C corporation
(5) C corporation. The term C corporation has the meaning provided in section 1361(a)(2). (6) Cleared swap. The term cleared swap means a swap that is cleared by a derivatives clearing organization, as such term is defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a), or by a clearing agency, as such term is defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c), that is registered as a derivatives clearing organization under the Commodity Exchange Act or as a clearing agency under the Securities Exchange Act of 1934, respectively, if the derivatives clearing organization or clearing agency requires the parties to the swap to post and collect margin or collateral. (7) Consolidated group. The term consolidated group has the meaning provided in 1.1502-1(h). (8) Consolidated return year. The term consolidated return year has the meaning provided in 1.1502-1(d). (9) Current-year business interest expense. The term current-year business interest expense means business interest expense that would be deductible in the current taxable year without regard to section 163(j) and that is not a disallowed business interest expense carryforward from a prior taxable year. (10) Disallowed business interest expense. The term disallowed business interest expense means the amount of business interest expense for a taxable year in excess of the amount allowed as a deduction for the taxable year under section 163(j)(1) and 1.163(j)-2(b). For purposes of section 163(j) and the regulations in this part under section 163(j) of the Internal Revenue Code (Code) disallowed business interest expense is treated as paid or accrued in the taxable year in which the expense is deductible for Federal income tax purposes (without regard to section 163(j)) or in the taxable year in which a deduction for the business interest expense is permitted under section 163(j), as the context may require. (11) Disallowed business interest expense carryforward. The term disallowed business interest expense carryforward means any business interest expense described in 1.163(j)-2(c). (12) Disallowed disqualified interest. The term disallowed disqualified interest means interest expense, including carryforwards, for which a deduction was disallowed under old section 163(j) (as defined in paragraph (b)(27) of this section) in the taxpayer's last taxable year beginning before January 1, 2018, and that was carried forward pursuant to old section 163(j). (13) Electing farming business. The term electing farming business means a trade or business that makes an election as provided in 1.163(j)-9 or other published guidance and that is (i) A farming business, as defined in section 263A(e)(4) or 1.263A-4(a)(4); (ii) Any trade or business of a specified agricultural or horticultural cooperative, as defined in section 199A(g)(4); or (iii) Specifically designated by the Secretary in guidance published in the Federal Register or the Internal Revenue Bulletin (see 601.601(d) of this chapter) as a farming business for purposes of section 163(j). (14) Electing real property trade or business. The term electing real property trade or business means a trade or business that makes an election as provided in 1.163(j)-9 or other published guidance and that is (i) A real property trade or business described in section 469(c)(7)(C) and 1.469-9(b)(2); or (ii) A REIT that qualifies for the safe harbor described in 1.163(j)-9(h); or (iii) A trade or business specifically designated by the Secretary in guidance published in the Federal Register or the Internal Revenue Bulletin (see 601.601(d) of this chapter) as a real property trade or business for purposes of section 163(j). (15) Excepted regulated utility trade or business(i) In general. The term excepted regulated utility trade or business means: (A) Automatically excepted regulated utility trades or businesses. A trade or business