Exception for certain amounts payable over life of beneficiary
If—
(A)#
any portion of the holder’s interest is payable to (or for the benefit of) a designated beneficiary,
(B)#
such portion will be distributed (in accordance with regulations) over the life of such designated beneficiary (or over a period not extending beyond the life expectancy of such beneficiary), and
(C)#
such distributions begin not later than 1 year after the date of the holder’s death or such later date as the Secretary may by regulations prescribe,
then for purposes of paragraph (1), the portion referred to in subparagraph (A) shall be treated as distributed on the day on which such distributions begin.