This text of Tennessee § 35-9-101 (Prohibited acts) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
In the administration of any trust that is a "private foundation," as defined in § 509 of the Internal Revenue Code of 1954 ( 26 U.S.C. § 509 ), a "charitable trust," as defined in § 4947(a)(1) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4947(a)(1) ), or a "split-interest trust," as defined in § 4947(a)(2) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4947(a)(2) ), the following acts are prohibited:
(1)Engaging in any act of self-dealing, as defined in § 4941(d) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4941(d) ), that would give rise to any liability for the tax imposed by § 4941(a) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4941(a) ); (2)Retaining any excess business holdings (as defined in § 4943(c) of the Internal Revenue Code of 1954 26 U.S.C. § 4943(c) Free access — add to your briefcase to read the full text and ask questions with AI
In the administration of any trust that is a "private foundation," as defined in § 509 of the Internal Revenue Code of 1954 ( 26 U.S.C. § 509 ), a "charitable trust," as defined in § 4947(a)(1) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4947(a)(1) ), or a "split-interest trust," as defined in § 4947(a)(2) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4947(a)(2) ), the following acts are prohibited: (1) Engaging in any act of self-dealing, as defined in § 4941(d) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4941(d) ), that would give rise to any liability for the tax imposed by § 4941(a) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4941(a) ); (2) Retaining any excess business holdings (as defined in § 4943(c) of the Internal Revenue Code of 1954 26 U.S.C. § 4943(c) ), that would give rise to any liability for the tax imposed by § 4943(a) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4943(a) ); (3) Making any investments that would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of § 4944 of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4944 ), so as to give rise to any liability for the tax imposed by § 4944(a) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4944(a) ); or (4) Making any taxable expenditures (as defined in § 4945(d) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4945(d) ), that would give rise to any liability for the tax imposed by § 4945(a) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4945(a) ); provided, that this section does not apply either to those split-interest trusts or to amounts of those split-interest trusts that are not subject to the prohibitions applicable to private foundations by reason of § 4947 of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4947 ).