Other definitions
For purposes of this section—
(1) Taxable income
(1)Taxable income#
Except as otherwise provided in subsection (g)(2)(B), taxable income shall be computed without regard to section 68 and without regard to any deduction allowable under this section.
(2)Threshold amount∀ 3#
(A) In general The term “threshold amount” means $157,500 (200 percent of such amount in the case of a joint return).
(B) Inflation adjustment In the case of any taxable year beginning after 2018, the dollar amount in subparagraph (A) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting “calendar year 2017” for “calendar year 2016” in subparagraph (A)(ii) thereof. The amount of any increase under the preceding sentence shall be rounded as provided in section 1(f)(7).
(3)Qualified REIT dividend#
The term “qualified REIT dividend” means any dividend from a real estate investment trust received during the taxable year which—
(A) is not a capital gain dividend, as defined in section 857(b)(3), and
(B) is not qualified dividend income, as defined in section 1(h)(11).
(4)Qualified publicly traded partnership income#
The term “qualified publicly traded partnership income” means, with respect to any qualified trade or business of a taxpayer, the sum of—
(A) the net amount of such taxpayer’s allocable share of each qualified item of income, gain, deduction, and loss (as defined in subsection (c)(3) and determined after the application of subsection (c)(4)) from a publicly traded partnership (as defined in section 7704(a)) 2 2 So in original. Probably should be “7704(b))”. which is not treated as a corporation under section 7704(c), plus
(B) any gain recognized by such taxpayer upon disposition of its interest in such partnership to the extent such gain is treated as an amount realized from the sale or exchange of property other than a capital asset under section 751(a).