2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART II - Income Taxes (§§ 30041 — 30622) › Chapter 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter C - Information Returns (§§ 30291 — 30303) › § 30298 - Information required from certain tax-exempt organizations and trusts

(a) Certain tax-exempt organizations.— Any organization described in clauses (1) and (2) of subsection (a) of § 30471 of this title, which is subject to the requirements of § 30245 of this title shall provide information annually, at the time and in the manner that the Secretary may prescribe by forms or regulations, stating:
(1) Its gross income for the year;
(2) its expenses attributable to such income and incurred within the year;
(3) its disbursements of income within the year for the purposes for which it is exempt;
(4) its accumulation of income within the year;
(5) its aggregate income accrued at the beginning of the year;
(6) its disbursements of principal in the current and prior years for the purposes for which it is exempt;
(7) a balance sheet showing its assets, liabilities, and net worth as of the beginning of such year, and
(8) the aggregate of contributions and gifts received by the organization during the year.
(b) Trusts claiming deductions for charitable or other contributions under § 30412(a) of this title.— Every trust claiming deductions for charitable or other contributions under § 30412(a) of this title for the taxable year shall furnish such information with respect to such taxable year, as the Secretary may by regulation prescribe, setting forth:
(1) The amount of charitable or other contribution taken as a deduction under § 30412(a) of this title within such year (showing separately the amount of such deduction which was paid and the amount which was permanently earmarked during such year for charitable or other purposes described in § 30412(a) of this title);
(2) the amount paid within such year which represents amounts for which deductions for charitable or other contributions made under § 30412(a) of this title have been taken in prior taxable years;
(3) the amount for which deductions for charitable or other contributions have been taken in prior years, but which has not been paid at the beginning of such year;
(4) the amount paid of the principal in the current and prior years for charitable or other purposes, specified in § 30412(a) of this title;
(5) the total income of the trust for such year and the expenses attributable thereto, and
(6) a balance sheet showing the assets, liabilities, and net worth of the trust as of the beginning of such year.
This subsection shall not apply in the case of a taxable year if all the net income for such year, determined under the provisions of law applicable to trusts, is required to be distributed currently to the beneficiaries.
(c) Information available to the public.— The information required to be furnished under subsection (a) or (b), together with the names and addresses of such organizations, shall be made available to the public at such times and in such places as the Secretary prescribes.
(d) Penalties.— Failure to voluntarily furnish the information required under this section, the penalties established in § 33112 of this title shall apply.
History —Jan. 31, 2011, No. 1, § 1063.08, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 79.