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ICAHN 11/ 15/2011 4 27 PM 990 Return of Private Foundation Department of the Treasury, and ending For calendar year 2009, or tax year beginning Final return Initial return of a former public charity

How to fill out return of private foundation

How to fill out return of private foundation:

1. Gather all necessary financial information and documents related to the foundation's activities and expenses. This may include bank statements, receipts, and records of grants and donations.
2. Use the appropriate tax form for private foundations, such as Form 990-PF in the United States. Ensure that you have the current version of the form available.
3. Start by filling out the general information section, including the foundation's legal name, address, and EIN (Employer Identification Number).
4. Provide details about the foundation's activities and purposes, including any grants or scholarships awarded during the tax year.
5. Report any income received by the foundation, such as interest income or contributions from donors. Ensure accurate reporting of all sources of income.
6. Deduct any qualifying expenses that the foundation incurred during the tax year, such as administrative costs or programmatic expenses directly related to the foundation's mission.
7. Calculate the foundation's net investment income and determine the correct amount to be distributed for charitable purposes, as required by law.
8. Complete the required schedules that may accompany the main form, such as Schedule N (Liquidation, Termination, Dissolution, or Significant Disposition of Assets).
9. Review the completed return for accuracy and completeness, ensuring that all required sections and forms are properly filled out.
10. File the return by the deadline stated by the relevant tax authority, and retain a copy of the completed return for your records.

Who needs return of private foundation:

1. Private foundations are required to file a return with the appropriate tax authority, such as the Internal Revenue Service (IRS) in the United States. This applies to private foundations that meet specific criteria, including having a certain level of annual assets or receiving a significant amount of income from sources unrelated to its exempt purposes.
2. The return of private foundation provides transparency and accountability to the public and the government regarding the foundation's financial activities, ensuring compliance with applicable tax laws and regulations.
3. Donors, grant recipients, and other stakeholders may also have an interest in reviewing a private foundation's return, as it provides insight into the foundation's financial status, its allocation of resources, and its impact on the community.

Note: It is important to consult with a tax professional or seek legal advice to ensure compliance with the specific tax laws and regulations governing private foundations in your jurisdiction.

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What is return of private foundation?

A return of private foundation is a form filed annually by private foundations with the IRS to disclose information about their financial activities and compliance with tax regulations.

Who is required to file return of private foundation?

Private foundations, as defined by the IRS, are required to file a return of private foundation each year.

How to fill out return of private foundation?

Private foundations can fill out the return of private foundation electronically or by using paper forms provided by the IRS.

What is the purpose of return of private foundation?

The purpose of the return of private foundation is to provide the IRS and the public with information about the financial activities of private foundations and to ensure compliance with tax laws.

What information must be reported on return of private foundation?

The return of private foundation requires disclosure of the foundation's financial information, details about grants and contributions, compensation of officers and directors, and other relevant information as outlined by the IRS.