The following definitions apply to this subchapter:

(1) "Allowable contribution" for the purposes of the qualified endowment credit is 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 15-30-165, 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) "Beneficial interest" is a taxpayer who has a beneficial interest in a business when the taxpayer is either a sole proprietor, partner, or shareholder in an S corporation.

(3) "Donor" means an individual, corporation, estate, or trust that contributes to a qualified charitable endowment as required by 15-30-165, 15-30-166, 15-30-167, 15-31-161, and 15-31-162, MCA.

(4) "Paid-up life insurance policies" are 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. The paid-up policy does not have to be on the life of the donor.

(5) "Present value of the charitable gift portion of a planned gift" is the allowable amount of the charitable contribution as defined in 15-30-121 and 15-30-136, MCA, or for corporations as defined in 15-31-114, MCA, prior to any percentage limitations.