South Dakota Codified Laws 47-22-68.7. Taxable expenditures prohibited to foundation
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The corporation described in § 47-22-68.2 shall not make any taxable expenditure which would give rise to any liability for the tax imposed by section 4945(a) of the Internal Revenue Code.
Terms Used In South Dakota Codified Laws 47-22-68.7
- 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.
Source: SL 1972, ch 244, § 2 (5).