Kansas Statutes Annotated Chapter 79 — Taxation
K.S.A. 79-4605
Trusts which are private foundations, charitable trusts or split-interest trusts; acts prohibited
(1) In the administration of any trust which 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 shall be prohibited:
# (a)
Engaging in any act of "self-dealing" (as defined in § 4941 (d) of the internal revenue code of 1954), which would give rise to any liability for the tax imposed by § 4941 (a) of the internal revenue code of 1954;
# (b)
retaining any "excess business holdings" (as defined in § 4943 (c) of the internal revenue code of 1954) which would give rise to any liability for the tax imposed by § 4943 (a) of the internal revenue code of 1954;
# (c)
making any investments which 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; and
# (d)
making any "taxable expenditures" (as defined in § 4945 (d) of the internal revenue code of 1954) which would give rise to any liability for the tax imposed by § 4945 (a) of the internal revenue code of 1954.
This section shall not apply either to those split-interest trusts or to amounts thereof which are not subject to the prohibitions applicable to private foundations by reason of the provisions of § 4947 of the internal revenue code of 1954.
Amendment history
L. 1971, ch. 314, § 1; July 1.
Source: view the official text
In this article (8 sections)
- 79-4601 · Private foundation; corporation as; acts prohibited
- 79-4602 · Same; distribution required
- 79-4603 · Application of act; exceptions
- 79-4604 · Authority of courts and attorney general not impaired
- 79-4605 · Trusts which are private foundations, charitable trusts or…
- 79-4606 · Same; distribution required
- 79-4607 · Application of act; exceptions
- 79-4608 · Authority of courts and attorney general not impaired