RCW 24.03A.175
194 words·~1 min read·
/wa/title-24/chapter-24-03a/24-03a-175·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Except as provided in subsection
(2)of this section, a nonprofit corporation that is a private foundation as defined in section 509(a) of the internal revenue code shall:
(a)Distribute sufficient amounts for each taxable year at a time and in a manner so as not to subject the corporation to tax under section 4942 of the internal revenue code;
(b)Not engage in any act of self-dealing as defined in section 4941(d) of the internal revenue code;
(c)Not retain any excess business holdings as defined in section 4943(c) of the internal revenue code;
(d)Not make any investments in a manner that subjects the corporation to tax under section 4944 of the internal revenue code; and
(e)Not make any taxable expenditures as defined in section 4945(d) of the internal revenue code.
(2)Subsection
(1)of this section does not apply to a nonprofit corporation incorporated before January 1, 1970, that has been properly relieved from the requirements of section 508(e)(1) of the internal revenue code by a timely judicial proceeding.
[ 2021 c 176 s 1410 .]
Notes:
Effective date — 2021 c 176: See note following RCW 24.03A.005 .