688A.281 - Qualified charitable-gift annuity: Definitions. - Nevada Statutes

688A.281  Qualified charitable-gift annuity: Definitions.  As used in NRS 688A.281 to 688A.285, inclusive, unless the context otherwise requires:

      1.  “Charitable-gift annuity” means an annuity payable over one or two lives issued by a charitable organization in return for a transfer of money or property by the donor, if the actuarial value of the annuity is less than the value of the money or property transferred and a deduction as a charitable contribution is allowable for purposes of federal taxes.

      2.  “Charitable organization” means an artificial person described as such in section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3), or section 170(c) of the Internal Revenue Code of 1986, 26 U.S.C. § 170(c).

      3.  “Qualified charitable-gift annuity” means a charitable-gift annuity described in section 501(m)(5) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(m)(5), and section 514(c)(5) of the Internal Revenue Code of 1986, 26 U.S.C. § 514(c)(5), which is issued by a charitable organization that on the date of issuance:

      (a) Owns at least $300,000 worth of money, cash equivalents or publicly traded securities, exclusive of the amount transferred to it in return for the annuity; and

      (b) Has operated continuously for at least 3 years or is a successor or affiliate of a charitable organization that has operated continuously for at least 3 years.

Ê The term does not include an annuity for which any person is paid compensation that is contingent upon the issuance of the annuity or based upon the value of the annuity other than a payment for reinsurance to an insurer licensed to issue insurance in this state.

      (Added to NRS by 1999, 1950)