Maryland Estates and Trusts Section 14-303

      (a)      In the administration of any trust which is a "private foundation," as defined in § 509 of the Internal Revenue Code, a "charitable trust," as defined in § 4947 (a) (1) of the Internal Revenue Code, or a "split-interest trust," as defined in § 4947 (a) (2) of the Internal Revenue Code, the acts specified in this section are prohibited.

      (b)      It is unlawful to engage in any act of "self-dealing," as defined in § 4941 (d) of the Internal Revenue Code, which would cause any tax liability under § 4941 (a) of the Internal Revenue Code.

      (c)      It is unlawful to retain any "excess business holdings," as defined in § 4943 (c) of the Internal Revenue Code, which would cause any tax liability under § 4943 (a) of the Internal Revenue Code.

      (d)      It is unlawful to make any investment which would jeopardize the carrying out of any exempt purposes under § 4944 of the Internal Revenue Code and cause any tax liability under § 4944 (a) of the Internal Revenue Code.

      (e)      It is unlawful to make any "taxable expenditures," as defined in § 4945 (d) of the Internal Revenue Code, which would cause any tax liability under § 4945 (a) of the Internal Revenue Code.

      (f)      This section does not apply to any part of a split-interest trust which is not subject to the prohibitions applicable to private foundations because of the provisions of § 4947 of the Internal Revenue Code.