16-6a-116. Private foundations.
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Effective 5/12/2015
16-6a-116. Private foundations.
Except when otherwise determined by a court of competent jurisdiction, a nonprofit corporation that is a private foundation as defined in Section 509(a), Internal Revenue Code:
(1)shall make distributions for each taxable year at the time and in the manner as not to subject the nonprofit corporation to tax under Section 4942, Internal Revenue Code;
(2)may not engage in any act of self-dealing as defined in Section 4941(d), Internal Revenue Code;
(3)may not retain any excess business holdings as defined in Section 4943(c), Internal Revenue Code;
(4)may not make any investments that would subject the nonprofit corporation to taxation under Section 4944, Internal Revenue Code; and
(5)may not make any taxable expenditures as defined in Section 4945(d), Internal Revenue Code.
Amended by Chapter 240 , 2015 General Session