Colorado § 7-121-501 - Private foundations.
Full text of Colorado Colorado Revised Statutes § 7-121-501 — Private foundations., with citation guidance and answers to common questions.
§ 7-121-501. Private foundations.
(1) Except where otherwise determined by a court of competent jurisdiction, a nonprofit corporation that is a private foundation as defined in section 509 (a) of the internal revenue code:
(a) Shall distribute such amounts for each taxable year at such time and in such manner as not to subject the nonprofit corporation to tax under section 4942 of the internal revenue code;
(b) Shall not engage in any act of self-dealing as defined in section 4941 (d) of the internal revenue code;
(c) Shall not retain any excess business holdings as defined in section 4943 (c) of the internal revenue code;
(d) Shall not make any investments that would subject the nonprofit corporation to taxation under section 4944 of the internal revenue code;
(e) Shall not make any taxable expenditures as defined in section 4945 (d) of the internal revenue code.
Source: L. 97: Entire article added, p. 658, § 3, effective July 1, 1998. L. 98: (1)(d) amended, p. 623, § 25, effective July 1.
PART 6
JUDICIAL RELIEF
Frequently Asked Questions About Colorado § 7-121-501
What does Colorado Revised Statutes § 7-121-501 cover?
Section 7-121-501 ("Private foundations.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 7-121-501?
A common citation format is "Colorado Revised Statutes § 7-121-501" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 7-121-501 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.