Qualified Special Purpose Distribution. A distribution to an Individual who is a Qualified First-Time Homebuyer, as defined under Code Section 72(t)(8), to the extent such distribution is used by the Individual before the close of the 120th day after the day on which such distribution is received to pay qualified acquisition costs with respect to a principal residence of the Individual, the Spouse of such Individual, or any child, grandchild, or ancestor of such Individual or the Individual’s Spouse.
Appears in 9 contracts
Sources: Defined Contribution Plan (1st Constitution Bancorp), Defined Contribution Plan (Wellesley Bancorp, Inc.), Defined Contribution Plan (Savannah Bancorp Inc)