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§ 53-12-183. Election of private foundation to distribute such property as will enable corporation to avoid tax liability

GA Code § 53-12-183 (2018) (N/A)
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With respect to property held by a corporation which is a private foundation and which is subject to conditions which permit distributions to the extent of the net income of the property each year but do not permit distributions of the property or any part thereof itself, the directors of the corporation may elect to distribute so much of the property as may be necessary to enable the corporation to avoid liability for any tax imposed by Section 4942 of the federal Internal Revenue Code in the same manner as if the corporation were a trust described in Code Section 53-12-193 and the property were the only property held in the trust and as if the directors were the trustees of the trust.

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§ 53-12-182. Effect of Code Sections 53-12-180 and 53-12-181 as to forfeiture or reversion of trust property
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§ 53-12-184. Effect of Code Sections 53-12-180 through 53-12-183 on powers of the courts or the Attorney General