California Revenue and Taxation Code

§ 17637

RTC § 17637 Effective Jul 28, 1983Div. 2 · Part 10 · Ch. 7 · Art. 1

Statute text

For purposes of Sections 17635 to 17639, inclusive, the term “prohibited transaction” means any transaction in which an organization subject to the provisions of Sections 17635 to 17639, inclusive—

(a)Lends any part of its income or corpus, without the receipt of adequate security and a reasonable rate of interest, to;

(b)Pays any compensation, in excess of a reasonable allowance for salaries or other compensation for personal services actually rendered, to;

…

Legislative history

Amended by Stats. 1983, Ch. 488, Sec. 42. Effective July 28, 1983.