2018 Missouri Revised Statutes
Title XXIII - Corporations, Associations and Partnerships
Chapter 352 - Religious and Charitable Associations — Charitable Gift Annuities
Section 352.500 Definitions.

Universal Citation: MO Rev Stat § 352.500 (2018)

Effective 28 Aug 2001

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 352

352.500. Definitions. — 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;

(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. Section 501(c)(3) (1986); or

(b) 26 U.S.C. Section 170(c) (1986).

­­--------

(L. 1996 S.B. 768 § 1, A.L. 1997 H.B. 319, A.L. 2001 H.B. 664)

Disclaimer: These codes may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.