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Ch. 110
LAWS OF MARYLAND
(5) Up to 3 years of service as a full-time volunteer
under Title I of the Domestic Volunteer Service Act of 1973
(Action Programs) or for an organization which is exempt from
taxation under § 501(c)(3) of the Internal Revenue Code [of
1954];
Article - Estates and Trusts
11-106.
(d) (1) In this subsection the following words have the
meanings indicated.
(ii) "Qualified terminable interest property"
means property described in § 2056(b)(7) of the Internal Revenue
Code [of 1954 of the United States].
14-303.
(a) In the administration of any trust which is a "private
foundation," as defined in § 509 of the Internal Revenue Code [of
1954], a "charitable trust," as defined in § 4947 (a) (1) of the
Internal Revenue Code [of 1954], or a "split-interest trust," as
defined in § 4947 (a) (2) of the Internal Revenue Code [of 1954],
the acts specified in this section are prohibited.
(b) It is unlawful to 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].
(c) It is unlawful to 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].
(d) It is unlawful to make any investment which would
jeopardize the carrying out of any 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].
(e) It is unlawful to 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].
(f) This section does not apply to any part of a
split-interest trust which is not subject to the prohibitions
applicable to private foundations because of the provisions of §
4947 of the Internal Revenue Code [of 1954].
14-304.
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