| Identifier | Return Reference | Explanation |
|---|---|---|
| RIDER | FORM 9990 PF PART V LINE 9 | THE TAXPAYER RESPECTFULLY REQUESTS THAT NO LATE FILING PENALTY OR LATE PAYMENT PENALTY BE IMPOSED ON THE BASIS OF REASONABLE CAUSE.THE BALANCE OF TAX DUE RESULTED FROM A LARGE CAPITAL GAIN ON THE SALE OF STOCK WHICH HAD BEEN DONATED TO THE FOUNDATION AT THE END OF DECEMBER 2021. THE STOCK WAS SOLD SHORTLY THEREAFTER ON DECEMBER 31, 2021. THE SALES PRICE OF THE STOCK WAS SUBSTANTIALLY IDENTICAL TO THE FAIR MARKET VALUE OF THE STOCK ON THE DATE OF CONTRIBUTION. THE DONOR'S COST BASIS IN THE STOCK WAS SUBSTANTIALLY LOWER.ON THE MAY 15, 2022, DUE DATE OF THE 2021 FORM 990 PF, NOT ALL INFORMATION NECESSARY FOR A COMPLETE AND ACCURATE FILING WAS AVAILABLE. ACCORDINGLY, IT WAS NECESSARY TO FILE FORM 8868 TO REQUEST AN EXTENSION OF TIME WITHIN WHICH TO FILE THE FORM 990PF. THE FORM 8868 WAS ELECTRONICALLY FILED ON OR BEFORE MAY 15, 2022, TOGETHER WITH THE TAXPAYER'S PAYMENT OF $1,500 REPRESENTING THE THEN ESTIMATED BALANCE OF TAX DUE.DUE TO A MISCOMMUNICATION WITH THE TAXPAYER'S INVESTMENT ADVISOR, THE TAXPAYER WAS UNAWARE THAT THE DONATED STOCK WAS SOLD IMMEDIATELY BEFORE THE END OF 2021. INFORMATION AVAILABLE SHOWED A SALE DATE OF JANUARY 4, 2022. BASED UPON INFORMATION AVAILABLE AT THAT TIME, IT WAS BELIEVED THAT THE STOCK WAS SOLD IN EARLY 2022. IT WAS ONLY WHEN ALL INFORMATION NECESSARY FOR THE COMPLETE AND PROPER FILING OF THE FORM 990PF WAS RECEIVED THAT IT WAS DETERMINED THAT THE STOCK WAS IN FACT SOLD ON DECEMBER 31, 2021. THE GAIN ON THE SALE OF THE STOCK IS THE SOLE REASON FOR THE BALANCE OF TAX DUE.THE BALANCE OF TAX DUE WITH THE FILING OF THE FORM 990PF WAS SOLELY THE RESULT OF THE MISCOMMUNICATION WITH THE TAXPAYER'S INVESTMENT ADVISOR AND NOT DUE TO WILLFUL DISREGARD OF THE TAXPAYER'S REQUIREMENTS. THE TAXPAYER ACTED WITH GOOD FAITH. IT SHOULD IN NO WAY BE VIEWED AS INDICATIVE OF THE TAXPAYER'S INTENTIONS OF NOT COMPLETELY COMPLYING WITH ITS PAYMENT OBLIGATION. THE TAX PAID ON ACCOUNT OF THE 2021 RETURN WITH THE EXTENSION REQUEST WAS CONSISTENT WITH PRIOR YEAR'S LIABILITIES. HAD THE TAXPAYER BELIEVED THERE TO BE ADDITIONAL TAX DUE WITH THE FILING OF THE EXTENSION REQUEST, IT WOULD HAVE AND COULD HAVE BEEN PAID. THE RECORD WILL SHOW THAT THE TAXPAYER TAKES ITS TAX PAYMENT RESPONSIBILITIES VERY SERIOUSLY. THE TAXPAYER ACTED IN GOOD FAITH IN CALCULATING ITS TAX LIABILITY.THEREFORE, BASED UPON THE FACTS ABOVE WE RESPECTFULLY REQUEST THAT NO LATE PAYMENT PENALTY OR LATE FILING PENALTY BE IMPOSED.IF REASONABLE CAUSE IS NOT DEEMED TO EXIST, WE RESPECTFULLY REQUEST THAT THE LATE PAYMENT AND LATE FILING PENALTIES BE ABATED UNDER THE "FIRST-TIME PENALTY ABATEMENT" POLICY. |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| LIFE INSURANCE POLICY | 964,080 | 964,080 | 964,080 |
| SECURITIES IN TRANSIT - EQUITIES | 0 | 24,848,085 | 24,848,085 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| PA FILING FEE | 15 | 15 | 0 | |
| FEDERAL EXCISE TAX | 3,000 | 3,000 | 0 | |
| BANK CHARGES | 207 | 207 | 0 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| EXCHANGE | 11,000 | 11,000 |
| DEFERRED DIVIDEND ACCRUAL | 163 | 163 |
| Name | Address |
|---|---|
| HAROLD AND LYNNE HONICKMAN |
210 WEST RITTENHOUSE SQUARE PHILADELPHIA,PA19103 |