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2017 Tennessee Code
Title 35 - Fiduciaries and Trust Estates
Chapter 9 - Administration of Private Foundations, Charitable Trusts or Split-Interest Trusts
§ 35-9-101. Prohibited acts.
Universal Citation: TN Code § 35-9-101 (2017)
- In the administration of any trust that is a "private foundation," as defined in § 509 of the Internal Revenue Code of 1954 (26 U.S.C. § 509), a "charitable trust," as defined in § 4947(a)(1) of the Internal Revenue Code of 1954 (26 U.S.C. § 4947(a)(1)), or a "split-interest trust," as defined in § 4947(a)(2) of the Internal Revenue Code of 1954 (26 U.S.C. § 4947(a)(2)), the following acts are prohibited:
- (1) Engaging in any act of self-dealing, as defined in § 4941(d) of the Internal Revenue Code of 1954 (26 U.S.C. § 4941(d)), that would give rise to any liability for the tax imposed by § 4941(a) of the Internal Revenue Code of 1954 (26 U.S.C. § 4941(a));
- (2) Retaining any excess business holdings (as defined in § 4943(c) of the Internal Revenue Code of 1954 26 U.S.C. § 4943(c)), that would give rise to any liability for the tax imposed by § 4943(a) of the Internal Revenue Code of 1954 (26 U.S.C. § 4943(a));
- (3) Making any investments that would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of § 4944 of the Internal Revenue Code of 1954 (26 U.S.C. § 4944), so as to give rise to any liability for the tax imposed by § 4944(a) of the Internal Revenue Code of 1954 (26 U.S.C. § 4944(a)); or
- (4) Making any taxable expenditures (as defined in § 4945(d) of the Internal Revenue Code of 1954 (26 U.S.C. § 4945(d)), that would give rise to any liability for the tax imposed by § 4945(a) of the Internal Revenue Code of 1954 (26 U.S.C. § 4945(a)); provided, that this section does not apply either to those split-interest trusts or to amounts of those split-interest trusts that are not subject to the prohibitions applicable to private foundations by reason of § 4947 of the Internal Revenue Code of 1954 (26 U.S.C. § 4947).
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