least 85% of its support (as
return is $10,000. There is no maximum
requirements. If the organization has
defined in section 509(d), other than
penalty amount for failure to make the
terminated its private foundation status
section 509(d)(4)) from sources outside
exemption application available for public
under section 507(b)(1)(A), it does not
the United States.
inspection.
have to comply with the notice and public
Section 4948(a) imposes a 4% tax on
inspection requirements of their return for
Any person who willfully fails to comply
the gross investment income from U.S.
the termination year.
with the section 6104(d) public inspection
sources (i.e., income from dividends,
requirements is subject to an additional
Filing date. See General Instruction J for
interest, rents, payments received on
penalty of $5,000 (section 6685).
the filing date.
securities loans (as defined in section
Definitions. The term substantial
512(a)(5)), and royalties not reported on
Requirements Placed on the
contraction includes any partial liquidation
Form 990-T) of an exempt foreign private
IRS
or any other significant disposition of
foundation. This tax replaces the section
A private foundation’s annual returns and
assets. However, this does not include
4940 tax on the net investment income of
approved exemption application may be
transfers for full and adequate
a domestic private foundation. To pay any
inspected by the public at an IRS office
consideration or distributions of current
tax due, see the instructions for Part VI,
for your area or at the IRS National Office
income.
line 9.
in Washington, DC.
A significant disposition of assets does
Taxable foreign private foundations
not include any disposition for a tax year
To request a copy or to inspect an
and foreign section 4947(a)(1) nonexempt
if:
annual return or an approved exemption
charitable trusts are not subject to the
application, complete Form 4506-A.
excise taxes under sections 4948(a) and
1. The total of the dispositions for the
Generally, there is a charge for
4940, but are subject to income tax under
tax year is less than 25% of the fair
photocopying.
subtitle A of the Code.
market value of the net assets of the
organization at the beginning of the tax
Also, the IRS can provide a complete
Certain foreign foundations are not
year, and
set of Form 990-PF returns filed for a year
required to send copies of annual returns
2. The total of the related dispositions
on CD-ROM. A partial set of Form 990-PF
to state officials, or comply with the public
made during prior tax years (if a
returns filed by state or by month is also
inspection and notice requirements of
disposition is part of a series of related
available. Call 1-877-829-5500 or write to
annual returns. (See General Instructions
dispositions made during these prior tax
the address below for details.
G and Q.)
years) is less than 25% of the fair market
value of the net assets of the organization
T. Liquidation, Dissolution,
at the beginning of the tax year in which
Internal Revenue Service
Termination, or
any of the series of related dispositions
TE/GE Customer Account Services
was made.
P.O. Box 2508
Substantial Contraction
Cincinnati, OH 45201
The facts and circumstances of the
If there is a liquidation, dissolution,
termination, or substantial contraction
particular case will determine whether a
R. Disclosures Regarding
significant disposition has occurred
(defined below) of the organization,
Certain Information and
through a series of related dispositions.
attach:
•
A statement to the return
Ordinarily, a distribution described in
Services Furnished
section 170(b)(1)(E)(ii) (relating to private
explaining it,
•
A certified copy of the liquidation plan,
foundations making qualifying
A section 501(c) organization that offers
distributions out of corpus equal to 100%
resolution, etc. (if any) and all
to sell or solicits money for specific
of contributions received during the
amendments or supplements that were
information or a routine service to any
not previously filed,
foundation’s tax year) will not be taken
individual that could be obtained by the
•
into account as a significant disposition of
A schedule that lists the names and
individual from a Federal Government
assets. See Regulations section
addresses of all recipients of assets, and
agency free or for a nominal charge must
•
An explanation of the nature and fair
1.170A-9(g)(2).
disclose that fact conspicuously when
market value of the assets distributed to
making such offer or solicitation.
U. Filing Requirements
each recipient.
Any organization that intentionally
During Section
Additional requirements. For a
disregards this requirement will be subject
complete corporate liquidation or trust
to a penalty for each day the offers or
507(b)(1)(B) Termination
termination, attach a statement as to
solicitations are made. The penalty is the
whether a final distribution of assets was
Although an organization terminating its
greater of $1,000 or 50% of the total cost
made and the date it was made (if
private foundation status under section
of the offers and solicitations made on
applicable).
507(b)(1)(B) may be regarded as a public
that day.
charity for certain purposes, it is
Also, an organization must indicate:
•
S. Organizations
considered a private foundation for filing
That it has ceased to exist, check the
requirement purposes and it must file an
“Final Return” box in G at the top of page
Organized or Created in a
annual return on Form 990-PF. The return
1 of the return, or
•
must be filed for each year in the
Foreign Country or U.S.
Is terminating its private foundation
60-month termination period, if that period
status under section 507(b)(1)(B), see
Possession
has not expired before the due date of the
General Instructions U and V, or
•
return.
If you apply any provision of any U.S. tax
Is voluntarily terminating its private
treaty to compute the foundation’s taxable
foundation status under section 507(a)(1)
Regulations under section 507(b)(1)
income, tax liability, or tax credits in a
and owes a termination tax, send the
(B)(iii) specify that within 90 days after the
-9-
Form 990-PF Instructions
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