8.30.040 Limitations on I.R.C. 509(a) private foundations.
This section is included in your selections.
A corporation which is a private foundation as defined in section 509(a) of the Internal Revenue Code of 1954, subject to any and all amendments and/or changes to that Code since 1954:
(a) Shall distribute such amounts for each taxable year at such time, and in such manner, so as to avoid subjecting the corporation to tax under I.R.C. § 4942; and
(b) Shall not engage in any act of self-dealing as defined in I.R.C. § 4941(d); and
(c) Shall not retain any excess business holdings as defined in I.R.C. § 4943(c); and
(d) Shall not make any taxable expenditures as defined in I.R.C. § 4944; and
(e) Shall not make any taxable expenditure as defined in I.R.C. § 4945(d). [Ord. 18 Part VI § 4, adopted, 10/7/2008.]