WILLIAM DONALD SCHAEFER, Governor

Ch. 110

ANNUAL REPORT OF A REAL ESTATE INVESTMENT TRUST DOING BUSINESS IN
THIS STATE....................................................$25

Other documents................................................$6

5-401.

In this subtitle, "private foundation" means a Maryland
corporation which is a private foundation as defined in § 509 (a)
of the Internal Revenue Code [of 1954].

5-402.

A private foundation may not:

(1)  Engage in any act of "self-dealing," as defined
in § 4941 (d) of the Internal Revenue Code [of 1954], which would
cause any tax liability under § 4941 (a) of the Internal Revenue
Code [of 1954];

(2)  Retain any "excess business holdings," as defined
in § 4943 (c) of the Internal Revenue Code [of 1954], which would
cause any tax liability under § 4943 (a) of the Internal Revenue
Code [of 1954];

(3)  Make any investment which would jeopardize the
carrying out of any of its exempt purposes under § 4944 of the
Internal Revenue Code [of 1954] and cause any tax liability under
§ 4944 (a) of the Internal Revenue Code [of 1954]; or

(4)  Make any "taxable expenditures," as defined in §
4945 (d) of the Internal Revenue Code [of 1954], which would
cause any tax liability under § 4945 (a) of the Internal Revenue
Code [of 1954].

5-403.

For each taxable year, a private foundation shall distribute
for the purposes specified in its charter amounts sufficient to
avoid tax liability under § 4942 (a) of the Internal Revenue Code
[of 1954].

8-103.

(b) To the extent any provision of this title is contrary
to or inconsistent with §§ 856 through 858 of the Internal
Revenue Code [of 1954] or the regulations adopted under those
sections, the latter shall prevail as to any real estate
investment trust qualifying under those sections and regulations.

8-204.

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