Terms as used in §§ 55-9-6 to 55-9-14, inclusive shall have the following meaning:

(1) “Charitable trust,” as defined in section 4947 (a)(1) of the Internal Revenue Code;

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Terms Used In South Dakota Codified Laws 55-9-6

  • 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.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Trustee: A person or institution holding and administering property in trust.

(2) “Excess business holdings,” as defined in section 4943 (c) of the Internal Revenue Code;

(3) “Internal Revenue Code,” the United States Internal Revenue Code of 1954, as amended;

(4) “Private foundation,” as defined in section 509 (a) of the Internal Revenue Code;

(5) “Selfdealing,” as defined in section 4941 (d) of the Internal Revenue Code;

(6) “Splitinterest,” as defined in section 4947 (a)(2) of the Internal Revenue Code;

(7) “Taxable expenditure,” as defined in section 4945 (d) of the Internal Revenue Code;

(8) “Trustee,” a corporation, individual, or other legal entity acting as an original, added, or successor trustee of a testamentary or inter vivos trust estate, whichever in a particular case shall be appropriate.

Source: SL 1972, ch 259, § 1.