{"data":{"id":"us-va/va.-code-64.2-738","jurisdiction":"us-va","citation":"Va. Code § 64.2-738","heading":"Prohibitions as to trust that is deemed a split-interest trust","body":"Every trust that is a split-interest trust, as described in § 4947(a)(2) of the Internal Revenue Code, unless its governing instrument expressly includes specific provisions to the contrary, shall not engage in any act of self-dealing, as defined in § 4941(d) of the Internal Revenue Code, retain any excess business holdings, as defined in § 4943(c) of the Internal Revenue Code, that would give rise to liability for the tax imposed by § 4943(a) of the Internal Revenue Code, make any investments in such manner as to give rise to liability for the tax imposed by § 4944 of the Internal Revenue Code, or make any taxable expenditures, as defined in § 4945(d) of the Internal Revenue Code. This section shall not apply with respect to:1. Any amounts payable under the terms of such trust to income beneficiaries, unless a deduction was allowed under § 170(f)(2)(B), 2055(e)(2)(B), or 2522(c)(2)(B) of the Internal Revenue Code;2. Any amounts in trust other than amounts for which a deduction was allowed under § 170, 545(b)(2), 556(b)(2), 642(c), 2055, 2106(a)(2), or 2522 of the Internal Revenue Code, if such other amounts are segregated from amounts for which no deduction was allowable; or3. Any amounts transferred in trust before May 27, 1969.2005, c. 935, § 55-544.20; 2012, c. 614.","path":["Title 64.2. WILLS, TRUSTS, AND FIDUCIARIES","Subtitle III. TRUSTS","Chapter 7. UNIFORM TRUST CODE","Article 4. CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST"],"source_url":"https://law.lis.virginia.gov/vacode/64.2-738/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:18:14Z","sha256":"d90b291a9c1c245acea96eae651b0c9f6daad4595ceabdf0287181a1aec0b9e5","source_id":"us-va","stale":true,"prev":"us-va/va.-code-64.2-737","next":"us-va/va.-code-64.2-739"},"notice":"GroundRules: Original legal text. Not legal advice."}