In the administration of any trust which is a “private foundation” as defined in § 509 of the Internal Revenue Code, or which is a “charitable trust” as defined in § 4947(a)(1) of the 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 § 4942(a) of the Internal Revenue Code.
Md. Code Ann., Est. & Trusts § 14-305
Known as the Maryland Trust Act
The act spans §§ 14–14 (103 sections).
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.