{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/64.2-737.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/64.2-737.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/64.2-737.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/64.2-737.html"}],"law_id":376405,"edition_id":2,"section_id":376405,"structure_id":53528,"section_number":"64.2-737","catch_line":"Distribution of income of trust that is a private foundation or a charitable trust; prohibitions as to such private foundation","history":"2005, c. 935, \u00a7 55-544.19; 2012, c. 614.","full_text":"Every trust that is a private foundation, as defined in \u00a7 509 of the Internal Revenue Code, or a charitable trust, as described in \u00a7 4947(a)(1) of the Internal Revenue Code, unless its governing instrument expressly includes specific provisions to the contrary, shall distribute its income, and if necessary principal, for each taxable year at such time and in such manner as not to subject such trust to tax under \u00a7 4942 of the Internal Revenue Code, and such trust shall not engage in any act of self-dealing, as defined in \u00a7 4941(d) of the Internal Revenue Code, retain any excess business holdings, as defined in \u00a7 4943(c) of the Internal Revenue Code, make any investments in such manner as to give rise to liability for the tax imposed by \u00a7 4944 of the Internal Revenue Code, or make any taxable expenditures, as defined in \u00a7 4945(d) of the Internal Revenue Code.\n\n","order_by":null,"text":{"0":{"id":1405333,"text":"Every trust that is a private foundation, as defined in \u00a7 509 of the Internal Revenue Code, or a charitable trust, as described in \u00a7 4947(a)(1) of the Internal Revenue Code, unless its governing instrument expressly includes specific provisions to the contrary, shall distribute its income, and if necessary principal, for each taxable year at such time and in such manner as not to subject such trust to tax under \u00a7 4942 of the Internal Revenue Code, and such trust shall not engage in any act of self-dealing, as defined in \u00a7 4941(d) of the Internal Revenue Code, retain any excess business holdings, as defined in \u00a7 4943(c) of the Internal Revenue Code, make any investments in such manner as to give rise to liability for the tax imposed by \u00a7 4944 of the Internal Revenue Code, or make any taxable expenditures, as defined in \u00a7 4945(d) of the Internal Revenue Code.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":53528,"edition_id":2,"name":"Creation, Validity, Modification, and Termination of Trust","identifier":"4","label":"article","depth":4,"order_by":4,"parent_id":53524,"metadata":{"child_laws":23,"child_structures":0},"date_created":"2026-08-02 03:17:45","date_modified":"2026-08-02 12:37:11","permalink":{"id":1501265,"object_type":"structure","relational_id":53528,"identifier":"4","token":"64.2\/III\/7\/4","url":"\/64.2\/III\/7\/4\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53524,"edition_id":2,"name":"Uniform Trust Code","identifier":"7","label":"chapter","depth":3,"order_by":1,"parent_id":53428,"metadata":{"child_laws":150,"child_structures":13},"date_created":"2026-08-02 03:17:42","date_modified":"2026-08-02 12:37:10","permalink":{"id":1501109,"object_type":"structure","relational_id":53524,"identifier":"7","token":"64.2\/III\/7","url":"\/64.2\/III\/7\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53428,"edition_id":2,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":3,"parent_id":53424,"metadata":{"child_laws":232,"child_structures":36},"date_created":"2026-08-02 03:16:27","date_modified":"2026-08-02 12:37:10","permalink":{"id":1500813,"object_type":"structure","relational_id":53428,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53424,"edition_id":2,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":136,"parent_id":null,"metadata":{"child_laws":776,"child_structures":114},"date_created":"2026-08-02 03:16:27","date_modified":"2026-08-02 12:37:05","permalink":{"id":1499783,"object_type":"structure","relational_id":53424,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":376387,"structure_id":53528,"section_number":"64.2-719","catch_line":"Methods of creating trust","url":"\/64.2-719\/","token":"64.2\/III\/7\/4\/64.2-719","metadata":false},{"id":376388,"structure_id":53528,"section_number":"64.2-720","catch_line":"Requirements for creation","url":"\/64.2-720\/","token":"64.2\/III\/7\/4\/64.2-720","metadata":false},{"id":376389,"structure_id":53528,"section_number":"64.2-721","catch_line":"Trusts created in other jurisdictions","url":"\/64.2-721\/","token":"64.2\/III\/7\/4\/64.2-721","metadata":false},{"id":376390,"structure_id":53528,"section_number":"64.2-722","catch_line":"Trust purposes","url":"\/64.2-722\/","token":"64.2\/III\/7\/4\/64.2-722","metadata":false},{"id":376391,"structure_id":53528,"section_number":"64.2-723","catch_line":"Charitable purposes; enforcement","url":"\/64.2-723\/","token":"64.2\/III\/7\/4\/64.2-723","metadata":false},{"id":376392,"structure_id":53528,"section_number":"64.2-724","catch_line":"Creation of trust induced by fraud, duress, or undue influence","url":"\/64.2-724\/","token":"64.2\/III\/7\/4\/64.2-724","metadata":false},{"id":376393,"structure_id":53528,"section_number":"64.2-725","catch_line":"Evidence of oral trust","url":"\/64.2-725\/","token":"64.2\/III\/7\/4\/64.2-725","metadata":false},{"id":376394,"structure_id":53528,"section_number":"64.2-726","catch_line":"Trust for care of animal","url":"\/64.2-726\/","token":"64.2\/III\/7\/4\/64.2-726","metadata":false},{"id":376395,"structure_id":53528,"section_number":"64.2-727","catch_line":"Noncharitable trust without ascertainable beneficiary","url":"\/64.2-727\/","token":"64.2\/III\/7\/4\/64.2-727","metadata":false},{"id":376396,"structure_id":53528,"section_number":"64.2-728","catch_line":"Modification or termination of trust; proceedings for approval or disapproval","url":"\/64.2-728\/","token":"64.2\/III\/7\/4\/64.2-728","metadata":false},{"id":376397,"structure_id":53528,"section_number":"64.2-729","catch_line":"Modification or termination of noncharitable irrevocable trust by consent","url":"\/64.2-729\/","token":"64.2\/III\/7\/4\/64.2-729","metadata":false},{"id":376398,"structure_id":53528,"section_number":"64.2-730","catch_line":"Modification or termination because of unanticipated circumstances or inability to administer trust effectively","url":"\/64.2-730\/","token":"64.2\/III\/7\/4\/64.2-730","metadata":false},{"id":376399,"structure_id":53528,"section_number":"64.2-731","catch_line":"Cy pres","url":"\/64.2-731\/","token":"64.2\/III\/7\/4\/64.2-731","metadata":false},{"id":376400,"structure_id":53528,"section_number":"64.2-732","catch_line":"Modification or termination of uneconomic trust","url":"\/64.2-732\/","token":"64.2\/III\/7\/4\/64.2-732","metadata":false},{"id":376401,"structure_id":53528,"section_number":"64.2-733","catch_line":"Reformation to correct mistakes","url":"\/64.2-733\/","token":"64.2\/III\/7\/4\/64.2-733","metadata":false},{"id":376402,"structure_id":53528,"section_number":"64.2-734","catch_line":"Modification to achieve settlor's tax objectives","url":"\/64.2-734\/","token":"64.2\/III\/7\/4\/64.2-734","metadata":false},{"id":376403,"structure_id":53528,"section_number":"64.2-735","catch_line":"Combination and division of trusts","url":"\/64.2-735\/","token":"64.2\/III\/7\/4\/64.2-735","metadata":false},{"id":376404,"structure_id":53528,"section_number":"64.2-736","catch_line":"Amendment of trust where gift, grant, or will establishes private foundation or constitutes a charitable trust or a split-interest trust","url":"\/64.2-736\/","token":"64.2\/III\/7\/4\/64.2-736","metadata":false},{"id":376405,"structure_id":53528,"section_number":"64.2-737","catch_line":"Distribution of income of trust that is a private foundation or a charitable trust; prohibitions as to such private foundation","url":"\/64.2-737\/","token":"64.2\/III\/7\/4\/64.2-737","metadata":false},{"id":376406,"structure_id":53528,"section_number":"64.2-738","catch_line":"Prohibitions as to trust that is deemed a split-interest trust","url":"\/64.2-738\/","token":"64.2\/III\/7\/4\/64.2-738","metadata":false},{"id":376407,"structure_id":53528,"section_number":"64.2-739","catch_line":"Application of \u00a7\u00a7 64.2-737 and 64.2-738","url":"\/64.2-739\/","token":"64.2\/III\/7\/4\/64.2-739","metadata":false},{"id":376408,"structure_id":53528,"section_number":"64.2-740","catch_line":"Interpretation of references to Internal Revenue Code in \u00a7\u00a7 64.2-736 through 64.2-739","url":"\/64.2-740\/","token":"64.2\/III\/7\/4\/64.2-740","metadata":false},{"id":376409,"structure_id":53528,"section_number":"64.2-741","catch_line":"Powers of courts not impaired by \u00a7\u00a7 64.2-736 through 64.2-740","url":"\/64.2-741\/","token":"64.2\/III\/7\/4\/64.2-741","metadata":false}],"previous_section":{"id":376404,"structure_id":53528,"section_number":"64.2-736","catch_line":"Amendment of trust where gift, grant, or will establishes private foundation or constitutes a charitable trust or a split-interest trust","url":"\/64.2-736\/","token":"64.2\/III\/7\/4\/64.2-736","metadata":false},"next_section":{"id":376406,"structure_id":53528,"section_number":"64.2-738","catch_line":"Prohibitions as to trust that is deemed a split-interest trust","url":"\/64.2-738\/","token":"64.2\/III\/7\/4\/64.2-738","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-737\/","history_text":"

This law was first created in 2005. The record of its establishment is cataloged in chapter 935<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2012, chapter 614<\/a>.<\/p>","references":[{"id":376407,"section_number":"64.2-739","catch_line":"Application of \u00a7\u00a7 64.2-737 and 64.2-738","order_by":null,"url":"\/64.2-739\/"}],"refers_to":false,"permalink":{"id":1501339,"object_type":"law","relational_id":376405,"identifier":"64.2-737","token":"64.2\/III\/7\/4\/64.2-737","url":"\/64.2-737\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/64.2-737\/","token":"64.2\/III\/7\/4\/64.2-737","dublin_core":{"Title":"Distribution of income of trust that is a private foundation or a charitable trust; prohibitions as to such private foundation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-737","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Every trust that is a private foundation, as defined in \u00a7 509 of the Internal Revenue Code, or a charitable trust<\/span>, as described in \u00a7 4947(a)(1) of the Internal Revenue Code, unless its governing instrument expressly includes specific provisions to the contrary, shall distribute its income, and if necessary principal, for each taxable year at such time and in such manner as not to subject such trust to tax under \u00a7 4942 of the Internal Revenue Code, and such trust shall not engage in any act of self-dealing, as defined in \u00a7 4941(d) of the Internal Revenue Code, retain any excess business holdings, as defined in \u00a7 4943(c) of the Internal Revenue Code, make any investments in such manner as to give rise to liability for the tax imposed by \u00a7 4944 of the Internal Revenue Code, or make any taxable expenditures, as defined in \u00a7 4945(d) of the Internal Revenue Code.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISTRIBUTION OF INCOME OF TRUST THAT IS A PRIVATE FOUNDATION OR A CHARITABLE\nTRUST; PROHIBITIONS AS TO SUCH PRIVATE FOUNDATION (\u00a7 64.2-737)\n\nEvery trust that is a private foundation, as defined in \u00a7 509 of the Internal\nRevenue Code, or a charitable trust, as described in \u00a7 4947(a)(1) of the\nInternal Revenue Code, unless its governing instrument expressly includes\nspecific provisions to the contrary, shall distribute its income, and if\nnecessary principal, for each taxable year at such time and in such manner as\nnot to subject such trust to tax under \u00a7 4942 of the Internal Revenue Code, and\nsuch trust shall not engage in any act of self-dealing, as defined in \u00a7 4941(d)\nof the Internal Revenue Code, retain any excess business holdings, as defined in\n\u00a7 4943(c) of the Internal Revenue Code, make any investments in such manner as\nto give rise to liability for the tax imposed by \u00a7 4944 of the Internal Revenue\nCode, or make any taxable expenditures, as defined in \u00a7 4945(d) of the Internal\nRevenue Code.\n\nHISTORY: 2005, c. 935, \u00a7 55-544.19; 2012, c. 614.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}