miner
(21) (A) A trust or trusts established in writing, created or organized in the United States, and contributed to by any person (except an insurance company) if— (i) the purpose of such trust or trusts is exclusively— (I) to satisfy, in whole or in part, the liability of such person for, or with respect to, claims for compensation for disability or death due to pneumoconiosis under Black Lung Acts, (II) to pay premiums for insurance exclusively covering such liability, (III) to pay administrative and other incidental expenses of such trust in connection with the operation of the trust and the processing of claims against such person under Black Lung Acts, and (IV) to pay accident or health benefits for retired miners and their spouses and dependents (including administrative and other incidental expenses of such trust in connection therewith) or premiums for insurance exclusively covering such benefits; and (ii) no part of the assets of the trust may be used for, or diverted to, any purpose other than— (I) the purposes described in clause (i), (II) investment (but only to the extent that the trustee determines that a portion of the assets is not currently needed for the purposes described in clause (i)) in qualified investments, or (III) payment into the Black Lung Disability Trust Fund established under section 9501, or into the general fund of the United States Treasury (other than in satisfaction of any tax or other civil or criminal liability of the person who established or contributed to the trust). (B) No deduction shall be allowed under this chapter for any payment described in subparagraph (A)(i)(IV) from such trust. (C) Payments described in subparagraph (A)(i)(IV) may be made from such trust during a taxable year only to the extent that the aggregate amount of such payments during such taxable year does not exceed the excess (if any), as of the close of the preceding taxable year, of— (i) the fair market value of the assets of the trust, over (ii) 110 percent of the present value of the liability described in subparagraph (A)(i)(I) of such person. The determinations under the preceding sentence shall be made by an independent actuary using actuarial methods and assumptions (not inconsistent with the regulations prescribed under section 192(c)(1)(A) ) each of which is reasonable and which are reasonable in the aggregate. (D) For purposes of this paragraph: (i) The term “Black Lung Acts” means part C of title IV of the Federal Mine Safety and Health Act of 1977, and any State law providing compensation for disability or death due to that pneumoconiosis. (ii) 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. (iii) The term “miner” has the same meaning as such term has when used in section 402(d) of the Black Lung Benefits Act ( 30 U.S.C. 902(d) ). (iv) The term “incidental expenses” includes legal, accounting, actuarial, and trustee expenses.