In the administration of any trust that is a private foundation, as defined in § 509 of the Internal Revenue Code of 1954, a charitable trust, as defined in § 4947(a)(1) of the Internal Revenue Code of 1954, or a split-interest trust, as defined in § 4947(a)(2) of the Internal Revenue Code of 1954, the following acts are prohibited:
(1) Engaging in any act of self-dealing, as defined in § 4941(d) of the Internal Revenue Code of 1954, that would give rise to any liability for the tax imposed by § 4941(a) of the Internal Revenue Code of 1954;
(2) Retaining any excess business holdings (as defined in § 4943(c) of the Internal Revenue Code of 1954) that would give rise to any liability for the tax imposed by § 4943(a) of the Internal Revenue Code of 1954;
(3) Making any investments that would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of § 4944 of the Internal Revenue Code of 1954, so as to give rise to any liability for the tax imposed by § 4944(a) of the Internal Revenue Code of 1954; or
(4) Making any taxable expenditures (as defined in § 4945(d) of the Internal Revenue Code of 1954) that would give rise to any liability for the tax imposed by § 4945(a) of the Internal Revenue Code of 1954; provided, that this section does not apply either to those split-interest trusts or to amounts of those split-interest trusts that are not subject to the prohibitions applicable to private foundations by reason of § 4947 of the Internal Revenue Code of 1954.
In the administration of any trust that is a private foundation, as defined in § 509 of the Internal Revenue Code of 1954, a charitable trust, as defined in § 4947(a)(1) of the Internal Revenue Code of 1954, or a split-interest trust, as defined in § 4947(a)(2) of the Internal Revenue Code of 1954, the following acts are prohibited:
(1) Engaging in any act of self-dealing, as defined in § 4941(d) of the Internal Revenue Code of 1954, that would give rise to any liability for the tax imposed by § 4941(a) of the Internal Revenue Code of 1954;
(2) Retaining any excess business holdings (as defined in § 4943(c) of the Internal Revenue Code of 1954) that would give rise to any liability for the tax imposed by § 4943(a) of the Internal Revenue Code of 1954;
(3) Making any investments that would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of § 4944 of the Internal Revenue Code of 1954, so as to give rise to any liability for the tax imposed by § 4944(a) of the Internal Revenue Code of 1954; or
(4) Making any taxable expenditures (as defined in § 4945(d) of the Internal Revenue Code of 1954) that would give rise to any liability for the tax imposed by § 4945(a) of the Internal Revenue Code of 1954; provided, that this section does not apply either to those split-interest trusts or to amounts of those split-interest trusts that are not subject to the prohibitions applicable to private foundations by reason of § 4947 of the Internal Revenue Code of 1954.
In the administration of any trust that is a private foundation, as defined in § 509 of the Internal Revenue Code of 1954, a charitable trust, as defined in § 4947(a)(1) of the Internal Revenue Code of 1954, or a split-interest trust, as defined in § 4947(a)(2) of the Internal Revenue Code of 1954, the following acts are prohibited:
(1) Engaging in any act of self-dealing, as defined in § 4941(d) of the Internal Revenue Code of 1954, that would give rise to any liability for the tax imposed by § 4941(a) of the Internal Revenue Code of 1954;
(2) Retaining any excess business holdings (as defined in § 4943(c) of the Internal Revenue Code of 1954) that would give rise to any liability for the tax imposed by § 4943(a) of the Internal Revenue Code of 1954;
(3) Making any investments that would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of § 4944 of the Internal Revenue Code of 1954, so as to give rise to any liability for the tax imposed by § 4944(a) of the Internal Revenue Code of 1954; or
(4) Making any taxable expenditures (as defined in § 4945(d) of the Internal Revenue Code of 1954) that would give rise to any liability for the tax imposed by § 4945(a) of the Internal Revenue Code of 1954; provided, that this section does not apply either to those split-interest trusts or to amounts of those split-interest trusts that are not subject to the prohibitions applicable to private foundations by reason of § 4947 of the Internal Revenue Code of 1954.
