| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Tax Preparation Fees | 3,680 | 0 | 0 | 0 |
| Identifier | Return Reference | Explanation |
|---|---|---|
| General Explanation Supplemental Information for Form 990-PF | EXPLANATION FOR AMENDMENT OF FORM 990-PFThis amended return is being filed to reflect the proper tax basis in investment securities sold during the taxable year. The taxpayer records securities acquired at cost. For appreciated securities received as contributions to the private foundation, these securities' cost basis (for the books of the taxpayer) is computed using the fair market value of the securities as of the date the contributed securities are received. As such, the taxpayer's cost is the donor's cost, stepped up for the excess of the date-of-contribution fair market value over such donor's cost. The donor's tax basis in the security is noted at the time of the securities' receipt.During the taxable year ended November 30, 2016, several sales of Amazon, Inc. occurred, totaling 140 shares. All of these shares in Amazon had been received via a contribution of the security to the foundation. The gain or loss on the sale of these securities was erroneously computed using the stepped-up basis and not the donor's original tax basis. This amended return corrects for that error, and the cost of each security sale is now reflected using the tax basis of the original donor of the security.The total of excess basis originally reported on the various sales of Amazon, Inc. was $68,033. This amendment, therefore, results in an increase in the net capital gain of $68,033. Note the originally filed return, however, had reported a net capital loss of $49,193 on line 2 of Part IV, Capital Gains and Losses for Tax on Investment Income. This amendment consequently results in an net capital gain of $18,840 (i.e., $49,193 original net capital loss + $68,033 additional capital gain). The taxpayer does not qualify for the special 1% tax rate on net investment income for this taxable year. As such, the 2% tax rate applies. The additional tax due from this amendment is, therefore, $376 (i.e., $18,840 x 2%). |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ConocoPhillips | 74,383 | 63,076 |
| Intel Corp | 64,896 | 69,400 |
| Eli Lilly & Co. | 28,330 | 53,696 |
| Bank of America Corporation | 136,790 | 179,520 |
| Procter & Gamble Co | 38,018 | 49,476 |
| Regions Financial Corp | 98,547 | 135,400 |
| American Capital Ltd | 54,808 | 69,320 |
| BB&T Corp | 73,444 | 90,500 |
| Ford Motor Co. | 93,747 | 77,740 |
| Johnson & Johnson | 95,635 | 133,560 |
| Apple, Inc. | 180,501 | 309,456 |
| AT&T Inc | 80,660 | 96,575 |
| Boeing Co | 104,046 | 120,448 |
| Qualcomm, Inc. | 58,191 | 81,756 |
| Wal-Mart Stores, Inc. | 262,853 | 281,720 |
| Walt Disney Co | 146,781 | 138,768 |
| Cummins Inc | 43,912 | 70,890 |
| Home Depot Inc | 39,269 | 38,820 |
| Illumina Inc | 27,315 | 26,628 |
| Mattel Inc | 59,371 | 63,140 |
| Verizon Communications | 76,768 | 74,850 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| Miscellaneous Receivable | 2,160 | 2,160 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Dues and Licenses | 780 | |||
| FMV Step Up of Donated Stock Sold | 68,033 | |||
| Office Supplies | 431 | |||
| Telephone Expense | 511 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| Hi-Crush Partners LP | -708 | -708 | -708 |
| Description | Amount |
|---|---|
| Unrecognized Gain on Donated Securities | 15,002 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| Other Miscellaneous Liabilities | 3,300 | |
| Credit Card Payable | 799 |