Nebraska § 30-3215 - Private foundations and split-interest trusts; prohibited acts.
Full text of Nebraska Revised Statutes of Nebraska § 30-3215 — Private foundations and split-interest trusts; prohibited acts., with citation guidance and answers to common questions.
§ 30-3215. Private foundations and split-interest trusts; prohibited acts.
Notwithstanding any provision to the contrary in the governing instrument or under any other law of this state and except as otherwise provided by court decree entered after April 30, 1971, a trust, whenever created, which is a private foundation or a split-interest trust as defined in sections 509 and 4947, respectively, of the Internal Revenue Code, during the period it is a private foundation or split-interest trust as so defined:
(1) Shall not engage in any act of self-dealing as defined in section 4941(d) of such code;
(2) Shall distribute the trust income for each taxable year at such time and in such manner as not to subject the trust to the tax on undistributed income imposed by section 4942 of such code;
(3) Shall not retain any excess business holdings as defined in section 4943(c) of such code;
(4) Shall not make any investment in such manner as to subject the trust to tax under section 4944 of such code; and
(5) Shall not make any taxable expenditure as defined in section 4945(d) of such code.
Except as otherwise provided by court decree entered after April 30, 1971, the prohibitions and requirements imposed upon such a trust by subdivisions (1) through (5) of this section shall be deemed to be included within the governing instrument of every private foundation or split-interest trust, as defined in this section.
Frequently Asked Questions About Nebraska § 30-3215
What does Revised Statutes of Nebraska § 30-3215 cover?
Section 30-3215 ("Private foundations and split-interest trusts; prohibited acts.") is part of the Revised Statutes of Nebraska, the codified statutory law of Nebraska. 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 Nebraska § 30-3215?
A common citation format is "Revised Statutes of Nebraska § 30-3215" (Nebraska). 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 Nebraska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nebraska official source linked on this page or consult a licensed Nebraska attorney.
How does Nebraska § 30-3215 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nebraska 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 Nebraska.