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). (e) Other definitions and special rules For purposes of this section— (1) First-time homebuyer (A) In general The term first-time homebuyer means any individual if such individual (and if married, such individual’s spouse) has had no present ownership interest in a principal residence. (B) Special rule for divorced individuals Any individual who is divorced and is not described in subparagraph (A) shall be treated as a first-time homebuyer for purposes of this section if such individual had no present ownership interest in a principal residence since such individual’s most recent divorce and during the 3-year period ending on the date of the purchase of the principal residence with respect to which payments from a first-time homebuyer account are made under this section. (2) Principal residence The term principal residence has the same meaning as when used in section 121. (3) Designated beneficiary The term designated beneficiary means— (A) the individual designated at the commencement of the first-time homebuyer account as the beneficiary of amounts paid (or to be paid) to the account, or (B) in the case of a change in beneficiaries described in subsection (d)(1)(C), the individual who is the new beneficiary. (4) Account ownership Except in the case of individuals who are married, an account may be owned by only one individual and may only have one designated beneficiary. (5) Cost-of-living adjustment In the case of any taxable year beginning in a calendar year after 2018, the dollar amounts under subsection (b)(1) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2017 for calendar year 1992 in subparagraph (B) thereof. If any amount after adjustment under the preceding sentence is