Section 634.1 – Applicability.

634.1 Applicability. This chapter shall apply only to trusts which are private foundations as defined in section 509 of the Internal Revenue Code, charitable trusts as described in section 4947(a) (1) of the Internal Revenue Code, or split-interest trusts as described in section 4947(a) (2) of the Internal Revenue Code. With respect to any such […]

Section 634.2 – Statutory provisions as part of the trust.

634.2 Statutory provisions as part of the trust. 1. The trust instrument of each trust to which this chapter applies shall be deemed to contain provisions prohibiting the trustee from doing any of the following: a. Engaging in any act of self-dealing, as defined in section 4941(d) of the Internal Revenue Code, which would give […]

Section 634.3 – Distribution to avoid tax liability.

634.3 Distribution to avoid tax liability. The trust instrument of each trust to which this chapter applies, except split-interest trusts, shall be deemed to contain a provision requiring the trustee to distribute for the purposes specified in the trust instrument for each taxable year of the trust amounts at least sufficient to avoid liability for […]

Section 634.4 – Limitations.

634.4 Limitations. Nothing in this chapter shall impair the rights and powers of the courts or the attorney general of this state with respect to any trust. [C73, 75, 77, 79, 81, §634.4]

Section 634.5 – Internal Revenue Code defined.

634.5 Internal Revenue Code defined. All references to sections of the Internal Revenue Code mean the Internal Revenue Code as defined in section 422.3. [C73, 75, 77, 79, 81, §634.5] 84 Acts, ch 1305, §41

Section 634.6 – Statutory exception in trust.

634.6 Statutory exception in trust. Nothing in this chapter shall limit the power of a person who creates a trust after July 1, 1971, or the power of a person who has retained or has been granted the right to amend a trust created before July 1, 1971, to include a specific provision in the […]

Section 634.7 – Public grants by private foundations or trusts.

634.7 Public grants by private foundations or trusts. A grant, by a trust organized and funded prior to January 1, 1992, to which this chapter applies, to the state of Iowa, or a political subdivision, or agency of the state or political subdivision, for purposes of economic development, shall be regarded as a charitable contribution […]