Form 990-W - Estimated Tax On Unrelated Business Taxable Income For Tax-Exempt Organizations - 2015 Page 7
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77
Form 990-W (Worksheet) 2015
Page
Line 3
Line 15
Enter on line 3, in columns (a) through (d), respectively, the annualization
If the corporation has certain extraordinary items, special rules apply. See
amounts for the option used for line 1.
Extraordinary items earlier. In general, extraordinary items are not included on
line 15, except for certain de minimis items at the option of the corporation.
1st
2nd
3rd
4th
See De minimis rule earlier.
Installment
Installment
Installment
Installment
Line 22b
Standard Option
6
4
2
1.33333
Include on line 22b extraordinary items of $1 million or more, a net operating
Option 1
6
3
1.71429
1.2
loss deduction, or a section 481(a) adjustment. See Extraordinary items
earlier. Also include any de minimis items that the corporation does not
Line 4b
choose to include on line 15. See De minimis rule earlier.
Include on line 4b extraordinary items of $1 million or more, a net operating
Line 30
loss deduction, or a section 481(a) adjustment. See Extraordinary items
earlier. Also include any de minimis items that the corporation does not
For the same taxes used to figure Form 990-W, lines 3 and 7, figure the
choose to include on line 2. See De minimis rule earlier.
amounts for the months shown in the column headings above line 14.
Line 6
Tax-exempt corporations that are not exempt from the alternative
minimum tax figure the tax by first computing alternative minimum taxable
For the same taxes used to figure Form 990-W, lines 3 and 7, figure the
income under section 55, based on the organization’s income and
amounts for the months shown on line 1.
deductions during the months shown in the column headings above Part II,
line 14. Divide the alternative minimum taxable income by the amounts
Tax-exempt corporations that are not exempt from the alternative
shown on line 21. Subtract the exemption amount under section 55(d). For
minimum tax figure the tax by first computing alternative minimum taxable
columns (a) through (c) only, multiply the alternative minimum tax by the
income under section 55, based on the corporation’s income and deductions
amounts shown on line 28.
for the annualization period entered in each column on line 1. Then multiply
the alternative minimum taxable income by the annualization amounts (line 3)
Line 32
used to figure annualized taxable income. Subtract the exemption amount
under section 55(d).
Enter the credits to which you are entitled because of events that occurred
during the months shown in the column headings above Part II, line 14.
Line 8
Line 34
Enter the credits to which the organization is entitled for the months shown in
each column on line 1.
In column (b), enter the amount from Part III, line 40, column (a). In column
(c), enter the sum of the amounts in line 40, columns (a) and (b). In column
Line 12
(d), enter the sum of the amounts in line 40, columns (a), (b), and (c).
In column (b), enter the amount from Part III, line 40, column (a). In column
(c), enter the sum of the amounts in line 40, columns (a) and (b). In column
Paperwork Reduction Act Notice. This form is optional. It is provided only
(d), enter the sum of the amounts in line 40, columns (a), (b), and (c).
to help you determine your estimated tax liability.
You are not required to provide the information requested on a form that is
Part II—Adjusted Seasonal Installment Method
subject to the Paperwork Reduction Act unless the form displays a valid
OMB control number. Books or records relating to a form or its instructions
The adjusted seasonal installment method is used by organizations that
must be retained as long as their contents may become material in the
normally receive their taxable income on a seasonal basis. Therefore, Part II
administration of any Internal Revenue law. Generally, tax returns and return
is only used by organizations whose “base period percentage” for any 6
information are confidential, as required by section 6103.
consecutive months equals or exceeds 70% (.70). Figure the base period
The time needed to complete this form will vary depending on individual
percentage using the 6-month period in which the organization normally
circumstances. The estimated average times are:
receives the largest part of its taxable income. Divide the taxable income for
the corresponding 6-month period in each of the 3 preceding tax years by
Form
Recordkeeping
Learning
Preparing
the taxable income for each of these years. The following example illustrates
about the law
the form
the computation.
or the form
Example. A tax-exempt organization that has a calendar year as its tax year
receives the largest part of its unrelated business taxable income during the
Form 990-W
10 hr., 2 min.
1 hr., 40 min.
1 hr., 55 min.
6-month period from May through October. To figure its base period
Form 990-W, Sch. A (Pt. I) 11 hr., 14 min.
42 min.
54 min.
percentage for the period May through October 2015, the organization must
Form 990-W, Sch. A (Pt. II) 23 hr., 26 min.
12 min.
35 min.
figure its taxable income for the period May through October in each of the
years 2012, 2013, and 2014. The taxable income for each May-through-
Form 990-W, Sch. A (Pt. III)
4 hr., 32 min.
- - - -
4 min.
October period is then divided by the total taxable income for the tax year in
If you have comments concerning the accuracy of these time estimates or
which the period is included, resulting in the following: 69% for May through
suggestions for making this form simpler, we would be happy to hear from
October 2012; 74% for May through October 2013; and 67% for May
you. You can write to:
through October 2014. The average of 69%, 74%, and 67% is 70%.
Therefore, the base period percentage for May through October 2015 is 70%
Internal Revenue Service
and the organization qualifies for the adjusted seasonal installment method.
Tax Forms and Publications Division
1111 Constitution Ave., NW, IR-6526
Washington, DC 20224
Do not send the form to this address. Instead, keep the form for your
records.
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