§ 1503. Computation of entire net income. (a) The entire net income\nof a taxpayer shall be its total net income from all sources which shall\nbe presumably the same as the life insurance company taxable income\n(which shall include, in the case of a stock life insurance company that\nhas a balance, as determined as of the close of such company's last\ntaxable year beginning before January first, two thousand eighteen, in\nan existing policyholders surplus account, as such term is defined in\nsection 815 of the internal revenue code as such section was in effect\nfor taxable years beginning before January first, two thousand eighteen,\nthe amount of one-eighth of such balance), taxable income of a\npartnership or taxable income, but not alternative minimum taxable\nincome, as the case may be, which the taxpayer is required to report to\nthe United States treasury department, for the taxable year or, in the\ncase of a corporation exempt from federal income tax (other than the tax\non unrelated business taxable income imposed under section 511 of the\ninternal revenue code) but not exempt from tax under section fifteen\nhundred one, the taxable income which such taxpayer would have been\nrequired to report but for such exemption, except as hereinafter\nprovided.\n (b) Modifications. In computing entire net income, the following\nmodifications shall be made:\n (1) Entire net income shall not include:\n (A) income, gains and losses from subsidiary capital which do not\ninclude the amount of a recovery in respect of any war loss, except that\nthis modification shall not apply to the amount described in\nsubparagraph (S) of this paragraph;\n (B) fifty percent of dividends other than from subsidiaries, except\nthat this modification shall not apply to the amount described in\nsubparagraph (S) of this paragraph, and except that, in the case of a\nlife insurance company, such modification shall apply only with respect\nto the company's share of such dividends, which share means the\npercentage determined under paragraph one of subsection (a) of section\neight hundred twelve of the internal revenue code;\n (C) any refund or credit of a tax imposed under this article or\nsection one hundred eighty-seven, or article twenty-three of this\nchapter heretofore in effect to the extent properly included as income\nfor federal income tax purposes, for which no exclusion or deduction was\nallowed in determining the taxpayer's entire net income under this\narticle for any prior year;\n (D) that portion of wages or salaries paid or incurred for the taxable\nyear for which a deduction is not allowed pursuant to the provisions of\nsection two hundred eighty-C of the internal revenue code;\n (E) in the case of a taxpayer who is separately or as a partner of a\npartnership doing an insurance business as a member of the New York\ninsurance exchange described in section six thousand two hundred one of\nthe insurance law, any item of income, gain, loss or deduction of such\nbusiness which is the taxpayer's distributive or pro rata share for\nfederal income tax purposes or which the taxpayer is required to take\ninto account separately for federal income tax purposes;\n (F) for taxable years beginning after December thirty-first, nineteen\nhundred eighty-one, except with respect to property which is a qualified\nmass commuting vehicle described in subparagraph (D) of paragraph eight\nof subsection (f) of section one hundred sixty-eight of the internal\nrevenue code (relating to qualified mass commuting vehicles), any amount\nwhich is included in the taxpayer's taxable income for federal income\ntax purposes solely as a result of an election made pursuant to the\nprovisions of such paragraph eight as it was in effect for agreements\nentered into prior to January first, nineteen hundred eighty-four;\n (G) for taxable years beginning after December thirty-first, nineteen\nhundred eighty-one, except with respect to property which is a qualified\nmass
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