for such taxable year, and (C) $1,000,000, taking into account the total amount of all qualified equity investments made by the taxpayer for such taxable year. (d) Qualified investor For purposes of this section— (1) In general The term qualified investor means an accredited investor, as defined by the Securities and Exchange Commission, investor network, or investor fund who review new or proposed businesses for potential investment. (2) Investor network The term investor network means a group of accredited investors organized for the sole purpose of making qualified equity investments. (3) Investor fund (A) In general The term investor fund means a corporation that for the applicable taxable year is treated as an S corporation or a general partnership, limited partnership, limited liability partnership, trust, or limited liability company and which for the applicable taxable year is not taxed as a corporation. (B) Allocation of credit (i) In general Except as provided in clause (ii), the credit allowed under subsection (a) shall be allocated to the shareholders or partners of the investor fund in proportion to their ownership interest or as specified in the fund’s organizational documents, except that tax-exempt investors shall be allowed to transfer their interest to investors within the fund in exchange for future financial consideration. (ii) Single member limited liability company If the investor fund is a single member limited liability company that is disregarded as an entity separate from its owner, the credit allowed under subsection (a) may be claimed by such limited liability company’s owner, if such owner is a person subject to the tax under this title. (4) Exclusion The term qualified investor does not include— (A) a person controlling at least 50 percent of the qualified small business entity, (B) an employee of such entity, or (C) any bank, bank and trust company, insurance company, trust company, national bank, savings association or building and loan association for activities that are a part