Statutes > Iowa Statutes > Title 12 - Business Entities > Subtitle 5 - Nonprofit Corporations > CHAPTER 504B - NONPROFIT CORPORATIONS AND FEDERAL TAX LIABILITY > 504B.3 - AVOIDING TAX LIABILITY.

504B.3 - AVOIDING TAX LIABILITY.

        504B.3  AVOIDING TAX LIABILITY.         The articles of incorporation of every such corporation shall be      deemed to contain a provision requiring such corporation to      distribute, for the purposes specified in its articles of      incorporation, for each taxable year, amounts at least sufficient to      avoid liability for the tax imposed by section 4942(a) of the      Internal Revenue Code.
         Section History: Early Form
         [C73, 75, 77, 79, 81, § 504B.3]         Referred to in § 504B.6