qualified continuing care facility
Defined in 1 place of the United States Code.
For purposes of this section, the term “qualified continuing care facility” means 1 or more facilities—
(i) which are designed to provide services under continuing care contracts, and
(ii) substantially all of the residents of which are covered by continuing care contracts.
Source
- 1994–present26 U.S.C. § 7872Internal Revenue Code · Treatment of loans with below-market interest rates · for purposes of this section
For purposes of this section, the term “qualified continuing care facility” means 1 or more facilities—
(i) which are designed to provide services under continuing care contracts,
(ii) which include an independent living unit, plus an assisted living or nursing facility, or both, and
(iii) substantially all of the independent living unit residents of which are covered by continuing care contracts.
Source
- 2006–present26 U.S.C. § 7872Internal Revenue Code · Treatment of loans with below-market interest rates · for purposes of this section