immediate annuity
Defined in 1 place of the United States Code.
For purposes of this subsection, the term “immediate annuity” means an annuity—
(A) which is purchased with a single premium or annuity consideration,
(B) the annuity starting date (as defined in subsection (c)(4)) of which commences no later than 1 year from the date of the purchase of the annuity, and
(C) which provides for a series of substantially equal periodic payments (to be made not less frequently than annually) during the annuity period.
Source
- 1994–present26 U.S.C. § 72Internal Revenue Code · Annuities; certain proceeds of endowment and life insurance contracts · for purposes of this section