qualified investments
Defined in 1 place of the United States Code.
The term “qualified investments” means—
(I) public debt securities of the United States,
(II) obligations of a State or local government which are not in default as to principal or interest, and
(III) time or demand deposits in a bank (as defined in section 581) or an insured credit union (within the meaning of section 101(6) 3 of the Federal Credit Union Act, 12 U.S.C. 1752(6)) 3 located in the United States.
Source
- 1994–199626 U.S.C. § 501Internal Revenue Code · Exemption from tax on corporations, certain trusts, etc. · under this chapter
The term “qualified investments” means—
(I) public debt securities of the United States,
(II) obligations of a State or local government which are not in default as to principal or interest, and
(III) time or demand deposits in a bank (as defined in section 581) or an insured credit union (within the meaning of section 101(7) of the Federal Credit Union Act, 12 U.S.C. 1752(7)) located in the United States.
Source
- 1996–present26 U.S.C. § 501Internal Revenue Code · Exemption from tax on corporations, certain trusts, etc. · under this chapter