CHAPTER 25. PRIVATE FOUNDATIONS

IC 23-17-25
    Chapter 25. Private Foundations

IC 23-17-25-1
Duties and prohibitions
    Sec. 1. Except where otherwise determined by a court ofcompetent jurisdiction, a corporation that is a private foundation (asdefined in Section 509(a) of the Internal Revenue Code of 1986, asamended) shall do the following:
        (1) Distribute amounts for each taxable year at a time and in amanner as to not subject the corporation to tax under Section4942 of the Internal Revenue Code of 1986.
        (2) Not engage in an act of self-dealing (as defined in Section4941(d) of the Internal Revenue Code of 1986).
        (3) Not retain excess business holdings (as defined in Section4943(c) of the Internal Revenue Code of 1986).
        (4) Not make investments in a manner as to subject thecorporation to taxes on investments that jeopardize charitablepurposes (as defined in Section 4944 of the Internal RevenueCode of 1986).
        (5) Not make taxable expenditures (as defined in Section4945(d) of the Internal Revenue Code of 1986).
As added by P.L.179-1991, SEC.1.