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Section 7. Exempt Organizations and Tax Exempt Bonds›21.7.7 Exempt Organizations and Tax Exempt Bonds›Note:

Subtitle A Tax

Internal Revenue Manual Part 21. Customer Account Services · 2026-10-03 edition · updated 2026-10-04 · United States

Domestic IRC 4947(a)(1) nonexempt charitable trusts and taxable private foundations must enter the amount of subtitle A (income) tax reported on Form 1120 or Form 1041.

They should attach a copy of the tax computation.

This is a non-refundable credit against tax. Before the credit is allowed, verify that the taxpayer has filed either a Form 1041 or Form 1120 reporting the tax amount. The credit is allowed with a TC 291.

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▸Contents — Internal Revenue Manual Part 21. Customer Account Services
Internal Revenue Manual Part 21. Customer Account Services

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