355.076. Private foundations.
Private foundations.
355.076. 1. Except where otherwise determined by a courtof competent jurisdiction, a corporation which is a privatefoundation as defined in section 509(a) of the Internal RevenueCode:
(1) Shall distribute such amounts for each taxable year atsuch time and in such manner as not to subject the corporation totax under section 4942 of the Code;
(2) Shall not engage in any act of self-dealing as definedin section 4941(d) of the Code;
(3) Shall not retain any excess business holdings asdefined in section 4943(c) of the Code;
(4) Shall not make any taxable expenditures as defined insection 4944 of the Code;
(5) Shall not make any taxable expenditures as defined insection 4945(d) of the Code.
2. All references in this section to sections of the Codeshall be to such sections of the Internal Revenue Code as amendedfrom time to time, or to corresponding provisions of subsequentinternal revenue laws of the United States.
(L. 1994 H.B. 1095)Effective 7-1-95