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2017 Maryland Code
Estates and Trusts
Title 14 - Trusts
Subtitle 3 - Charitable Trusts
§ 14-303. Prohibited acts
Universal Citation: MD Est & Trusts Code § 14-303 (2017)
- (a) General provisions. -- 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) Self-dealing. -- 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) Retention of excess business holdings. -- 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) Investments. -- 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) Taxable expenditures. -- 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) Exception. -- 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.
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