applicable corporation
Defined in 1 place of the United States Code.
The term “applicable corporation” means, with respect to any taxable year, any corporation (other than an S corporation, a regulated investment company, or a real estate investment trust) which meets the average annual adjusted financial statement income test of subparagraph (B) for one or more taxable years which—
(i) are prior to such taxable year, and
(ii) end after December 31, 2021.
Source
- 2022–present26 U.S.C. § 59Internal Revenue Code · Other definitions and special rules · for purposes of this part