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§ 5-402. Acts prohibited

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 5. Special Types of Corporations (Refs & Annos)
Subtitle 4. Private Foundations
MD Code, Corporations and Associations, § 5-402
§ 5-402. Acts prohibited
Currentness
A private foundation may not:
(1) Engage in any act of “self-dealing”, as defined in § 4941(d) of the Internal Revenue Code, which would cause any tax liability under § 4941(a) of the Internal Revenue Code;
(2) Retain any “excess business holdings”, as defined in § 4943(c) of the Internal Revenue Code, which would cause any tax liability under § 4943 (a) of the Internal Revenue Code;
(3) Make any investment which would jeopardize the carrying out of any of its exempt purposes under § 4944 of the Internal Revenue Code and cause any tax liability under § 4944(a) of the Internal Revenue Code; or
(4) Make any “taxable expenditures”, as defined in § 4945(d) of the Internal Revenue Code, which would cause any tax liability under § 4945(a) of the Internal Revenue Code.

Credits

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1976, c. 90; Acts 1988, c. 110, § 1.
Formerly Art. 23, § 445.
MD Code, Corporations and Associations, § 5-402, MD CORP & ASSNS § 5-402
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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