Except as otherwise determined by a court of competent jurisdiction, a corporation that is a private foundation as defined in section 509(a) of the Code:

(1) Shall distribute such amounts for each taxable year at such time and in such manner as not to subject the corporation to tax under section 4942 of the Code;
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Terms Used In Hawaii Revised Statutes 414D-16

  • Code: means the federal Internal Revenue Code of 1986, as amended. See Hawaii Revised Statutes 414D-14
  • 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.
  • Corporation: means a nonprofit corporation unless otherwise specified. See Hawaii Revised Statutes 414D-14
  • 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) Shall not engage in any act of self-dealing as defined in section 4941(d) of the Code;
(3) Shall not retain any excess business holdings as defined in section 4943(c) of the Code;
(4) Shall not make any investments in such manner as to subject the corporation to tax under section 4944 of the Code;
(5) Shall not make any taxable expenditures as defined in section 4945(d) of the Code.

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