What is managed code and managed data?

Managed code is code that is written to target the services of the Common Language Runtime.
In order to target these services, the code must provide a minimum level of information (metadata) to the runtime.
All C#, Visual Basic .NET, and JScript .NET code is managed by default.
Visual Studio .NET C++ code is not managed by default, but the compiler can produce managed code by specifying a command-line switch (/CLR).
Closely related to managed code is managed data--data that is allocated and de- allocated by the Common Language Runtime's garbage collector. C#, Visual Basic, and JScript .NET data is managed by default.
C# data can, however, be marked as unmanaged through the use of special keywords.
Visual Studio .NET C++ data is unmanaged by default (even when using the /CLR switch), but when using Managed Extensions for C++, a class can be marked as managed using the __gc keyword. As the name suggests, this means that the memory for instances of the class is managed by the garbage collector.
In addition, the class becomes a full participating member of the .NET Framework community, with the benefits and restrictions that it brings. An example of a benefit is proper interoperability with classes written in other languages (for example, a managed C++ class can inherit from a Visual Basic class).
An example of a restriction is that a managed class can only inherit from one base class.