[§414D-16] Private foundations.

135 words·~1 min read·/hi/414d-16

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

[§414D-16] Private foundations. Except as otherwise determined by a court of competent jurisdiction, a corporation that is a private foundation as defined in section 509(a) of the Code:

(1)Shall distribute such amounts for each taxable year at such time and in such manner as not to subject the corporation to tax under section 4942 of the Code;

(2)Shall not engage in any act of self-dealing as defined in section 4941(d) of the Code;

(3)Shall not retain any excess business holdings as defined in section 4943(c) of the Code;

(4)Shall not make any investments in such manner as to subject the corporation to tax under section 4944 of the Code;

(5)Shall not make any taxable expenditures as defined in section 4945(d) of the Code. [L 2001, c 105, pt of §1]