Split-interest Trust

Split-interest Trust means:
a trust that is not a tax-exempt trust, that has unexpired interests not all of which are devoted to religious or charitable purposes, and that has amounts in trust for which deductions were allowed for income, estate, or gift tax purposes. Split- interest trusts are subject to the same taxes as private foundations regarding:

• excess business holdings.

• investments that jeopardize charitable purposes.

• taxable expenditure Former IRC (check if this IRC provision is current here) §4947(a)(2).