Immediate annuity
For purposes of this subsection, the term “immediate annuity” means an annuity—
(A)#
which is purchased with a single premium or annuity consideration,
(B)#
the annuity starting date (as defined in subsection (c)(4)) of which commences no later than 1 year from the date of the purchase of the annuity, and
(C)#
which provides for a series of substantially equal periodic payments (to be made not less frequently than annually) during the annuity period.