Iowa § 634.2 Statutory provisions as part of the trust

Iowa Statutes

§ 634.2 — Statutory provisions as part of the trust

Iowa § 634.2

Title XVJUDICIAL BRANCH AND JUDICIAL PROCEDURES

Ch. 634PRIVATE FOUNDATIONS AND CHARITABLE TRUSTS

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Bluebook

Iowa Code § 634.2 (2026).

Text

1.The trust instrument of each trust to which this chapter applies shall be deemed to contain provisions prohibiting the trustee from doing any of the following:

a.Engaginginanyactofself-dealing,asdefinedinsection4941(d)oftheInternalRevenue Code, which would give rise to any liability for the tax imposed by section 4941(a) of the Internal Revenue Code.

b.Retaining any excess business holdings, as defined in section 4943(c) of the Internal Revenue Code, which would give rise to any liability for the tax imposed by section 4943(a) of the Internal Revenue Code.

c.Making any investments which would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of section 4944 of the Internal Revenue Code, so as to give rise to any liability for the tax imposed b

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1. The trust instrument of each trust to which this chapter applies shall be deemed to
contain provisions prohibiting the trustee from doing any of the following:
a. Engaginginanyactofself-dealing,asdefinedinsection4941(d)oftheInternalRevenue
Code, which would give rise to any liability for the tax imposed by section 4941(a) of the
Internal Revenue Code.
b. Retaining any excess business holdings, as defined in section 4943(c) of the Internal
Revenue Code, which would give rise to any liability for the tax imposed by section 4943(a)
of the Internal Revenue Code.
c. Making any investments which would jeopardize the carrying out of any of the exempt
purposes of the trust, within the meaning of section 4944 of the Internal Revenue Code, so
as to give rise to any liability for the tax imposed by section 4944(a) of the Internal Revenue
Code.
d. Makinganytaxableexpenditures, asdefinedinsection4945(d)oftheInternalRevenue
Code, which would give rise to any liability for the tax imposed by section 4945(a) of the
Internal Revenue Code.
2. However, this section shall not apply either to those split-interest trusts or to amounts
thereof which are not subject to the prohibitions applicable to private foundations by reason
of the provisions of section 4947 of the Internal Revenue Code.