ARM 42.4.2701. DEFINITIONS

The following definitions apply to this subchapter: (1) "Allowable contribution," for the purposes of the qualified endowment credit, means a charitable gift made to a qualified endowment. The contribution from an individual to a qualified endowment must be by means of a planned gift, as defined in 15-30-2327, MCA. A contribution from a corporation, small business corporation, estate, trust, partnership, or limited liability company may be made by means of a planned gift or may be made directly to a qualified endowment. (2) "Donor" means an individual, corporation, estate, or trust that contributes to a qualified charitable endowment either directly or indirectly through a small business corporation or partnership, as required by 15-30-2327, 15-30-2328, 15-30-2329, 15-31-161, and 15-31-162, MCA. (3) "Paid-up life insurance policies" mean life insurance policies in which all the premiums have been paid prior to the policies being contributed to a qualified endowment. The donor must make the tax-exempt organization the owner and beneficiary of the policy. A paid-up life insurance policy does not have to be on the life of the donor. (4) "Present value of the charitable gift portion of a planned gift" means the allowable amount of the charitable contribution, as defined in 15-30-2131, and 15-30-2152, MCA, or for corporations, as defined in 15-31-114, MCA, prior to any percentage limitations.