As used in sections 352.500 to 352.520, the following terms mean:

(1) “Charitable gift annuity”, a transfer of cash or other property by a donor to a charitable organization in return for an annuity payable over one or two lives, under which the actuarial value of the annuity is less than the value of the cash or other property transferred and the difference in value constitutes a charitable deduction for federal tax purposes;

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Terms Used In Missouri Laws 352.500

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Donor: The person who makes a gift.
  • following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Property: includes real and personal property. See Missouri Laws 1.020

(2) “Qualified charitable gift annuity”, a charitable gift annuity described in Section 501(m)(5) of the Internal Revenue Code, and Section 514(c)(5) of the Internal Revenue Code that is issued by a charitable organization that on the date of the annuity agreement:

(a) Has a minimum of one hundred thousand dollars in unrestricted cash, cash equivalents, or publicly traded securities, exclusive of the assets funding the annuity agreement; and

(b) Has been in continuous operation for at least three years or is a successor or affiliate of a charitable organization that has been in continuous operation for at least three years;

(3) “Qualified organization”, an entity described in:

(a) 26 U.S.C. § 501(c)(3) (1986); or

(b) 26 U.S.C. § 170(c) (1986).