of the account owner, any person acquires the account owner’s interest in a parental leave savings account in a case to which subparagraph (A) does not apply— (I) such account shall cease to be a parental leave savings account as of the date of death, and (II) an amount equal to the fair market value of the assets in such account on such date shall be includible if such person is not the estate of such owner, in such person’s gross income for the taxable year which includes such date, or if such person is the estate of such owner, in such owner’s gross income for the last taxable year of such owner. (ii) Special rules An appropriate deduction shall be allowed under section 691(c) to any person (other than the decedent or the decedent’s spouse) with respect to amounts included in gross income under clause (i) by such person. (f) Tax treatment of account (1) In general A parental leave savings account shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, the parental leave savings account shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable, etc. organizations). (2) Account terminations Rules similar to the rules of paragraphs (2) and (4) of section 408(e) shall apply to any parental leave savings account. (g) One account per individual An individual may not own more than one parental leave savings account. The Secretary shall prescribe such rules as are necessary to provide for liquidating an individual’s parental leave savings account for transfer to a new parental leave savings account of the individual and for treating such amounts as a rollover distribution described in subsection (e)(3). (h) Reports The owner of a parental leave savings account shall make such reports regarding such account to the Secretary with respect to contributions, distributions, the return of excess contributions, and such other matters as the Secretary may require. The reports required by this subsection shall be filed at