During any period when a trust is deemed to be a charitable trust or a private foundation, the trustee shall distribute its income for each taxable year (and principal if necessary) at a time and in a manner that will not subject the property of the trust to tax under Section 4942 of the Internal Revenue Code.
Cal. Prob. Code § 16101
Duties of Trustees of Private Foundations, Charitable Trusts, and Split-Interest Trusts
Known as the Trust Law
The act spans §§ 15000–19403 (351 sections).
Enacted by Stats. 1990, Ch. 79.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.