Utah § 16-6a-116 Private foundations.

Utah Statutes

§ 16-6a-116 — Private foundations.

Utah·Title 16 Corporations·Ch. 16-6a Utah Revised Nonprofit Corporation Act·Part 16-6a-1 General Provisions

Except when otherwise determined by a court of competent jurisdiction, a nonprofit corporation that is a private foundation as defined in Section 509(a), Internal Revenue Code:

(1)shall make distributions for each taxable year at the time and in the manner as not to subject the nonprofit corporation to tax under Section 4942, Internal Revenue Code;

(2)may not engage in any act of self-dealing as defined in Section 4941(d), Internal Revenue Code;

(3)may not retain any excess business holdings as defined in Section 4943(c), Internal Revenue Code;

(4)may not make any investments that would subject the nonprofit corporation to taxation under Section 4944, Internal Revenue Code; and

(5)may not make any taxable expenditures as defined in Section 4945(d), Internal Revenue Code.

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Except when otherwise determined by a court of competent jurisdiction, a nonprofit corporation that is a private foundation as defined in Section 509(a), Internal Revenue Code:
(1) shall make distributions for each taxable year at the time and in the manner as not to subject the nonprofit corporation to tax under Section 4942, Internal Revenue Code;
(2) may not engage in any act of self-dealing as defined in Section 4941(d), Internal Revenue Code;
(3) may not retain any excess business holdings as defined in Section 4943(c), Internal Revenue Code;
(4) may not make any investments that would subject the nonprofit corporation to taxation under Section 4944, Internal Revenue Code; and
(5) may not make any taxable expenditures as defined in Section 4945(d), Internal Revenue Code.

Utah § 16-6a-116 (Private foundations.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.