Private foundations
HRS §414D-16
in effect414D-16. Private foundations
Except as otherwise determined by a court of competent jurisdiction, a corporation that is a private foundation as defined in section 509(a) of the Code:
(1) Shall distribute such amounts for each taxable
year at such time and in such manner as not to subject the corporation to tax
under section 4942 of the Code;
(2) Shall not engage in any act of self-dealing as
defined in section 4941(d) of the Code;
(3) Shall not retain any excess business holdings as
defined in section 4943(c) of the Code;
(4) Shall not make any investments in such manner as
to subject the corporation to tax under section 4944 of the Code;
(5) Shall not make any taxable expenditures as
defined in section 4945(d) of the Code.
[L 2001, c
105, pt of §1]
Source: Hawaii State Legislature (capitol.hawaii.gov), via Internet Archive capturesURL: http://www.capitol.hawaii.gov/hrscurrent/Vol08_Ch0401-0429/HRS0414D/HRS_0414D-0016.htmFetched: 11/10/2026