43-1214. Definition of " unreasonable accumulation of income"
For purposes of section 43-1211, " unreasonable accumulation of income" shall be said to exist if the amounts accumulated out of income during the taxable year or any prior taxable year and not actually paid out by the end of the taxable year either:
1. Are unreasonable in amount or duration in order to carry out the charitable, educational or other purposes or function constituting the basis for such organization's exemption under section 43-1201, paragraph 4.
2. Are used to a substantial degree for purposes or functions other than those constituting the basis for such organization's exemption under section 43-1201, paragraph 4.
3. Are invested in such a manner as to jeopardize the carrying out of the charitable, educational or other purpose or function constituting the basis for such organization's exemption under section 43-1201, paragraph 4.
Section: Previous 43-1183 43-1184 43-1201 43-1202 43-1211 43-1212 43-1213 43-1214 43-1215 43-1216 43-1217 43-1231 43-1241 43-1242 43-1301 NextLast modified: October 13, 2016