If the organization is a controlling organization within the meaning of IRC section 512(b)(13) and files Form 990, Return of Organization Exempt From Income Tax, Form 990-EZ, Short Form--Return of Organization Exempt From Income Tax, or Form 990-PF, Return of Private Foundation, and the due date for its 2005 return (excluding extensions) is after August 17, 2006, then the following information must be included on its 2005 return.
For each controlled entity:
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Name of controlled entity (within the meaning of section 512(b)(13))
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Income description for each item of interest, annuities, royalties, or rents received
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Income amount
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List any loans made to the controlled entity
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Descriptions and amounts of each transfer between controlling entity and controlled entity.
The Pension Protection Act permits certain of these payments to be excluded from unrelated business income tax. For more information on how to report this information on Form 990-T, Exempt Organization Business Income Tax Return, for 2005 returns, click here.
For electronically filed returns, this information should be included in the controlled entity schedule if available in your e-filing software. If the controlled entity schedule is not available, use the General Explanation Attachment.
Paper filers should attach a separate statement to their return including this information. At the top of the attachment, filers should write IRC Section 6033(h) Reporting Requirement.
This new requirement reflects Section 1205(b) of the Pension Protection Act of 2006 and is not reflected in the 2005 Instructions for Form 990 and Form 990-EZ ( PDF version) nor in the 2005 Instructions for Form 990-PF ( PDF version). These 2005 instructions will not be revised to reflect this change.
Updated: February 16, 2007
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