Montana Code 72-38-822. Restrictions on trustees under charitable trust, private foundations, or split-interest trust
72-38-822. Restrictions on trustees under charitable trust, private foundations, or split-interest trust. During any period when a trust is considered to be a charitable trust, a private foundation, or a split-interest trust, the trustee may not do any of the following:
Terms Used In Montana Code 72-38-822
- Charitable trust: means a trust or portion of a trust created for a charitable purpose described in 72-38-405(1). See Montana Code 72-38-103
- Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Montana Code 72-38-103
(1)engage in any act of self-dealing as defined in section 4941(d) of the Internal Revenue Code;
(2)retain any excess business holdings as defined in section 4943(c) of the Internal Revenue Code;
(3)make any investments in a manner that subjects the property of the trust to tax under section 4944 of the Internal Revenue Code; or
(4)make any taxable expenditure as defined in section 4945(d) of the Internal Revenue Code.