Investment company taxable income
The investment company taxable income shall be the taxable income of the regulated investment company adjusted as follows:
(A)#
There shall be excluded the amount of the net capital gain, if any.
(B)#
The net operating loss deduction provided in section 172 shall not be allowed.
(C)#
The deductions for corporations provided in part VIII (except section 248) in subchapter B (section 241 and following, relating to the deduction for dividends received, etc.) shall not be allowed.
(D)#
The deduction for dividends paid (as defined in section 561) shall be allowed, but shall be computed without regard to capital gain dividends and exempt-interest dividends.
(E)#
The taxable income shall be computed without regard to section 443(b) (relating to computation of tax on change of annual accounting period).
(F)#
The taxable income shall be computed without regard to section 454(b) (relating to short-term obligations issued on a discount basis) if the company so elects in a manner prescribed by the Secretary.
(G)#
There shall be deducted an amount equal to the tax imposed by subsections (d)(2) and (i) of section 851 for the taxable year.