§ 14-303. Actions prohibited by private foundations or charitable trusts
West's Annotated Code of MarylandEstates and Trusts
MD Code, Estates and Trusts, § 14-303
§ 14-303. Actions prohibited by private foundations or charitable trusts
(a) In the administration of any trust which is a “private foundation,” as defined in § 509 of the Internal Revenue Code, a “charitable trust,” as defined in § 4947 (a)(1) of the Internal Revenue Code, or a “split-interest trust,” as defined in § 4947 (a)(2) of the Internal Revenue Code, the acts specified in this section are prohibited.
(b) It is unlawful to 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.
(c) It is unlawful to 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.
(d) It is unlawful to make any investment which would jeopardize the carrying out of any exempt purposes under § 4944 of the Internal Revenue Code and cause any tax liability under § 4944 (a) of the Internal Revenue Code.
(e) It is unlawful to 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 1974, c. 11, § 2, eff. July 1, 1974. Amended by Acts 1976, c. 273, § 1; Acts 1988, c. 110, § 1.
Formerly Art. 16, § 199D.
MD Code, Estates and Trusts, § 14-303, MD EST & TRST § 14-303
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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