account contributions The deduction allowed by section 224. . (c) Tax on excess contributions (1) Subsection (a) of section 4973 of such Code (relating to tax on excess contributions to individual retirement accounts, etc.) is amended by striking or at the end of paragraph (5), by inserting or at the end of paragraph (6), and by inserting after paragraph (6) the following new paragraph: (7) a S.A.F.E. account (within the meaning of section 224(c)), . (2) Section 4973 of such Code is amended by adding at the end the following new subsection: (i) Excess contributions to S.A.F.E. accounts For purposes of this section, in the case of S.A.F.E. accounts (within the meaning of section 224(c)), the term excess contributions means the sum of— (1) the excess (if any) of— (A) the aggregate amount contributed for the taxable year to the accounts (other than rollover contributions), over (B) the amount allowable as a deduction under section 224 for such contributions, and (2) the amount determined under this subsection for the preceding taxable year, reduced by the sum of— (A) the distributions out of the accounts which were included in gross income under rules similar to the rules of section 408(d)(5) which apply to such accounts by reason of section 224(d)(4), and (B) the excess (if any) of— (i) the maximum amount allowable as a deduction under section 224(b) for the taxable year, over (ii) the amount contributed to the accounts for the taxable year. For purposes of this subsection, any contribution which is distributed out of the S.A.F.E. account in a distribution to which the rules similar to the rules of section 408(d)(4) which apply to such accounts by reason of section 224(d)(4) shall be treated as an amount not contributed. . (d) Tax on prohibited transactions (1) In general Paragraph (1) of section 4975(e) of such Code (relating to prohibited transactions) is amended by striking or at the end of subparagraph (F), by redesignating subparagraph (G) as subparagraph (H), and by inserting after subparagraph (F) the