55-9-6. Restrictions to avoid taxability of income--Definition of terms.Terms as used in §§55-9-6 to 55-9-14, inclusive shall have the following meaning:(1)'Charitable trust,' as defined in section 4947 (a)(1) of the Internal Revenue Code;(2)'Excess business holdings,' as defined in section 4943 (c) of the Internal Revenue Code;(3)'Internal Revenue Code,' the United States Internal Revenue Code of 1954, as amended;(4)'Private foundation,' as defined in section 509 (a) of the Internal Revenue Code;(5)'Self-dealing,' as defined in section 4941 (d) of the Internal Revenue Code;(6)'Split-interest,' as defined in section 4947 (a)(2) of the Internal Revenue Code;(7)'Taxable expenditure,' as defined in section 4945 (d) of the Internal Revenue Code;(8)'Trustee,' a corporation, individual, or other legal entity acting as an original, added, or successor trustee of a testamentary or inter vivos trust estate, whichever in a particular case shall be appropriate. Source: SL 1972, ch 259, §1.
South Dakota Legal Code