Information For...

For you and your family
Standard mileage and other information

Forms and Instructions

Individual Tax Return
Request for Taxpayer Identification Number (TIN) and Certification
Single and Joint Filers With No Dependents
Employee's Withholding Allowance Certificate

 

Request for Transcript of Tax Returns
Employer's Quarterly Federal Tax Return
Installment Agreement Request
Wage and Tax Statement

Popular For Tax Pros

Amend/Fix Return
Apply for Power of Attorney
Apply for an ITIN
Rules Governing Practice before IRS

Taxable Period - Excess Business Holdings

The taxable period begins on the first day that the foundation has excess business holdings and ends on the earlier of either:

  1. The date a notice of deficiency for the initial tax is mailed, or
  2. The date the initial tax is assessed.

Example.  The Y private foundation files tax returns on a calendar year basis.  It acquires excess business holdings on July 7, 2002, and does not dispose of them until after the Service mails a notice of deficiency for the initial and additional tax on December 10, 2003.  For Y's excess business holdings, the taxable period begins on July 7, 2002, and ends on December 10, 2003.  Because the 2002 tax year of the foundation ended in the taxable period, the foundation is liable for a tax of 5 percent of the largest amount of excess holdings it had at any time during that year.


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