In this chapter:
(1) "Charitable gift annuity" means an annuity:
(A) that is payable over the lives of one or two individuals;
(B) that is made in return for the transfer of cash or other property to a charitable organization; and
(C) the actuarial value of which is less than the value of the cash or other property transferred, with the difference in those values being a charitable deduction for federal tax purposes.
(2) "Charitable organization" means an entity described by:
(A) Section 501(c)(3), Internal Revenue Code of 1986; or
(B) Section 170(c), Internal Revenue Code of 1986.