Form 990-W - Estimated Tax On Unrelated Business Taxable Income For Tax-Exempt Organizations - 2015 Page 6
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76
Form 990-W (Worksheet) 2015
Page
Line 11
Do not figure any required installment until after the end of the
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month immediately preceding the due date for that installment.
Calendar year taxpayers. Enter 4-15-2015 (5-15-2015 for private
foundations), 6-15-2015, 9-15-2015, and 12-15-2015, respectively, in
CAUTION
columns (a) through (d).
For each part that applies to you, complete each column in its entirety
Fiscal year taxpayers. Enter the 15th day of the 4th (5th for private
before going to the next column. For example, if Parts I and III are required,
foundations), 6th, 9th, and 12th months of your tax year in columns (a)
complete column (a), lines 1 through 13, and lines 36 through 40, before
through (d). If any date falls on a Saturday, Sunday, or legal holiday,
starting column (b).
substitute the next business day.
Extraordinary items. Generally, under the annualized income installment
Line 12
method, extraordinary items must be taken into account after annualizing the
taxable income for the annualization period. Similar rules apply in
Annualized income installment method and/or adjusted seasonal
determining taxable income under the adjusted seasonal installment method.
installment method. If the organization’s income is expected to vary during
An extraordinary item includes:
the year because, for example, it operates its business on a seasonal basis, it
may be able to lower the amount of one or more required installments by
• Any item identified in Regulations section 1.1502-76(b)(2)(ii)(C)(1), (2), (3),
using the annualized income installment method and/or the adjusted
(4), (7), and (8);
seasonal installment method. For example, a shop operated by a museum,
• A net operating loss carryover;
which because of its location in an area frequented by tourists receives most
• A section 481(a) adjustment; and
of its income during the summer months, may be able to benefit from using
one or both of these methods in figuring one or more of its required
• Net gain or loss from the disposition of 25% or more of the fair market
installments.
value of the corporation’s business assets during the tax year.
To use one or both of these methods, complete Schedule A. If you use
These extraordinary items must be accounted for in the appropriate
Schedule A for any payment due date, you must use it for all payment due
annualization period. However, a net operating loss deduction and a section
dates. To arrive at the amount of each required installment, Schedule A
481(a) adjustment (unless the corporation makes the alternative choice under
selects the smallest of: (a) the annualized income installment (if applicable),
Regulations section 1.6655-2(f)(3)(ii)(C)) are treated as extraordinary items
(b) the adjusted seasonal installment (if applicable), or (c) the regular
occurring on the first day of the tax year in which the item is taken into
installment under section 6655(d)(1) (increased by any reduction recapture
account in determining taxable income.
under section 6655(e)(1)(B)).
De minimis rule. At the option of the corporation, extraordinary items
Large organization. A “large organization” is any tax-exempt corporation or
identified earlier that are less than $1 million (other than a net operating loss
other organization subject to the tax on unrelated business income or any
carryover or a section 481(a) adjustment) may be annualized using the
private foundation subject to the section 4940 tax on net investment income,
general rules of Regulations section 1.6655-2(f), rather than being treated
that had, or whose predecessor had, taxable income (net investment income
under the special rules for extraordinary items.
for purposes of the section 4940 tax) of $1 million or more for any of the 3 tax
For more information regarding extraordinary items, see Regulations
years immediately preceding the 2015 tax year, or if less, the number of
section 1.6655-2(f)(3)(ii) and the examples in Regulations section 1.6655-2(f)
years the corporation has been in existence.
(3)(vii). Also see Regulations section 1.6655-3(d)(3).
For this purpose, taxable income is modified to exclude net operating loss
In Schedule A, Part I, make the appropriate adjustments to annualized
and capital loss carrybacks or carryovers. Members of a controlled group, as
taxable income before figuring the estimated tax for each reporting period.
defined in section 1563, must divide the $1 million amount among
Similar adjustments must be made, if applicable, to Schedule A, Part II, if the
themselves in accordance with rules similar to those in section 1561. For
adjusted seasonal installment method applies.
more details, see sections 6655(g)(2) and (3).
Part I—Annualized Income Installment Method
A large organization not using Schedule A figures the amounts to enter on
Form 990-W, line 12, as follows:
Line 1
• If line 10a is smaller than line 10b: Enter 25% (.25) of line 10a in columns (a)
through (d) of line 12.
Enter on line 1, in columns (a) through (d), respectively, the annualization
period that the organization is using, based on the options described below.
• If line 10b is smaller than line 10a: In column (a) of line 12, enter 25% (.25)
You may elect option 1 separately for each installment.
of line 10b. In column (b), determine the amount to enter by:
(i) subtracting line 10b from line 10a,
1st
2nd
3rd
4th
(ii) adding the result to the amount on line 10a, and
Installment
Installment
Installment
Installment
(iii) multiplying the total by 25% (.25). In columns (c) and (d), enter 25% (.25)
of line 10a.
Standard Option
2
3
6
9
A large organization using Schedule A follows the foregoing instructions to
Option 1
2
4
7
10
figure the amounts to enter on Schedule A, line 37.
Line 2
Line 13
If the corporation has certain extraordinary items, special rules apply. See
Enter any 2014 overpayment that the organization chose to credit against its
Extraordinary items earlier. In general, extraordinary items are not included on
2015 tax. The overpayment is credited against unpaid required installments
line 2, except for certain de minimis items at the option of the corporation.
in the order in which the installments are required to be paid.
See De minimis rule earlier.
Line 14
If an organization has controlled foreign corporation income under section
951(a), it must take such income (and allocable credits) into account as the
See Federal Tax Deposits Must be Made by Electronic Funds Transfer earlier,
income is earned. The amounts are figured in a manner similar to the way
for the required method for making the line 14 payments.
partnership income inclusions (and allocable credits) are taken into account
Schedule A
to figure a partner’s annualized income installments as provided in
Regulations section 1.6654-2(d)(2).
If you are using only the annualized income installment method (Part I),
Safe harbor election. Organizations may be able to make a prior year safe
complete Parts I and III. If you are using only the adjusted seasonal
harbor election. Under the election, an eligible organization is treated as
installment method (Part II), complete Parts II and III. If you are using both
having received controlled foreign corporation income (and allocable credits)
methods, complete all three parts. Enter in each column on Form 990-W, line
ratably during the tax year equal to 115% (100% for a noncontrolling
12, the amounts from the corresponding column of Schedule A, line 40.
shareholder) of the amounts shown on the organization’s return for the first
preceding tax year (the second preceding tax year for the first and second
required installments).
For more information, see section 6655(e)(4), Regulations section
1.6655-2(f)(3)(v)(B)(2), and Rev. Proc. 95-23, 1995-1 C.B. 693.
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