IRS Error Code [F990PF-006-01]:
If the domestic foundation meets the requirement of the Section 4940(e) and has initial returns, then the foundation doesn’t qualify for the Reduced Tax on Net Investment Income based on the adjusted qualifying distributions and the net value of the non-charitable use assets for years starting from the current year to past five years.
What does it mean:
The IRS has rejected the return since the organization is filing its initial return and doesn’t qualify for the Reduced Tax on Net Investment Income under Section 4940(e)
Here's how you correct the organization's choice on Qualification Under Section 4940(e):
For any further assistance, we recommend contacting the IRS e-Help Desk Toll-Free Number 1-866-255-0654.