Missouri Revised Statutes













Chapter 456

Trusts and Trustees--The Uniform Trust Code

←456.017

Section 456.019.1

456.021→

August 28, 2015

Trustees of private foundations, charitable trusts or split-interest trusts, certain acts prohibited.

456.019. 1. In the administration of any trust which is a "private

foundation", as defined in Section 509 of the United States Internal Revenue

Code, a "charitable trust", as defined in Section 4947(a)(1) of the United

States Internal Revenue Code, or a "split-interest trust", as defined in

Section 4947(a)(2) of the United States Internal Revenue Code, the following

acts shall be prohibited:



(1) Engaging in any act of "self-dealing", as defined in Section 4941(d)

of the United States Internal Revenue Code, which would give rise to any

liability for the tax imposed by Section 4941(a) of the United States

Internal Revenue Code;



(2) Retaining any "excess business holdings", as defined in Section

4943(c) of the United States Internal Revenue Code, which would give rise to

any liability for the tax imposed by Section 4943(a) of the United States

Internal Revenue Code;



(3) Making any investments which would jeopardize the carrying out of

any of the exempt purposes of the trust, within the meaning of Section 4944

of the United States Internal Revenue Code, so as to give rise to any

liability for the tax imposed by Section 4944(a) of the United States Internal

Revenue Code; and



(4) Making any "taxable expenditures", as defined in Section 4945(d) of

the United States Internal Revenue Code, which would give rise to any

liability for the tax imposed by Section 4945(a) of the United States

Internal Revenue Code; provided, however, that this section shall not apply

either to those split-interest trusts or to amounts thereof which are not

subject to the prohibitions applicable to private foundations by reason of

the provisions of Section 4947 of the United States Internal Revenue Code.



2. In the administration of any trust which is a "private foundation", as

defined in Section 509 of the United States Internal Revenue Code, or which

is a "charitable trust", as defined in Section 4947(a)(1) of the United States

Internal Revenue Code, there shall be distributed, for the purposes specified

in the trust instrument, for each taxable year, amounts at least sufficient

to avoid liability for the tax imposed by Section 4942(a) of the United

States Internal Revenue Code.



3. The provisions of subsections 1 and 2 of this section shall not apply

to any trust to the extent that a court of competent jurisdiction shall

determine that such application would be contrary to the terms of the

instrument governing such trust and that the same may not properly be changed

to conform to such sections. The trustee shall not be held liable to anyone

for any payments made under subsection 2 prior to such determination.



4. Nothing in this section shall impair the rights and powers of the

courts or the attorney general of this state with respect to any trust.



5. All references to sections of the United States Internal Revenue Code

shall be to such law as of June 14, 1971.



(L. 1971 S.B. 47, A.L. 2004 H.B. 1511)



Effective 6-14-71



*Transferred 2004; formerly 456.230





1991



1991 (Transferred now: 456.000.0019)



456.230. 1. In the administration of any trust which is a

"private foundation", as defined in section 509 of the United

States Internal Revenue Code, a "charitable trust", as defined in

section 4947(a)(1) of the United States Internal Revenue Code, or

a "split-interest trust", as defined in section 4947(a)(2) of the

United States Internal Revenue Code, the following acts shall be

prohibited:



(1) Engaging in any act of "self-dealing", as defined in

section 4941(d) of the United States Internal Revenue Code, which

would give rise to any liability for the tax imposed by section

4941(a) of the United States Internal Revenue Code;



(2) Retaining any "excess business holdings", as defined in

section 4943(c) of the United States Internal Revenue Code, which

would give rise to any liability for the tax imposed by section

4943(a) of the United States Internal Revenue Code;



(3) Making any investments which would jeopardize the

carrying out of any of the exempt purposes of the trust, within

the meaning of section 4944 of the United States Internal Revenue

Code, so as to give rise to any liability for the tax imposed by

section 4944(a) of the United States Internal Revenue Code; and



(4) Making any "taxable expenditures", as defined in section

4945(d) of the United States Internal Revenue Code, which would

give rise to any liability for the tax imposed by section 4945(a)

of the United States Internal Revenue Code; provided, however,

that this section shall not apply either to those split-interest

trusts or to amounts thereof which are not subject to the

prohibitions applicable to private foundations by reason of the

provisions of section 4947 of the United States Internal Revenue

Code.



2. In the administration of any trust which is a "private

foundation", as defined in section 509 of the United States

Internal Revenue Code, or which is a "charitable trust", as

defined in section 4947(a)(1) of the United States Internal

Revenue Code, there shall be distributed, for the purposes

specified in the trust instrument, for each taxable year, amounts

at least sufficient to avoid liability for the tax imposed by

section 4942(a) of the United States Internal Revenue Code.



3. The provisions of subsections 1 and 2 of this section

shall not apply to any trust to the extent that a court of

competent jurisdiction shall determine that such application

would be contrary to the terms of the instrument governing such

trust and that the same may not properly be changed to conform to

such sections. The trustee shall not be held liable to anyone

for any payments made under subsection 2 prior to such

determination.



4. Nothing in this section shall impair the rights and

powers of the courts or the attorney general of this state with

respect to any trust.



5. All references to sections of the United States Internal

Revenue Code shall be to such law as of June 14, 1971.



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