separately computed taxable income
Defined in 1 place of the United States Code.
The term “separately computed taxable income” means the separate taxable income of the subsidiary for the taxable year determined—
(i) by taking into account gains and losses from the sale or exchange of a capital asset and section 1231 gains and losses,
(ii) without regard to any net operating loss or capital loss carryover or carryback, and
(iii) with such adjustments as the Secretary may prescribe.
Source
- 1994–present26 U.S.C. § 1503Internal Revenue Code · Computation and payment of tax · for purposes of this section