Montana Code 72-38-821. Distribution under charitable trust or private foundation
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72-38-821. Distribution under charitable trust or private foundation. During any period when a trust is considered to be a charitable trust or a private foundation, the trustee shall distribute its income for each taxable year (and principal if necessary) at a time and in a manner that will not subject the property of the trust to tax under section 4942 of the Internal Revenue Code.
Terms Used In Montana Code 72-38-821
- Charitable trust: means a trust or portion of a trust created for a charitable purpose described in 72-38-405(1). See Montana Code 72-38-103
- Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Montana Code 72-38-103