16-6a-116. Private foundations. Except when otherwise determined by a court of competent jurisdiction, a nonprofit corporation that is a private foundation as defined in Section 509(a), Internal Revenue Code:
(1)
shall make distributions for each taxable year at the time and in the manner as not to subject the nonprofit corporation to tax under Section 4942, Internal Revenue Code;
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Terms Used In Utah Code 16-6a-116
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.
Internal Revenue Code: means the federal "Internal Revenue Code of 1986" as amended from time to time, or to corresponding provisions of subsequent internal revenue laws of the United States of America. See Utah Code 16-6a-102
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.
(2)
may not engage in any act of self-dealing as defined in Section 4941(d), Internal Revenue Code;
(3)
may not retain any excess business holdings as defined in Section 4943(c), Internal Revenue Code;
(4)
may not make any investments that would subject the nonprofit corporation to taxation under Section 4944, Internal Revenue Code; and
(5)
may not make any taxable expenditures as defined in Section 4945(d), Internal Revenue Code.
