exempt operating foundation

(2)For purposes of this subsection, the term “exempt operating foundation” means, with respect to any taxable year, any private foundation if— (A)such foundation is an operating foundation (as defined in), (B)such foundation has been publicly supported for at least 10 taxable years, (C)at all times during the taxable year, the governing body of such foundation— (i)consists of individuals at least 75 percent of whom are not disqualified individuals, and (ii)is broadly representative of the general public, and (D)at no time during the taxable year does such foundation have an officer who is a disqualified individual.

Source

26 USC § 4940(d)(2)


Scoping language

None: Default is title Scope
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