net passive income
Defined in 1 place of the United States Code.
The term “net passive income” means—
(A) passive investment income, reduced by
(B) the deductions allowable under this chapter which are directly connected with the production of such income (other than deductions allowable under section 172 and part VIII of subchapter B).
Source
- 1994–present26 U.S.C. § 1375Internal Revenue Code · Tax imposed when passive investment income of corporation having accumulated earnings and profits exceeds 25 percent of gross receipts · for purposes of this section