79-4601. Private foundation; corporation as; acts prohibited.
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/ks/chapter-79/79-4601A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
79-4601. Private foundation; corporation as; acts prohibited. No corporation which is a "private foundation" as defined in § 509
(a)of the internal revenue code of 1954, shall
(a)engage in any act of "self-dealing" (as defined in § 4941
(d)of the internal revenue code of 1954), which would give rise to any liability for the tax imposed by § 4941
(a)of the internal revenue code of 1954;
(b)retain any "excess business holdings" (as defined in § 4943
(c)of the internal revenue code of 1954), which would give rise to any liability for the tax imposed by § 4943
(a)of the internal revenue code of 1954;
(c)make any investment which would jeopardize the carrying out of any of its exempt purposes, within the meaning of § 4944 of the internal revenue code of 1954, so as to give rise to any liability for the tax imposed by § 4944
(a)of the internal revenue code of 1954; and
(d)make any "taxable expenditures" (as defined in § 4945
(d)of the internal revenue code of 1954) which would give rise to any liability for the tax imposed by § 4945
(a)of the internal revenue code of 1954.