{"data":{"id":"us-tn/tenn.-code-ann.-35-9-101","jurisdiction":"us-tn","citation":"Tenn. Code Ann. § 35-9-101","heading":"Prohibited acts","body":"In the administration of any trust that is a \"private foundation,\" as defined in § 509 of the Internal Revenue Code of 1954 ( 26 U.S.C. § 509 ), a \"charitable trust,\" as defined in § 4947(a)(1) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4947(a)(1) ), or a \"split-interest trust,\" as defined in § 4947(a)(2) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4947(a)(2) ), the following acts are prohibited:\n(1) Engaging in any act of self-dealing, as defined in § 4941(d) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4941(d) ), that would give rise to any liability for the tax imposed by § 4941(a) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4941(a) );\n(2) Retaining any excess business holdings (as defined in § 4943(c) of the Internal Revenue Code of 1954 26 U.S.C. § 4943(c) ), that would give rise to any liability for the tax imposed by § 4943(a) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4943(a) );\n(3) Making any investments that would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of § 4944 of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4944 ), so as to give rise to any liability for the tax imposed by § 4944(a) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4944(a) ); or\n(4) Making any taxable expenditures (as defined in § 4945(d) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4945(d) ), that would give rise to any liability for the tax imposed by § 4945(a) of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4945(a) ); provided, that this section does not apply either to those split-interest trusts or to amounts of those split-interest trusts that are not subject to the prohibitions applicable to private foundations by reason of § 4947 of the Internal Revenue Code of 1954 ( 26 U.S.C. § 4947 ).","path":["TN Code","Title 35","Chapter 9"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_tn_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:26Z","sha256":"a4ea7086bb6e4b86c979ed3fa59bba59de07ac914a0e8b0bd52f7dfdf15f1e0a","source_id":"us-tn","stale":false,"prev":"us-tn/tenn.-code-ann.-35-8-118","next":"us-tn/tenn.-code-ann.-35-9-102"},"notice":"GroundRules: Original legal text. Not legal advice."}