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Form 2438 Regulated Investment Company

Undistributed Capital Gains Tax Return


OMB No. 1545-0144

Department of the Treasury


File only if the fund elects to designate undistributed capital gains under section 852(b)(3)(D).
Internal Revenue Service © Attach a copy of this form to Form 1120-RIC.

For calendar year 1991 or tax year beginning , 1991, ending , 19


Name of fund Employer identification number

Please
Type Number, street, and room or suite no. (If a P.O. box, see instructions.)
or
Print City or town, state, and ZIP code

Part I Short-Term Capital Gains and Losses—Assets Held One Year or Less
e. Cost or other
a. Kind of property and description (Example, b. Date acquired c. Date sold d. Gross f. Gain or (loss)
basis, plus
100 shares of Z Company) (mo., day, yr.) (mo., day, yr.) sales price expense of sale ((d) less (e))

2 Short-term capital gain from installment sales from Form 6252, line 22 or 30 2
3 Unused capital loss carryover (attach computation) 3 ( )

4 Net short-term capital gain or (loss). (Combine lines 1 through 3.) 4


Part II Long-Term Capital Gains and Losses—Assets Held More Than One Year
5

6 Enter gain from Form 4797, line 7 or 9 6

7 Long-term capital gain from installment sales from Form 6252, line 22 or 30 7

8 Net long-term capital gain. (Combine lines 5 through 7.) 8


9a Net capital gain. Enter excess of net long-term capital gain (line 8) over net short-term capital loss
(line 4) 9a
b Capital gain dividends 9b
10 Undistributed capital gains. (Subtract line 9b from line 9a.) 10
11 Amount of undistributed capital gains on line 10 designated under section 852(b)(3)(D) 11

12 Capital gains tax. Enter 34% of line 11. (See instructions.) 12


Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge
Please and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign
Here © Signature of officer Date © Title

©
Date Preparer’s social security number
Paid Preparer’s Check if self-
signature employed ©
Preparer’s
©
Firm’s name (or E.I. No. ©
Use Only yours if self-employed)
ZIP code ©
and address
For Paperwork Reduction Act Notice, see instructions on back. Cat. No. 11856I Form 2438 (1991)
Form 2438 (1991) Page 2
General Instructions Long-Term Capital Gains, for each A penalty may be imposed for failure
shareholder for whom the fund paid tax to deposit the required amount of tax.
(Section references are to the Internal See section 6656. This penalty may also
Revenue Code.) on the undistributed capital gains
designated on line 11 of Form 2438. apply if you mail or deliver deposits to
Paperwork Reduction Act Copies B and C of Form 2439 must be IRS offices rather than to authorized
Notice furnished to the shareholder by the 60th depositaries or FRBs.
day after the end of the fund’s tax year. For more information concerning
We ask for the information on this form deposits, see Pub. 583, Taxpayers
to carry out the Internal Revenue laws of Period Covered by Return Starting a Business.
the United States. You are required to File the 1991 return for calendar year
give us this information. We need it to 1991 and fiscal years that begin in 1991 Signature
ensure that you are complying with and end in 1992. For a fiscal year, fill in Form 2438 must be signed and dated by
these laws and to allow us to figure and the tax year space at the top of the the president, vice president, treasurer,
collect the right amount of tax. form. assistant treasurer, chief accounting
The time needed to complete and file officer, or by any other officer (such as
this form will vary depending on
Rounding Off to tax officer) authorized to sign. A receiver,
individual circumstances. The estimated Whole-Dollar Amounts trustee, or assignee must sign and date
average time is: Money items may be shown on the any return that he or she is required to
return as whole-dollar amounts. To do file on behalf of the fund.
Recordkeeping 7 hr., 25 min.
so, drop any amount less than 50 cents Note: If this return is being filed for a
Learning about the series fund (as defined in section
and increase any amount from 50 cents
law or the form 35 min. 851(h)(2)), the return may be signed by
through 99 cents to the next higher
Preparing and sending dollar. any officer authorized to sign for the RIC
the form to the IRS 45 min. in which the fund is a series.
If you have comments concerning the
Late Filing of Return If a corporate officer filled in Form
accuracy of these time estimates or A fund that fails to file Form 2438 when 2438, the Paid Preparer’s space under
suggestions for making this form more due (including extensions) may be ‘‘signature of officer’’ should remain
simple, we would be happy to hear from subject to a penalty of 5% of the unpaid blank. If someone fills out Form 2438
you. You can write to both the Internal tax for each month or part of a month and does not charge the fund, that
Revenue Service, Washington, DC the return is late, up to a maximum of person should not sign the return.
20224, Attention: IRS Reports Clearance 25% of the unpaid tax. The minimum Certain others who prepare Form 2438
Officer, T:FP; and the Office of penalty for failure to file Form 2438 should not sign. For example, a regular,
Management and Budget, Paperwork within 60 days of the due date (including full-time employee of the fund such as a
Reduction Project (1545-0144), extensions) is the lesser of the clerk, secretary, etc., should not sign.
Washington, DC 20503. DO NOT send underpayment of tax or $100. This Generally, anyone who is paid to
the tax form to either of these offices. penalty will not be imposed if the fund prepare Form 2438 must sign the return
Instead, see the instructions below for can show that not filing timely was due and fill in the other blanks in the Paid
information on where to file. to reasonable cause and not willful Preparer’s Use Only area of the return.
neglect. The preparer required to sign the return
Purpose of Form
Form 2438, Regulated Investment
Late Payment of Tax MUST complete the required preparer
The penalty for late payment of taxes is information and:
Company Undistributed Capital Gains
Tax Return, is used by regulated usually 1⁄2 of 1% of the unpaid tax for ● Sign it, by hand, in the space provided
investment companies (RICs) to figure each month or part of a month the tax is for the preparer’s signature. (Signature
income tax on undistributed capital unpaid. The penalty cannot exceed 25% stamps or labels are not acceptable.)
gains designated under section of the amount due. This penalty may ● Give a copy of Form 2438 to the fund
852(b)(3)(D). If a RIC has more than one also apply to any additional tax not paid in addition to the copy filed with IRS.
fund, each fund must file a separate within 10 days of the date of the notice
Form 2438. As used in these and demand for payment. This penalty Specific Instructions
instructions, the term “fund” refers to will not be imposed if the fund can show Address.—Include the suite, room, or
the definition in section 851(h) and to that not paying timely was due to other unit number after the street
any RIC that does not have more than reasonable cause and not willful neglect. address. If the Post Office does not
one portfolio of assets. Depositary Method of Tax deliver mail to the street address and
the corporation has a P.O. box, show the
Undistributed capital gains designated Payment P.O. box number instead of the street
under section 852(b)(3)(D) are taxed at a
Deposit fund income tax payments with address.
34% rate and are treated as
a Federal Tax Deposit Coupon (Form Lines 4 and 10
constructively distributed to
8109). Do not submit deposits directly to
shareholders at year end. See the Report on line 1, Schedule D (Form
an IRS office. Mail or deliver the
instructions for Schedule D (Form 1120) any net short-term capital gain
completed Federal Tax Deposit Coupon
1120), Capital Gains and Losses, for a shown on line 4 as “Net short-term
(Form 8109) and the payment to a
definition of capital assets and other capital gain from line 4, Form 2438.”
qualified depositary for Federal taxes or
details on figuring and reporting capital Report on line 5, Schedule D (Form
to the Federal Reserve bank (FRB)
gain transactions. 1120) the excess of the amount on line
servicing your geographic area. Make
When and Where To File 10 over the amount on line 11 as
checks or money orders payable to that
“Undistributed net capital gain not
File the original of this form by the 30th depositary or FRB. To help ensure
designated under section 852(b)(3)(D)
day after the end of the fund’s tax year proper crediting to your account, write
from Form 2438.” Attach Schedule D
with the Internal Revenue service center your employer identification number,
(Form 1120) to the Form 1120-RIC you
where the fund will file its Form 1120- “Form 1120,” and the tax period to
file and report the gains from Schedule
RIC, U.S. Income Tax Return for which the deposit applies on your check
D, Part III, on the proper lines of Form
Regulated Investment Companies. or money order. Be sure to darken the
1120-RIC.
“1120” box on the coupon. Records of
Attach a copy of this form to the Line 12
deposits will be sent to IRS for crediting
fund’s Form 1120-RIC. Also attach to
to the fund’s account. Deposit the tax due by the 30th day
Form 1120-RIC, Copy A of Form 2439,
Notice to Shareholder of Undistributed after the end of the fund’s tax year.

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