There is a newer version
of
this Section
2017 Mississippi Code
Title 79 - Corporations, Associations, and Partnerships
Chapter 11 - Nonprofit, Nonshare Corporations and Religious Societies
Conduct of Private Foundations
§ 79-11-51. Prohibited acts
Universal Citation: MS Code § 79-11-51 (2017)
- No corporation which is a "private foundation," as defined in Section 509(a) of the United States Internal Revenue Code shall:
- (a) Engage in any act of "self-dealing," as defined in Section 4941(d) of the United States Internal Revenue Code, which would give rise to any liability for the tax imposed by Section 4941(a) of the United States Internal Revenue Code;
- (b) Retain any "excess business holdings," as defined in Section 4943(c) of the United States Internal Revenue Code, which would give rise to any liability for the tax imposed by Section 4943(a) of the United States Internal Revenue Code;
- (c) Make any investment which would jeopardize the carrying out of any of its exempt purposes, within the meaning of Section 4944 of the United States Internal Revenue Code, so as to give rise to any liability for the tax imposed by Section 4944(a) of the United States Internal Revenue Code; and
- (d) Make any "taxable expenditures," as defined in Section 4945(d) of the United States Internal Revenue Code which would give rise to any liability for the tax imposed by Section 4945(a) of the United States Internal Revenue Code.
Disclaimer: These codes may not be the most recent version. Mississippi 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.
