2005 Idaho Code - 30-3-13 — PRIVATE FOUNDATION

                                  TITLE  30
                                 CORPORATIONS
                                  CHAPTER 3
                       IDAHO NONPROFIT CORPORATION ACT
    30-3-13.  PRIVATE FOUNDATION. Except where otherwise determined by a court
of competent jurisdiction, a corporation that is a private foundation as
defined in section 509(a) of the internal revenue code of 1986:
    (1)  Shall distribute such amounts for each taxable year at such time and
in such manner as not to subject the corporation to tax under section 4942 of
the code.
    (2)  Shall not engage in any act of self-dealing as defined in section
4941(d) of the code.
    (3)  Shall not retain any excess business holdings as defined in section
4943(c) of the code.
    (4)  Shall not make any taxable expenditures as defined in section 4944 of
the code.
    (5)  Shall not make any taxable expenditures as defined in section 4945(d)
of the code.
    (6)  Shall be authorized to terminate its status as a private foundation
in a manner described in section 507(b)(1) of the code.
    All references in this section to sections of the code shall be to such
sections of the internal revenue code of 1986 as amended from time to time, or
to corresponding provisions of subsequent internal revenue laws of the United
States.