359.32—What definitive Series I savings bonds are excluded from the computation?
In computing the purchases for each person, the following are excluded:
(a)
Bonds on which that person is named as beneficiary;
(b)
Bonds to which that person has become entitled upon the death of the registered owner;
(c)
Bonds to which that person has become entitled by virtue of the termination of a trust or the occurrence of a similar event; and
(d)
Bonds that are purchased and redeemed within the same calendar year.