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2021 Instructions for Form 990-T - IRS tax forms

Userid: CPMS chema: instrxLeadpct: 100%Pt. size: 9 Draft Ok to PrintAH XSL/XMLF ileid: .. ions/I990T/2017/A/XML/Cycle10/source(Ini t. & Date) _____Page 1 of 31 14:54 - 27-Mar-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before for form 990-TExempt Organization Business Income Tax Return (and Proxy Tax Under Section 6033(e))Department of the TreasuryInternal Revenue ServiceSection references are to the Internal Revenue Code unless otherwise of Must To To Tax Method of Tax and Parts To forms That May Be form 990-T Information on Other Off to Whole Inspection Requirements of Section 501(c)(3) and A Through I.

tax. IRAs and other tax-exempt shareholders in a RIC or REIT filing Form 990-T only to obtain a refund of income tax paid on undistributed long-term capital gains should complete Form 990-T as explained in IRAs and other tax-exempt shareholders in a RIC or REIT, later. Organizations With or Without Current UBTI. Proxy tax.

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Transcription of 2021 Instructions for Form 990-T - IRS tax forms

1 Userid: CPMS chema: instrxLeadpct: 100%Pt. size: 9 Draft Ok to PrintAH XSL/XMLF ileid: .. ions/I990T/2017/A/XML/Cycle10/source(Ini t. & Date) _____Page 1 of 31 14:54 - 27-Mar-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before for form 990-TExempt Organization Business Income Tax Return (and Proxy Tax Under Section 6033(e))Department of the TreasuryInternal Revenue ServiceSection references are to the Internal Revenue Code unless otherwise of Must To To Tax Method of Tax and Parts To forms That May Be form 990-T Information on Other Off to Whole Inspection Requirements of Section 501(c)(3) and A Through I.

2 Unrelated Trade or Business II. Deductions Not Taken III. Tax IV. Tax and V. Statements Regarding Certain Activities and Other A. Cost of Goods C. Rent E. Unrelated Debt-Financed F. Interest, Annuities, Royalties, and Rents From Controlled G. Investment Income of a Section 501(c)(7), (9), or (17) I. Exploited exempt Activity Income, Other Than Advertising J. Advertising K. Compensation of Officers, Directors, and Activity DevelopmentsThe IRS has created a page on for information about form 990-T and its Instructions , at Information about any future developments affecting form 990-T (such as legislation enacted after we release it) will be posted on that 's NewTax rates for corporate organizations that are fiscal year filers.

3 115-97 replaced the graduated corporate tax structure with a flat 21% corporate tax rate and repealed the corporate alternative minimum tax (AMT), effective for tax years beginning after December 31, 2017. However, under section 15, corporations with fiscal tax years beginning before January 1, 2018, and ending after December 31, 2017, figure and apportion their tax (including the alternative minimum tax) by blending the rates in effect before January 1, 2018, with the rate in effect after December 31, 2017. See Blended tax rate for fiscal year filers and Alternative minimum tax for fiscal year filers in Part III.

4 Tax Computation, later. form 8975. Certain United States persons that are the ultimate parent entity of a United States multinational enterprise group with annual revenue for the preceding reporting period of $850 million or more are required to file form 8975. form 8975 and its Schedules A ( form 8975) must be filed with the income tax return of the ultimate parent entity of a multinational enterprise group for the tax year in or within which the reporting period covered by form 8975 ends. The first required reporting period for an ultimate parent entity is the 12-month reporting period that begins on or after the first day of a tax year of the ultimate parent entity that begins on or after June 30, 2016.

5 For more information, see form 8975, Schedule A ( form 8975), and the Instructions for form 8975 and Schedule A ( form 8975). Increase in penalty for failure to file. For tax years beginning in 2017, the minimum penalty for failure to file a return that is over 60 days late has increased to the smaller of the tax due or $210. See Late filing of return, later. Alternative tax for corporate organizations with qualified timber gains. The alternative tax for corporations with qualified timber gains has been extended. Therefore, for tax years beginning in 2017, if a corporation has both a net capital gain and a qualified timber gain, a maximum alternative tax may apply.

6 Principal Business Activity Codes. The Principal Business Activity Codes, located at the end of these Instructions , have been updated and revised to reflect updates to the North American Industry Classification System (NAICS).Section 179D deductions. The deduction under section 179D for the cost of energy efficient commercial building property has been extended through December 31, 2017. America Samoa economic development credit. The American Samoa economic development credit has been extended through December 31, 2017. Disaster relief. Disaster tax relief enacted for those impacted by Hurricane Harvey, Irma, or Maria includes a provision modifying the limit on a corporation's deduction for charitable contributions made after August 22, 2017 and before January 1, 2018 (after October 7, 2017 and before January 1, 2019 for relief efforts in the California wildfire disaster area.)

7 See Temporary suspension of 10% limitation for certain disaster-related contributions, later. For more information on this and other disaster relief provisions, see Pub. 't include social security numbers on publicly disclosed forms . Because the IRS is required to publicly disclose a 501(c)(3) organization s form 990-T returns, social security numbers should not be included on this form . Documents subject to disclosure include schedules and attachments filed with the form . See Public Inspection Requirements of Section 501(c)(3) Organizations, 27, 2018 Cat. No. 11292 UPage 2 of 31 Fileid.

8 Ions/I990T/2017/A/XML/Cycle10/source14:5 4 - 27-Mar-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before InstructionsPurpose of FormUse form 990-T to:Report unrelated business income;Figure and report unrelated business income tax liability;Report proxy tax liability;Claim a refund of income tax paid by a regulated investment company (RIC) or a real estate investment trust (REIT), on undistributed long-term capital gain;Request a credit for certain federal excise taxes paid or for small employer health insurance premiums paid.

9 AndReport unrelated business income tax on reinsurance Must FileThe following entities must file form domestic or foreign organization exempt under section 501(a) or section 529(a) if it has gross income of $1,000 or more from a regularly conducted unrelated trade or business (see Regulations section (e)). Gross income is gross receipts minus the cost of goods sold (see Regulations section ). For a discussion of cost of goods sold see Schedule A. Cost of Goods Sold, gross receipts from a gaming business include all amounts wagered in games, not just the net proceeds after payment of prizes and other expenses.

10 Cash prizes aren't included in cost of goods sold but are reported on line 28 as other disregarded entity, as described in Regulations sections through , is treated as a branch or division of its parent organization for federal tax purposes. Therefore, financial information applicable to a disregarded entity must be reported as the parent organization's financial liable for the proxy tax on lobbying and political expenditures. See Line 37. Proxy Tax, later, for a discussion of the proxy tax. If your organization is only required to file because of the proxy tax, see Proxy Tax Only under Which Parts To Complete, and universities of states and other governmental units, and subsidiary corporations wholly owned by such colleges and universities.


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