102.002 – QUALIFIED CHARITABLE GIFT ANNUITY. A charitable
Texas Insurance Code § 102.002
Summary
This law defines what constitutes a qualified charitable gift annuity in Texas. It applies to annuities issued by charitable organizations that meet specific financial criteria, ensuring they are recognized for tax purposes.
Applies to annuities issued before September 1, 1995, or meeting IRS criteria.
Requires charitable organizations to have at least $100,000 in unrestricted assets.
Ensures compliance for tax benefits related to charitable gift annuities.
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In simple terms: Learn about Texas's QUALIFIED CHARITABLE GIFT ANNUITY. A charitable law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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