Section 79-11-53 - Distribution of amounts to avoid tax liability

Each corporation which is a 'private foundation,' as defined in Section 509 of the United States Internal Revenue Code shall distribute, for the purposes specified in its articles of organization, for each taxable year, amounts at least sufficient to avoid liability for the tax imposed by Section 4942(a) of the United States Internal Revenue Code.Codes, 1942, § 672-222; Laws, 1972, ch. 440, § 2, eff. 5/4/1972.