Montana Code 35-2-127. Private foundations
35-2-127. Private foundations. (1) 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 Internal Revenue Code of 1986:
Terms Used In Montana Code 35-2-127
- 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 public benefit corporation, mutual benefit corporation, or religious corporation. See Montana Code 35-2-114
- 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.
- United States: includes a district, an authority, a bureau, a commission, a department, and any other agency of the United States. See Montana Code 35-2-114
(a)shall distribute amounts for each taxable year at a time and in a manner as not to subject the corporation to tax under section 4942 of the Internal Revenue Code;
(b)may not engage in any act of self-dealing as defined in section 4941(d) of the Internal Revenue Code;
(c)may not retain any excess business holdings as defined in section 4943(c) of the Internal Revenue Code;
(d)may not make any taxable investments or expenditures as provided in sections 4944 and 4945 of the Internal Revenue Code; and
(e)may not make any taxable expenditures as defined in section 4945(d) of the Internal Revenue Code.
(2)All references in this section to sections of the Internal Revenue Code are to sections of the Internal Revenue Code of 1986, as amended from time to time, or to corresponding provisions of subsequent internal revenue laws of the United States.