debt instrument

(1) Debt instrument (A) In general Except as provided in subparagraph (B), the term “debt instrument” means a bond, debenture, note, or certificate or other evidence of indebtedness. (B) Exception for certain annuity contracts The term “debt instrument” shall not include any annuity contract to which section 72 applies and which— (i) depends (in whole or in substantial part) on the life expectancy of 1 or more individuals, or (ii) is issued by an insurance company subject to tax under subchapter L (or by an entity described in section 501(c) and exempt from tax under section 501(a) which would be subject to tax under subchapter L were it not so exempt)— (I) in a transaction in which there is no consideration other than cash or another annuity contract meeting the requirements of this clause, (II) pursuant to the exercise of an election under an insurance contract by a beneficiary thereof on the death of the insured party under such contract, or (III) in a transaction involving a qualified pension or employee benefit plan.


26 USC § 1275(a)(1)

Scoping language

For purposes of this subpart
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