Charitable Gift Annuity Law and Legal Definition

According to 26 USCS § 501 (Title 26, Internal Revenue Code; Subtitle A, Income Taxes; Chapter 1, Normal Taxes and surtaxes; Subchapter F. Exempt Organizations; Part I, General Rule), the term "charitable gift annuity" means “an annuity if--

(A) a portion of the amount paid in connection with the issuance of the annuity is allowable as a deduction under section 170 or 2055 [26 USCS § 170 or 2055], and

(B) the annuity is described in section 514(c)(5) [26 USCS § 514 (c)(5)] (determined as if any amount paid in cash in connection with such issuance were property) .”