Tennessee § 35-9-101 Prohibited acts

Tennessee Statutes

§ 35-9-101 — Prohibited acts

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)

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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 ).