Massachusetts General Laws ch. 68A sec. 5 – Distributions of corporations
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Section 5. Each corporation which is a ”private foundation” as defined in section 509 of said Code shall distribute, for the purposes specified in its articles of organization, for each taxable year, amounts at least sufficient to avoid liability for the tax imposed by section 4942(a) of said Code.
Terms Used In Massachusetts General Laws ch. 68A sec. 5
- 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.