634.3 Distribution to avoid tax liability.
The trust instrument of each trust to which this chapter applies, except split-interest trusts, shall be deemed to contain a provision requiring the trustee to distribute for the purposes specified in the trust instrument for each taxable year of the trust amounts at least sufficient to avoid liability for the tax imposed by section 4942(a) of the Internal Revenue Code.
[C73, 75, 77, 79, 81, §634.3]
Referred to in §634.6
Structure Iowa Code
Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES
Chapter 634 - PRIVATE FOUNDATIONS AND CHARITABLE TRUSTS
Section 634.1 - Applicability.
Section 634.2 - Statutory provisions as part of the trust.
Section 634.3 - Distribution to avoid tax liability.
Section 634.5 - Internal Revenue Code defined.
Section 634.6 - Statutory exception in trust.
Section 634.7 - Public grants by private foundations or trusts.