Washington Code 24.03A.175 – Private foundations
Current as of: 2023 | Check for updates
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(1) Except as provided in subsection (2) of this section, a nonprofit corporation that is a private foundation as defined in section 509(a) of the internal revenue code shall:
Terms Used In Washington Code 24.03A.175
- 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.
(a) Distribute sufficient amounts for each taxable year at a time and in a manner so as not to subject the corporation to tax under section 4942 of the internal revenue code;
(b) Not engage in any act of self-dealing as defined in section 4941(d) of the internal revenue code;
(c) Not retain any excess business holdings as defined in section 4943(c) of the internal revenue code;
(d) Not make any investments in a manner that subjects the corporation to tax under section 4944 of the internal revenue code; and
(e) Not make any taxable expenditures as defined in section 4945(d) of the internal revenue code.
(2) Subsection (1) of this section does not apply to a nonprofit corporation incorporated before January 1, 1970, that has been properly relieved from the requirements of section 508(e)(1) of the internal revenue code by a timely judicial proceeding.
NOTES:
Effective date—2021 c 176: See note following RCW 24.03A.005.