(a) Income and deductions.— The gross income of a special employee-owned corporation for any taxable year shall be determined as provided in §§ 30101 and 30102 of this title. Likewise, its net income or loss for any taxable year shall be determined as in the case of any other corporation, except that it must separately establish the items described in § 30534 of this title, and(1) There shall not be allowed a deduction for net operating losses as provided in § 30134 of this title.(2) There shall not be allowed a deduction for taxes as provided for in § 30124 of this title with respect to the taxes described in § 30201 of this title.(3) There shall not be allowed the deductions provided in §§ 30072(d) and 30139 of this title.(4) There shall not be allowed a deduction for gifts provided in § 30130 of this title(5) Shall be entitled to flexible depreciation as provided in § 30181 of this title and to accelerated depreciation as provided in § 30182 of this title, subject to the limitations contained in such sections.(b) Options for special corporations.— Any option affecting the computation of net income of a special employee-owned corporation shall be exercised by the same.

imitations contained in such sections.(b) Options for special corporations.— Any option affecting the computation of net income of a special employee-owned corporation shall be exercised by the same. History —Jan. 31, 2011, No. 1, § 1113.02, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 118.