15-30-165. (Temporary) Qualified endowments credit -- definitions. For the purposes of 15-30-166, the following definitions apply:
     (1) "Planned gift" means an irrevocable contribution to a permanent endowment held by a tax-exempt organization, or for a tax-exempt organization, when the contribution uses any of the following techniques that are authorized under the Internal Revenue Code:
     (a) charitable remainder unitrusts, as defined by 26 U.S.C. 664;
     (b) charitable remainder annuity trusts, as defined by 26 U.S.C. 664;
     (c) pooled income fund trusts, as defined by 26 U.S.C. 642(c)(5);
     (d) charitable lead unitrusts qualifying under 26 U.S.C. 170(f)(2)(B);
     (e) charitable lead annuity trusts qualifying under 26 U.S.C. 170(f)(2)(B);
     (f) charitable gift annuities undertaken pursuant to 26 U.S.C. 1011(b);
     (g) deferred charitable gift annuities undertaken pursuant to 26 U.S.C. 1011(b);
     (h) charitable life estate agreements qualifying under 26 U.S.C. 170(f)(3)(B);
     (i) paid-up life insurance policies meeting the requirements of 26 U.S.C. 170.
     (2) "Qualified endowment" means a permanent, irrevocable fund that is held by a Montana incorporated or established organization that:
     (a) is a tax-exempt organization under 26 U.S.C. 501(c)(3); or
     (b) is a bank or trust company, as defined in Title 32, chapter 1, part 1, that is holding the fund on behalf of a tax-exempt organization. (Terminates December 31, 2001--sec. 9, Ch. 537, L. 1997.)

     History: En. Sec. 1, Ch. 537, L. 1997.