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§ 55-9-6 Restrictions to avoid taxability of income--Definition of terms.

SD Codified L § 55-9-6 (2019) (N/A)
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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.

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§ 55-9-7 Restrictions deemed incorporated in instrument creating charitable trust or foundation.