2006 Georgia Code - 53-12-130

53-12-130. With respect to property held by a corporation which is a private foundation, as defined in Section 509 of the Internal Revenue Code, and which is subject to conditions which permit distributions to the extent of the net income of the property each year but do not permit distributions of the property or any part thereof itself, the directors of the corporation may elect to distribute so much of the property as may be necessary to enable the corporation to avoid liability for any tax imposed by Section 4942 of the Internal Revenue Code in the same manner as if the corporation were a trust described in Code Section 53-12-129 and the property were the only property held in the trust and as if the directors were the trustees of the trust.

Disclaimer: These codes may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.