113 STAT. 1938
PUBLIC LAW 106-170—DEC. 17, 1999
"(iii) REPORTING. —Any organization on which tax
is imposed by clause (i) with respect to any premium
shall file an annual return which includes—
"(I) the amount of such premiums paid during
the year and the name and TIN of each beneficiary
under the contract to which the premium relates,
and
"(II) such other information as the Secretary
may require.
The penalties applicable to returns required under section 6033 shall apply to returns required under this
clause. Returns required under this clause shall be
furnished at such time and in such manner as the
Secretary shall by forms or regulations require.
"(iv) CERTAIN RULES TO APPLY.— The tax imposed
by this subparagraph shall be treated as imposed by
chapter 42 for purposes of this title other than subchapter B of chapter 42.
"(G) SPECIAL RULE WHERE STATE REQUIRES SPECIFICA-
TION OF CHARITABLE GIFT ANNUITANT IN CONTRACT.—In
the case of an obligation to pay a charitable gift annuity
referred to in subparagraph (D) which is entered into under
the laws of a State which requires, in order for the charitable gift annuity to be exempt from insurance regulation
by such State, that each beneficiary under the charitable
gift annuity be named as a beneficiary under an annuity
contract issued by an insurance company authorized to
transact business in such State, the requirements of clauses
(i) and (ii) of subparagraph (D) shall be treated as met
if—
"(i) such State law requirement was in effect on
February 8, 1999,
"(ii) each such beneficiary under the charitable
gift annuity is a bona fide resident of such State at
the time the obligation to pay a charitable gift annuity
is entered into, and
"(iii) the only persons entitled to payments under
such contract are persons entitled to payments as beneficiaries under such obligation on the date such obligation is entered into.
"(H) MEMBER OF FAMILY. —For purposes of this paragraph, an individual's family consists of the individual's
grandparents, the grandparents of such individual's spouse,
the lineal descendants of such grandparents, and any
spouse of such a lineal descendant.
"(I) REGULATIONS.— The Secretary shall prescribe such
regulations as may be necessary or appropriate to carry
out the purposes of this paragraph, including regulations
to prevent the avoidance of such purposes.".
26 USC 170 note.
(b) EFFECTIVE DATES. —
(1) IN GENERAL. — Except as otherwise provided in this section, the amendment made by this section shall apply to transfers made after February 8, 1999.
(2) EXCISE TAX.—Except as provided in paragraph (3) of
this subsection, section 170(f)(10)(F) of the Internal Revenue
Code of 1986 (as added by this section) shall apply to premiums
paid after the date of the enactment of this Act.
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