632.65 Annuities exempt from regulation.
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632.65 Annuities exempt from regulation.
(1)In this section, “qualified charitable gift annuity” means an annuity that satisfies all of the following:
(a)The annuity is established under a transaction that, for federal income tax purposes, is treated partly as a charitable contribution under section 170 of the Internal Revenue Code and partly as an investment in an annuity contract under section 72 of the Internal Revenue Code.
(b)The annuity meets the requirements of an annuity for which the obligation to pay is excluded from the definition of “acquisition indebtedness” under section 514
(5)of the Internal Revenue Code.
(a)Notwithstanding any provision of chs. 600 to 646 to the contrary and except as provided in this section, a qualified charitable gift annuity is not subject to regulation under chs. 600 to 646 .