allowable under this part other than any credit which reduces the tax below the tentative minimum tax, as defined by Section 23455.

For purposes of this part, Section 55 of the Internal Revenue Code is modified as follows:

for the taxable year as exceeds the exemption amount.

to or measured by net income, for the privilege of doing

business within this state, in an amount equal to the sum of the following:

minimum taxable income as exceeds the exemption amount.

(commencing with Section 23221) of Chapter 2, Article 4 (commencing with Section 23221) to Article 9 (commencing with Section 23361), inclusive, shall apply to the tax imposed by this section except that Section 23221 shall not apply.

read:

Act, 2017 (Public Law 115-97), shall apply.

Section 55(e) of the Internal Revenue Code, relating to exemption for small corporations, shall not apply.

For purposes of this part, Section 56 of the Internal Revenue Code is modified as follows:

31, 1986,” are modified to read “December 31, 1987,” and all references to “January 1, 1987,” are modified to read “January 1, 1988.”

adjustments based on adjusted current earnings, is modified to provide that for corporations whose income is determined under Chapter 17 (commencing with Section 25101), adjusted current earnings shall be allocated and apportioned in the same manner as net income is allocated and apportioned for purposes of the regular tax. In addition, each of the following shall apply:

income” means the sum of the alternative minimum taxable income of that corporation apportionable to this state and the alternative minimum taxable income allocable to this state.

Section 24354.2) for which the taxpayer has held the property.

alternative system of Section 168(g) of the Internal Revenue Code.

(A) (i) A deduction shall be allowed for amounts allowable as a deduction for purposes of the

regular tax under Sections 24402, 24410, 24411, and 25106.

(ii) For each taxable year beginning on or after January 1, 1990, a deduction shall be allowed for amounts allowable as a deduction to a credit union for purposes of the regular tax under Section 24405.

(B) Section 56(g)(4)(C)(ii) of the Internal Revenue Code, relating to special rule for certain dividends, shall not be applicable.

(C) Section 56(g)(4)(C)(iii) of the Internal Revenue Code, relating to treatment of taxes on dividends from 936 corporations, shall not be applicable.

(D) Section 56(g)(4)(C)(iv) of the Internal Revenue Code, relating to special rule for certain dividends received by

certain cooperatives, shall not be applicable.

24425.

Section 56A of the Internal Revenue Code, relating to adjusted financial statement income, shall not apply.

For purposes of this part, Section 57 of the Internal Revenue Code is modified as follows:

Section 1250(c) of the Internal Revenue Code as that provision read on April 1, 1970, the amount by which the deduction allowable for the taxable year for exhaustion, wear, tear, obsolescence, or amortization exceeds the depreciation deduction that would have been allowable for the taxable year, had the taxpayer depreciated the property under the straight line method for each taxable year of its useful life (determined without regard to Section 24354.2 or 24381) for which the taxpayer has held the property.

For purposes of this part, the provisions of Section 59 of the Internal Revenue Code are modified as follows:

and (C) of Section 59(e)(2) of the Internal Revenue Code, relating to qualified expenditures, are modified to refer to: