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131 STAT. 2120 PUBLIC LAW 115–97—DEC. 22, 2017 body of any State or political subdivision thereof, or by the governing or ratemaking body of an electric cooperative. ‘‘(B) ELECTING REAL PROPERTY TRADE OR BUSINESS.— For purposes of this paragraph, the term ‘electing real property trade or business’ means any trade or business which is described in section 469(c)(7)(C) and which makes an election under this subparagraph. Any such election shall be made at such time and in such manner as the Secretary shall prescribe, and, once made, shall be irrev- ocable. ‘‘(C) ELECTING FARMING BUSINESS.—For purposes of this paragraph, the term ‘electing farming business’ means— ‘‘(i) a farming business (as defined in section 263A(e)(4)) which makes an election under this subparagraph, or ‘‘(ii) any trade or business of a specified agricul- tural or horticultural cooperative (as defined in section 199A(g)(2)) with respect to which the cooperative makes an election under this subparagraph. Any such election shall be made at such time and in such manner as the Secretary shall prescribe, and, once made, shall be irrevocable. ‘‘(8) ADJUSTED TAXABLE INCOME.—For purposes of this sub- section, the term ‘adjusted taxable income’ means the taxable income of the taxpayer— ‘‘(A) computed without regard to— ‘‘(i) any item of income, gain, deduction, or loss which is not properly allocable to a trade or business, ‘‘(ii) any business interest or business interest income, ‘‘(iii) the amount of any net operating loss deduc- tion under section 172, ‘‘(iv) the amount of any deduction allowed under section 199A, and ‘‘(v) in the case of taxable years beginning before January 1, 2022, any deduction allowable for deprecia- tion, amortization, or depletion, and ‘‘(B) computed with such other adjustments as provided by the Secretary. ‘‘(9) FLOOR PLAN FINANCING INTEREST DEFINED.—For pur- poses of this subsection— ‘‘(A) IN GENERAL.—The term ‘floor plan financing interest’ means interest paid or accrued on floor plan financing indebtedness. ‘‘(B) FLOOR PLAN FINANCING INDEBTEDNESS.—The term ‘floor plan financing indebtedness’ means indebtedness— ‘‘(i) used to finance the acquisition of motor vehicles held for sale or lease, and ‘‘(ii) secured by the inventory so acquired. ‘‘(C) MOTOR VEHICLE.—The term ‘motor vehicle’ means a motor vehicle that is any of the following: ‘‘(i) Any self-propelled vehicle designed for trans- porting persons or property on a public street, highway, or road. ‘‘(ii) A boat. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00068 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS