Indiana Code 23-17-25-1. Duties and prohibitions
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Sec. 1. Except where otherwise determined by a court of competent jurisdiction, a corporation that is a private foundation (as defined in Section 509(a) of the Internal Revenue Code of 1986, as amended) shall do the following:
(2) Not engage in an act of self-dealing (as defined in Section 4941(d) of the Internal Revenue Code of 1986).
(1) Distribute amounts for each taxable year at a time and in a manner as to not subject the corporation to tax under Section 4942 of the Internal Revenue Code of 1986.
Terms Used In Indiana Code 23-17-25-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) Not retain excess business holdings (as defined in Section 4943(c) of the Internal Revenue Code of 1986).
(4) Not make investments in a manner as to subject the corporation to taxes on investments that jeopardize charitable purposes (as defined in Section 4944 of the Internal Revenue Code of 1986).
(5) Not make taxable expenditures (as defined in Section 4945(d) of the Internal Revenue Code of 1986).
As added by P.L.179-1991, SEC.1.