634.2 Statutory provisions as part of the trust. 1. The trust instrument of each trust to which this chapter applies shall be deemed to contain provisions prohibiting the trustee from doing any of the following: a. Engaging in any act of self-dealing, as defined in section 4941(d) of the Internal Revenue Code, which would give rise to any liability for the tax imposed by section 4941(a) of theInternal Revenue Code. b. Retaining any excess business holdings, as defined in section 4943(c) of the Internal Revenue Code, which would give rise to any liability for the tax imposed by section 4943(a)of the Internal Revenue Code. c. Making any investments which would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of section 4944 of the Internal Revenue Code, soas to give rise to any liability for the tax imposed by section 4944(a) of the Internal RevenueCode. d. Making any taxable expenditures, as defined in section 4945(d) of the Internal Revenue Code, which would give rise to any liability for the tax imposed by section 4945(a) of theInternal Revenue Code. 2. ing any taxable expenditures, as defined in section 4945(d) of the Internal Revenue Code, which would give rise to any liability for the tax imposed by section 4945(a) of theInternal Revenue Code. 2. However, this section shall not apply either to those split-interest trusts or to amounts thereof which are not subject to the prohibitions applicable to private foundations by reasonof the provisions of section 4947 of the Internal Revenue Code. [C73, 75, 77, 79, 81, §634.2]2013 Acts, ch 90, §218Referred to in §634.6 Sat Dec 23 12:17:56 2023 Iowa Code 2024, Section 634.2 (16, 0)
Iowa Legal Code