Rev. Proc. 72-25
Rev. Proc. 72-25; 1972-1 C.B. 749
- Cross-Reference
26 CFR 601.602: Forms and instructions.
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
Superseded by Rev. Proc. 73-29
Section 1. Purpose.
The purpose of this Revenue Procedure is to update the return filing requirements for charitable trusts for taxable years beginning after December 31, 1970.
Sec. 2. Background.
The charitable trust returns, forms, and schedules (hereinafter referred to as returns) to which this Revenue Procedure is applicable are the following:
Return of Organization Exempt From Income Tax, Form 990;
Schedule A (Form 990);
Schedule B (Form 990);
Annual Report of Private Foundation, Form 990-AR or
equivalent;
Exempt Organization Business Income Tax Return, Form 990-T;
U.S. Fiduciary Income Tax Return, Form 1041;
Schedule PF (Form 1041);
U.S. Information Return of Trust Accumulation of Charitable,
etc., Amounts, Form 1041-A;
Charitable Remainder Trust, Form 1041-B; and
Return of Initial Excise Taxes on Private Foundations, Foundation Managers and Disqualified Persons, Form 4720.
The charitable trusts that file one or more of these returns are:
Trusts exempt from income tax under section 501(a) of the Internal Revenue Code as organizations described in section 501(c)(3) of the Code (hereinafter referred to as exempt charitable trusts);
Trusts described in section 4947(a)(1) of the Code, including charitable trusts created prior to October 10, 1969, that have not applied to the Internal Revenue Service for recognition as organizations described in section 501(c)(3) of the Code (hereinafter referred to as 4947(a)(1) trusts); and,
Charitable remainder trusts described in section 664 of the Code, pooled income funds described in section 642(c)(5) of the Code, and all other split-interest trusts described in section 4947(a)(2) of the Code, in which there are both charitable and noncharitable interests, without regard to the date of transfer in trust (hereinafter referred to as charitable remainder trusts, pooled income funds, and all other split-interest trusts described in section 4947(a)(2), respectively).
Sec. 3. Table of Filing Requirements.
The table set forth identifies the types of charitable trusts discussed in this Revenue Procedure and shows the filing requirements for each type of charitable trust.
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Schedule Schedule 990-AR or
Returns 990 A (990) B (990) equivalent 990
report -T
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Exempt chari- Yes/1/ Yes/1/ Yes/2/ Yes/3/ Yes/5/
table trusts.
4947(a)(1)
trusts....... No No No Yes/4/ No
Charitable
remainder
trusts....... No No No No No
Pooled income
funds........ No No No No No
All other
split-inte-
rest trusts
described
in section
4947(a)(2)... No No No No No
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Returns 1041 1041-A 1041-B Schedule 4720
PF (1041)
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Exempt chari-
table trusts. No No No No Yes/8/
4947(a)(1)
trusts....... Yes Yes/6/ No Yes/2/ Yes/8/
Charitable
remainder
trusts....... Yes/5/ Yes/6/ Yes Yes Yes/8/
Pooled income
funds........ Yes No No Yes Yes/8/
All other
split-inte-
rest trusts
described
in section
4947(a)(2)... Yes Yes/9/ No Yes/7/ Yes/8/
1 To be filed by all private foundations and all trusts
treated as private foundation regardless of gross receipts and all
other trusts whose gross receipts are normally more than $5,000
annually.
2 To be filed by all private foundations and all trusts
treated as private foundations.
3 To be filed by all private foundations and all trusts
treated as private foundations that have $5,000 or more of assets.
4 To be filed by all private foundations and all trusts
treated as private foundations that have $5,000 or more of assets;
need not be filed if Form 1041-A is required.
5 To be filed only if there is unrelated business taxable
income.
6 To be filed unless all net income is required to be
distributed currently to the beneficiaries.
7 Only with respect to amounts transferred in trust after May
26, 1969.
8 To be filed if there is liability for a chapter 42 excise
tax (excluding section 4940).
9 To be filed by all trusts claiming a charitable or other
deduction under section 642(c) of the Code and by all trusts where
a transfer in trust has occurred after May 26, 1969, unless all net
income is required to be distributed currently to the
beneficiaries.
Sec. 4. Effect on Other Documents.
This Revenue Procedure supersedes Revenue Procedure 71-14, C.B. 1971-1, 680.
1 Also released as Technical Information Release 1156, dated March 28, 1972.
- Cross-Reference
26 CFR 601.602: Forms and instructions.
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
