split-interest entity

Defined in 1 dictionary — U.S. Code

United States Code

26 U.S.C. § 408 — for purposes of this subtitle (3 versions over time)

For purposes of this subparagraph, the term “split-interest entity” means—

(I) a charitable remainder annuity trust (as defined in section 664(d)(1)), but only if such trust is funded exclusively by qualified charitable distributions,

(II) a charitable remainder unitrust (as defined in section 664(d)(2)), but only if such unitrust is funded exclusively by qualified charitable distributions, or

(III) a charitable gift annuity (as defined in section 501(m)(5)), but only if such annuity is funded exclusively by qualified charitable distributions and commences fixed payments of 5 percent or greater not later than 1 year from the date of funding.