Revisor Home

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 456

previous next Effective - 14 Jun 1971, see footnotebottom

  456.019.  Trustees of private foundations, charitable trusts or split-interest trusts, certain acts prohibited. — 1.  In the administration of any trust which is a "private foundation", as defined in Section 509 of the United States Internal Revenue Code, a "charitable trust", as defined in Section 4947(a)(1) of the United States Internal Revenue Code, or a "split-interest trust", as defined in Section 4947(a)(2) of the United States Internal Revenue Code, the following acts shall be prohibited:

  (1)  Engaging in any act of "self-dealing", as defined in Section 4941(d) of the United States Internal Revenue Code, which would give rise to any liability for the tax imposed by Section 4941(a) of the United States Internal Revenue Code;

  (2)  Retaining any "excess business holdings", as defined in Section 4943(c) of the United States Internal Revenue Code, which would give rise to any liability for the tax imposed by Section 4943(a) of the United States Internal Revenue Code;

  (3)  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 United States Internal Revenue Code, so as to give rise to any liability for the tax imposed by Section 4944(a) of the United States Internal Revenue Code; and

  (4)  Making any "taxable expenditures", as defined in Section 4945(d) of the United States Internal Revenue Code, which would give rise to any liability for the tax imposed by Section 4945(a) of the United States Internal Revenue Code; provided, however, that 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 reason of the provisions of Section 4947 of the United States Internal Revenue Code.

  2.  In the administration of any trust which is a "private foundation", as defined in Section 509 of the United States Internal Revenue Code, or which is a "charitable trust", as defined in Section 4947(a)(1) of the United States Internal Revenue Code, there shall be distributed, for the purposes specified in the trust instrument, 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.

  3.  The provisions of subsections 1 and 2 of this section shall not apply to any trust to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the instrument governing such trust and that the same may not properly be changed to conform to such sections.  The trustee shall not be held liable to anyone for any payments made under subsection 2 prior to such determination.

  4.  Nothing in this section shall impair the rights and powers of the courts or the attorney general of this state with respect to any trust.

  5.  All references to sections of the United States Internal Revenue Code shall be to such law as of June 14, 1971.

­­--------

(L. 1971 S.B. 47, A.L. 2004 H.B. 1511)

Effective 6-14-71

Transferred 2004; formerly 456.230


---- end of effective   14 Jun 1971 ----

use this link to bookmark section  456.019


In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions

Site changes Contact
Other Links
Oversight Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House

@12:49:41.8 33