Form 1120-Pol - U.s. Income Tax Return For Certain Political Organizations - 2012 Page 2
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Form 1120-POL (2012)
Page
Section references are to the Internal
be either the Federal Election
Notice of Section 527 Status. An
Revenue Code unless otherwise noted.
Commission’s Form 2 or an equivalent
organization that is required to file Form
statement filed with the Federal Election
8871, but fails to file it when due, must
Future developments. The IRS has
Commission. The designation may also
include in taxable income for the period
created a page on IRS.gov for
be made by attaching a signed
before Form 8871 is filed, its exempt
information about Form 1120-POL and
statement with all of the following
function income (including contributions
its instructions, at
information.
received, membership dues, and political
form1120pol. Information about any
fundraising receipts), minus any
future developments affecting Form
• The candidate’s name and address,
deductions directly connected with the
1120-POL (such as legislation enacted
• The candidate’s identifying number,
production of that income. The
after we release it) will be posted on that
• The candidate’s party affiliation and
organization may not deduct its exempt
page.
office sought,
function expenditures because section
General Instructions
162(e) denies a deduction for political
• The district and state in which the
campaign expenditures.
office is sought, and
Purpose of Form
• The name and address of the principal
Exempt Function and Exempt
campaign committee.
Function Income
Political organizations and certain
Note. If the candidate for U.S. Congress
exempt organizations file Form 1120-
The exempt function of a political
has a designation in effect from an
POL to report their political organization
organization includes all activities that
earlier year, attach a copy of the earlier
taxable income and income tax liability
are related to and support the process of
year’s designation to this year’s Form
under section 527.
influencing or attempting to influence the
1120-POL and check the appropriate
selection, nomination, election, or
Phone Help
box on the form. See Regulations
appointment of any individual to any
section 1.527-9. If a candidate for U.S.
federal, state, or local public office, or
If you have questions and/or need help
Congress has only one political
completing Form 1120-POL, please call
office of a political organization, or the
campaign committee, no designation is
1-877-829-5500. This toll-free telephone
election of Presidential or Vice
required. However, be sure to check the
service is available Monday through
Presidential electors, whether or not the
appropriate box on Form 1120-POL.
Friday.
individuals or electors are selected,
2. Newsletter fund, if it is a fund
nominated, elected, or appointed. The
Who Must File
established and maintained by an
term “exempt function” also means the
individual who holds, has been elected
making of expenditures relating to the
A political organization, whether or not it
to, or is a candidate (as defined in
individual’s office, once selected,
is tax-exempt, must file Form 1120-POL
section 527(g)(3)) for nomination or
nominated, elected, or appointed, but
if it has any political organization taxable
election to any federal, state, or local
only if the expenditures would be
income.
elective public office. The fund must be
deductible by an individual under
An exempt organization that is not a
maintained exclusively for the
section 162(a).
political organization must file Form
preparation and circulation of the
Exempt function income is the total of
1120-POL if it is treated as having
individual’s newsletter.
all amounts received from the following
political organization taxable income
sources (to the extent that they are
3. Separate segregated fund, if it is
under section 527(f)(1).
separately segregated only for use for an
maintained by a section 501(c)
Political Organizations
exempt function):
organization (exempt from tax under
section 501(a)). For more information,
A political organization is a party,
• Contributions of money and property;
see section 527(f)(3) and Regulations
committee, association, fund (including a
• Membership dues, fees, or
section 1.527-6(f).
separate segregated fund described in
assessments paid by a member of a
section 527(f)(3) set up by a section
political party;
Taxable Income
501(c) organization), or other
• Proceeds from a political fundraising or
organization, organized and operated
Political organization taxable income
entertainment event, or from the sale of
primarily for the purpose of accepting
(line 19) is the excess of (a) gross
political campaign materials, if those
contributions or making expenditures, or
income for the tax year (excluding
amounts are not received in the active
both, to influence the selection,
exempt function income (defined later))
conduct of a trade or business; and
nomination, election, or appointment of
over (b) deductions directly connected
• Proceeds from the conduct of a bingo
any individual to any public office or
with the earning of gross income
game, as described in section 513(f)(2).
office in a political organization, or the
(excluding exempt function income).
election of Presidential or Vice
Specified Taxable Income
Taxable income is figured with the
Presidential electors. Political
following adjustments.
Newsletter fund. Taxable income of a
organizations include a:
1. A specific deduction of $100 is
newsletter fund is figured in the same
1. Principal campaign committee, if it
allowed (but not for newsletter funds),
manner as taxable income of a political
is the political committee designated by
organization except that the specific
2. The net operating loss deduction is
a candidate for U.S. Congress as his or
deduction of $100 is not allowed.
not allowed, and
her principal campaign committee for
Exempt organization that is not a
3. The dividends-received deduction
purposes of section 302(e) of the Federal
political organization. Taxable income
and other special deductions for
Election Campaign Act of 1971 and
for an exempt organization described in
corporations are not allowed. See
section 527(h).
section 501(c) that is not a political
section 527(c)(2)(C).
If a candidate for U.S. Congress elects
organization is the smaller of:
Effect of failure to file Form 8871.
to make a designation under section
Unless excepted (see Other Reports and
527(h), he or she must designate the
Returns That May Be Required), every
principal campaign committee by
political organization, in order to be
attaching a copy of the Statement of
considered a tax-exempt organization,
Candidacy to Form 1120-POL. This can
must file Form 8871, Political Organization
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