of assets by a person who is subject to tax under this chapter for the calendar year, and (iii) which has more than one beneficiary (determined as of the last day of the calendar year). (B) Exception Such term shall not include— (i) any trust described in section 401(a) and exempt from tax under section 501(a), (ii) any trust all of the unexpired interests in which are devoted to one or more of the purposes described in section 170(c)(2)(B), (iii) any charitable lead annuity trust (as defined in section 2642(e)(3)) or charitable lead unitrust, or (iv) any charitable annuity remainder trust (as defined in section 664(d)(1)) or any charitable remainder unitrust (as defined in section 664(d)(2)). (C) Beneficiary The term beneficiary shall not include any person whose interest in a trust is contingent on the death of another person with an interest in such trust. 2902. Net value of taxable assets (a) In general For purposes of this subtitle, the term net value of all taxable assets means, as of any date, the value of all property of the taxpayer (other than property excluded under subsection (b)), real or personal, tangible or intangible, wherever situated, reduced by any debts (including any debts secured by property excluded under subsection (b)) owed by the taxpayer. (b) Exclusion for certain assets Property of the taxpayer shall not be taken into account under subsection (a) if such property— (1) has a value of $50,000 or less (determined without regard to any debt owed by the taxpayer with respect to such property), (2) is tangible personal property, and (3) is not property— (A) which is used in a trade or business of the taxpayer, (B) in connection with which a deduction is allowable under section 212, or (C) which is a collectible as defined in section 408(m), a boat, an aircraft, a mobile home, a trailer, a vehicle, or an antique or other asset that maintains or increases its value over time (within the meaning of section 5.02(2) of Revenue Procedure 2018–08). (c) Rules for determining property of the