§36-4072. Definitions.
325 words·~1 min read·
/ok/title-36-insurance/36-4072·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this act:
1. "Charitable gift annuity" means a transfer of cash or other property by a donor or donors to a charitable organization in return for periodic payments by the charitable organization commencing on the date of the agreement or in the future to one or more persons designated by the donor or donors over the lives of such persons;
2. "Qualified charitable gift annuity" means a charitable gift annuity which:
a. has an actuarial value using the actuarial factors and
interest rate established by the Internal Revenue Code
to determine charitable deductions for federal tax
purposes which is less than ninety percent (90%) of
the value of the cash or other property transferred by
the donor or donors to the charitable organization and
the difference in value constitutes a charitable
deduction for federal tax purposes,
b.
has periodic payments that are calculated using a rate
which will reasonably assure the promised payments to
the annuitant on the date the annuity is issued, and
c. is described in Section 501(m)(5) of the Internal
Revenue Code;
3. "Charitable organization" means an entity that:
a. is described by Sections 501(c)(3) and 170(c) of the
Internal Revenue Code, and
b. is qualified to do business in this state;
4. "Qualified charitable organization" means a charitable organization that, on the date it issues its first qualified charitable gift annuity contract:
a. has a minimum of One Hundred Thousand Dollars
($100,000.00) in unrestricted assets that are
exclusive of the assets comprising its qualified
charitable gift annuities, and
b. has been in continuous operation for at least three
(3)years or is a successor or affiliate of a
charitable organization that has been in continuous
operation for at least three
(3)years; and
5. "Internal Revenue Code" means the Internal Revenue Code of 1986 (26 U.S.C.), as amended, or any similar successor federal tax legislation. Added by Laws 1998, c. 141, § 2, emerg. eff. April 21, 1998.