Form 1120-Pol - U.s. Income Tax Return For Certain Political Organizations - 2014 Page 2
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Form 1120-POL (2014)
Page
Section references are to the Internal
Form 2 or an equivalent statement filed
and political fundraising receipts), minus
Revenue Code unless otherwise noted.
with the Federal Election Commission. The
any deductions directly connected with the
designation may also be made by attaching
production of that income. The
Future developments. For the latest
a signed statement with all of the following
organization may not deduct its exempt
information about developments related to
information.
function expenditures because section
Form 1120-POL and its instructions, such
162(e) denies a deduction for political
• The candidate’s name and address,
as legislation enacted after this form and
campaign expenditures.
instructions were published, go to
• The candidate’s identifying number,
Exempt Function and Exempt
• The candidate’s party affiliation and
Function Income
What's New
office sought,
The exempt function of a political
• The district and state in which the office
Online payment agreement. You may be
organization includes all activities that are
is sought, and
eligible to apply for an installment
related to and support the process of
agreement on line if you have a balance
• The name and address of the principal
influencing or attempting to influence the
due when you file your return. For more
campaign committee.
selection, nomination, election, or
information, see What if You Cannot Pay in
Note. If the candidate for U.S. Congress
appointment of any individual to any
Full, later.
has a designation in effect from an earlier
federal, state, or local public office, or
year, attach a copy of the earlier year’s
office of a political organization, or the
General Instructions
designation to this year’s Form 1120-POL
election of Presidential or Vice Presidential
and check the appropriate box on the form.
electors, whether or not the individuals or
Purpose of Form
See Regulations section 1.527-9. If a
electors are selected, nominated, elected,
Political organizations and certain exempt
candidate for U.S. Congress has only one
or appointed. The term “exempt function”
organizations file Form 1120-POL to report
political campaign committee, no
also means the making of expenditures
their political organization taxable income
designation is required. However, be sure
relating to the individual’s office, once
and income tax liability under section 527.
to check the appropriate box on Form
selected, nominated, elected, or appointed,
1120-POL.
but only if the expenditures would be
Phone Help
deductible by an individual under section
2. Newsletter fund, if it is a fund
162(a).
If you have questions and/or need help
established and maintained by an
completing Form 1120-POL, please call
individual who holds, has been elected to,
Exempt function income is the total of
1-877-829-5500. This toll-free telephone
or is a candidate (as defined in section
all amounts received from the following
service is available Monday through
527(g)(3)) for nomination or election to any
sources (to the extent that they are
Friday.
federal, state, or local elective public office.
separately segregated only for use for an
The fund must be maintained exclusively
exempt function):
Who Must File
for the preparation and circulation of the
• Contributions of money and property;
A political organization, whether or not it is
individual’s newsletter.
• Membership dues, fees, or assessments
tax-exempt, must file Form 1120-POL if it
3. Separate segregated fund, if it is
paid by a member of a political party;
has any political organization taxable
maintained by a section 501(c)
income.
• Proceeds from a political fundraising or
organization (exempt from tax under
entertainment event, or from the sale of
An exempt organization that is not a
section 501(a)). For more information, see
political campaign materials, if those
section 527(f)(3) and Regulations section
political organization must file Form
amounts are not received in the active
1.527-6(f).
1120-POL if it is treated as having political
conduct of a trade or business; and
organization taxable income under section
Taxable Income
• Proceeds from the conduct of a bingo
527(f)(1).
game, as described in section 513(f)(2).
Political organization taxable income (line
Political Organizations
19) is the excess of (a) gross income for
Specified Taxable Income
A political organization is a party,
the tax year (excluding exempt function
Newsletter fund. Taxable income of a
income (defined later)) over (b) deductions
committee, association, fund (including a
newsletter fund is figured in the same
directly connected with the earning of
separate segregated fund described in
manner as taxable income of a political
gross income (excluding exempt function
section 527(f)(3) set up by a section 501(c)
organization except that the specific
income). Taxable income is figured with the
organization), or other organization,
deduction of $100 is not allowed.
following adjustments.
organized and operated primarily for the
purpose of accepting contributions or
Exempt organization that is not a
1. A specific deduction of $100 is
making expenditures, or both, to influence
political organization. Taxable income for
allowed (but not for newsletter funds),
the selection, nomination, election, or
an exempt organization described in
2. The net operating loss deduction is
appointment of any individual to any public
section 501(c) that is not a political
not allowed, and
office or office in a political organization, or
organization is the smaller of:
the election of Presidential or Vice
3. The dividends-received deduction
1. The net investment income of the
Presidential electors. Political
and other special deductions for
organization for the tax year, or
organizations include a:
corporations are not allowed. See section
2. The amount spent for an exempt
527(c)(2)(C).
1. Principal campaign committee, if it is
function during the tax year either directly
Effect of failure to file Form 8871. Unless
the political committee designated by a
or indirectly through another organization.
excepted (see Other Reports and Returns
candidate for U.S. Congress as his or her
Net investment income, for this purpose,
That May Be Required), every political
principal campaign committee for
is the excess of:
organization, in order to be considered a
purposes of section 302(e) of the Federal
tax-exempt organization, must file Form
Election Campaign Act of 1971 and
1. The gross amount of interest,
8871, Political Organization Notice of
section 527(h).
dividends, rents, and royalties, plus the
Section 527 Status. An organization that is
excess, if any, of gains from the sale or
If a candidate for U.S. Congress elects
required to file Form 8871, but fails to file it
exchange of assets, over the losses from
to make a designation under section
when due, must include in taxable income
the sale or exchange of assets, over
527(h), he or she must designate the
for the period before Form 8871 is filed, its
principal campaign committee by
2. The deductions directly connected
exempt function income (including
attaching a copy of the Statement of
with the production of this income.
contributions received, membership dues,
Candidacy to Form 1120-POL. This can be
Taxable income is figured with the
either the Federal Election Commission’s
adjustments shown in 1, 2, and 3 under
Taxable Income, earlier.
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