Plain Text Law

§ 5–402

Statutes in effect as of October 1, 2026.

Md. Code Ann., Corps. & Ass'ns § 5-402 (2026)
Title 5. Special Types of Corporations
Subtitle 4. Private Foundations

§ 5–402Copy Citation

A private foundation may not:
(1)
Engage in any act of “self-dealing”, as defined in § 4941(d) of the Internal Revenue Code, which would cause any tax liability under § 4941(a) of the Internal Revenue Code;
(2)
Retain any “excess business holdings”, as defined in § 4943(c) of the Internal Revenue Code, which would cause any tax liability under § 4943 (a) of the Internal Revenue Code;
(3)
Make any investment which would jeopardize the carrying out of any of its exempt purposes under § 4944 of the Internal Revenue Code and cause any tax liability under § 4944(a) of the Internal Revenue Code; or
(4)
Make any “taxable expenditures”, as defined in § 4945(d) of the Internal Revenue Code, which would cause any tax liability under § 4945(a) of the Internal Revenue Code.