During any period when a trust is deemed to be a charitable trust, a private foundation, or a split-interest trust, the trustee shall not do any of the following:

(a) Engage in any act of self-dealing as defined in Section 4941(d) of the Internal Revenue Code.

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Terms Used In California Probate Code 16102

  • Charitable trust: means a charitable trust as described in Section 4947(a)(1) of the Internal Revenue Code. See California Probate Code 16100
  • Private foundation: means a private foundation as defined in Section 509 of the Internal Revenue Code. See California Probate Code 16100
  • Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
  • Split-interest trust: means a split-interest trust as described in Section 4947(a)(2) of the Internal Revenue Code. See California Probate Code 16100
  • Trust: includes the following:

    California Probate Code 82

(b) Retain any excess business holdings as defined in Section 4943(c) of the Internal Revenue Code.

(c) Make any investments in such manner as to subject the property of the trust to tax under Section 4944 of the Internal Revenue Code.

(d) Make any taxable expenditure as defined in Section 4945(d) of the Internal Revenue Code.

(Enacted by Stats. 1990, Ch. 79.)

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