PUBLIC LAW 97-34—AUG. 13, 1981
95 STAT. 269
of such purchases exceed the amount of sales of such securities by an institution, and "(H) any loan for agricultural purposes. For purposes of this paragraph, the term 'single-family residence' includes 2-, 8-, and 4-family residences, and the term "Single-family 'residence' includes stock in a cooperative housing corporation residence" (as defined in section 216(b)). ^"^ residence. "(4) LIMITATION FOR CREDIT UNIONS.—For purposes of paragraph (1), the limitation determined under this paragraph with respect to any institution described in subsection (c)(2)(A)(iii) for any calendar quarter is the sum of^ "(A) the aggregate of the amounts described in subparagraph (A) of paragraph (5) with respect to such institution as of September 30, 1981, plus "(B) 10 percent of the excess of— "(i) the aggregate of such amounts as of the close of such calendar (quarter, over "(ii) the amount referred to in subparagraph (A). "(5) QuAUFiED NET SAVINGS.—The term 'qualified net savings' means, with respect to any qualified institution, the excess of^ "(A) the amounts paid into pgissbook savings account, 6-month money market certificates, 30-month small-saver certificates, time deposits with a face amount of less than $100,000, and depository institution tax-exempt savings certificates issued by such institution, over "(B) the amounts withdrawn or redeemed in connection with the accounts and certificates described in subparagraph (A). "(6) CoNSOUDATED GROUPS.—For purposes of this subsection, all members of the same affiliated group (as defined in section 1504) which file a consolidated return for the taxable year shall be treated as 1 corporation. "(e) PENALTY FOR EARLY WITHDRAWALS.—
"(1) IN GENERAL.—If any portion of a depository institution taxexempt savings certificate is redeemed before the date on which it matures— "(A) subsection (a) shall not apply to any interest on such certificate for the taxable year of redemption and any subsequent taxable year, and "(B) there shall be included in gross income for the tsixable year of redemption the amount of any interest on such certificate excluded under subsection (a) for any preceding taxable year. "(2) CERTIFICATE PLEDGED AS COLLATERAL.—For purposes of
paragraph (1), if the taxpayer uses any depository institution taxexempt savings certificate (or portion thereof) as collateral or security for a loan, the taxpayer shall be treated as having redeemed such certificate. "(f) OTHER SPECIAL RULES.— "(1) COORDINATION WITH SECTION II6.—Section 116 shall not
apply to the interest on any depository institution tax-exempt savings certificate. "(2) ESTATES AND TRUSTS.—
"(A) IN GENERAL.—Except as provided in subparagraph (B), the exclusion provided by this section shall not apply to estates and trusts. "(B) CERTIFICATES ACQUIRED BY ESTATE FROM DECEDENT.—
In the case of a depository institution tax-exempt savings
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