modified taxable income
Defined in 3 places of the United States Code.
For purposes of this subsection the term “modified taxable income” means, with respect to any period, the gross income for such period minus the deductions allowed by this chapter for such period (but, in the case of a short period, only the adjusted amount of the deductions for personal exemptions).
Source
- 1994–present26 U.S.C. § 443Internal Revenue Code · Returns for a period of less than 12 months · in this section
The term "modified taxable income" has the meaning given such term by section 59A(c)(1).
Source
- 2017–present26 U.S.C. § 6655Internal Revenue Code · Failure by corporation to pay estimated income tax · for purposes of this section
The term "modified taxable income" means the taxable income of the taxpayer computed under this chapter for the taxable year, determined without regard to—
(A) any base erosion tax benefit with respect to any base erosion payment, or
(B) the base erosion percentage of any net operating loss deduction allowed under section 172 for the taxable year.
Source
- 2017–present26 U.S.C. § 59AInternal Revenue Code · Environmental tax · for purposes of this section