### Question
How does NORMAL TAXES AND SURTAXES define charitable gift annuity?


### Answer
Under *26 U.S.C. § 501*, **charitable gift annuity** is defined as:

> an annuity if—


(A) a portion of the amount paid in connection with the issuance of the annuity is allowable as a deduction under section 170 or 2055, and


(B) the annuity is described in section 514(c)(5) (determined as if any amount paid in cash in connection with such issuance were property)

#### Citation:
  - *26 U.S.C. § 501*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter F-Exempt Organizations > PART I-GENERAL RULE**

