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.
Structure South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts
Chapter 09 - Charitable Trusts
Section 55-9-5 - Enforcement by attorney general as representative of beneficiaries--Exception.
Section 55-9-6 - Restrictions to avoid taxability of income--Definition of terms.
Section 55-9-8 - Self-dealing by trustee prohibited.
Section 55-9-9 - Distributions required to avoid taxes.
Section 55-9-10 - Retention of excess business holdings prohibited.
Section 55-9-11 - Investments to jeopardize exempt purposes prohibited.
Section 55-9-12 - Taxable expenditures prohibited.
Section 55-9-14 - State supervisory powers unimpaired by restrictions to avoid taxability of income.