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136 STAT. 1822 PUBLIC LAW 117–169—AUG. 16, 2022 If a taxpayer is subject to the regular tax, such taxpayer shall be subject to the tax imposed by this section (and, if the regular tax is determined by reference to an amount other than taxable income, such amount shall be treated as the taxable income of such taxpayer for purposes of the preceding sentence).’’. (ii) Section 860E(a)(4) is amended by striking ‘‘55(b)(2)’’ and inserting ‘‘55(b)(1)(D)’’. (iii) Section 897(a)(2)(A)(i) is amended by striking ‘‘55(b)(2)’’ and inserting ‘‘55(b)(1)(D)’’. (C) Section 11(d) is amended by striking ‘‘the tax imposed by subsection (a)’’ and inserting ‘‘the taxes imposed by subsection (a) and section 55’’. (D) Section 12 is amended by adding at the end the following new paragraph: ‘‘(5) For alternative minimum tax, see section 55.’’. (E) Section 882(a)(1) is amended by inserting ‘‘, 55,’’ after ‘‘section 11’’. (F) Section 6425(c)(1)(A) is amended to read as follows: ‘‘(A) the sum of— ‘‘(i) the tax imposed by section 11 or subchapter L of chapter 1, whichever is applicable, plus ‘‘(ii) the tax imposed by section 55, plus ‘‘(iii) the tax imposed by section 59A, over’’. (G) Section 6655(e)(2) is amended by inserting ‘‘, adjusted financial statement income (as defined in section 56A),’’ before ‘‘and modified taxable income’’ each place it appears in subparagraphs (A)(i) and (B)(i). (H) Section 6655(g)(1)(A) is amended by redesignating clauses (ii) and (iii) as clauses (iii) and (iv), respectively, and by inserting after clause (i) the following new clause: ‘‘(ii) the tax imposed by section 55,’’. (b) ADJUSTED FINANCIAL STATEMENT INCOME.— (1) IN GENERAL.—Part VI of subchapter A of chapter 1 is amended by inserting after section 56 the following new section: ‘‘SEC. 56A. ADJUSTED FINANCIAL STATEMENT INCOME. ‘‘(a) IN GENERAL.—For purposes of this part, the term ‘adjusted financial statement income’ means, with respect to any corporation for any taxable year, the net income or loss of the taxpayer set forth on the taxpayer’s applicable financial statement for such tax- able year, adjusted as provided in this section. ‘‘(b) APPLICABLE FINANCIAL STATEMENT.—For purposes of this section, the term ‘applicable financial statement’ means, with respect to any taxable year, an applicable financial statement (as defined in section 451(b)(3) or as specified by the Secretary in regulations or other guidance) which covers such taxable year. ‘‘(c) GENERAL ADJUSTMENTS.— ‘‘(1) STATEMENTS COVERING DIFFERENT TAXABLE YEARS.— Appropriate adjustments shall be made in adjusted financial statement income in any case in which an applicable financial statement covers a period other than the taxable year. ‘‘(2) SPECIAL RULES FOR RELATED ENTITIES.— ‘‘(A) CONSOLIDATED FINANCIAL STATEMENTS.—If the financial results of a taxpayer are reported on the Applicability. Definition. Definition. 26 USC 56A. 26 USC 860E. VerDate Sep 11 2014 13:57 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00006 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw