Publicly Traded Partnership Private Foundation

Publicly Traded Partnership Private Foundation

Forum topic posted in Forum on 21 April 2010| 2 comments
audience: | last updated: 21 April 2010
Print
||
Rate:
3 posts / 0 new
Last post
Offline
Joined: 10/28/2005
Points: 45
Hi everyone. Could somebody please tell me how to report K-1 activities of PTP on Form 990-PF? Thank you, Roman

Add comment

Login or register to post comments

Comments

Offline
Joined: 04/06/2004
Points: 15
PTP/MLP's tax reporting by charity
You will likely need to file Form 990-T due to UBTI of the partnership and/or UDFI, assuming the partnership has debt financed income (sec. 512 and 514 of the Code). You may be well advised to have someone familiar with UBTI reporting assist you in this obligation. Unfortunately, if your PF is organized as a corporation it is limited to a 10% charitable deduction for any offsetting contributions to 'other charities', whereas if it is structured as a trust, under state law, it could claim up to a 50% deduction against the UBTI for such charitable giving (512(b)(10)&(11).
Offline
Joined: 10/28/2005
Points: 45
PTP in Private Foundation
Gregory, Thank you so much for your help. Somehow I missed your response and found it only today. Kind regards, Roman
Offline
Joined: 10/28/2005
Points: 45
PTP Private Foundation
Hi everyone. Could somebody please tell me how to report K-1 activities of PTP on Form 990-PF?
7520 Rates: October 2.2% September 2.4% August 2.4%

Already a member?

Learn, Share, Gain Insight, Connect, Advance

Join Today For Free!

Join the PGDC community and…

  • Learn through thousands of pages of content, newsletters and forums
  • Share by commenting on and rating content, answering questions in the forums, and writing
  • Gain insight into other disciplines in the field
  • Connect – Interact – Grow
  • Opt-in to Include your profile in our searchable national directory. By default, your identity is protected

…Market yourself to a growing industry

 

Forums