                                 CODE OF VIRGINIA

DISTRIBUTION OF INCOME OF TRUST THAT IS A PRIVATE FOUNDATION OR A CHARITABLE
TRUST; PROHIBITIONS AS TO SUCH PRIVATE FOUNDATION (§ 64.2-737)

Every trust that is a private foundation, as defined in § 509 of the Internal
Revenue Code, or a charitable trust, as described in § 4947(a)(1) of the
Internal Revenue Code, unless its governing instrument expressly includes
specific provisions to the contrary, shall distribute its income, and if
necessary principal, for each taxable year at such time and in such manner as
not to subject such trust to tax under § 4942 of the Internal Revenue Code, and
such trust shall not engage in any act of self-dealing, as defined in § 4941(d)
of the Internal Revenue Code, retain any excess business holdings, as defined in
§ 4943(c) of the Internal Revenue Code, make any investments in such manner as
to give rise to liability for the tax imposed by § 4944 of the Internal Revenue
Code, or make any taxable expenditures, as defined in § 4945(d) of the Internal
Revenue Code.

HISTORY: 2005, c. 935, § 55-544.19; 2012, c. 614.