applicable preferred stockmeans stock described in section 1504(a)(4) in the subsidiary which is—
consolidated yearmeans any taxable year for which the affiliated group makes a consolidated return.
disqualified separately computed incomemeans the portion of the separately computed taxable income of the subsidiary which does not exceed the dividends distributed by the subsidiary during the taxable year on applicable preferred stock.
dual consolidated lossmeans any net operating loss of a domestic corporation which is subject to an income tax of a foreign country on its income without regard to whether such income is from sources in or outside of such foreign country, or is subject to such a tax on a residence basis.
employeehas the same meaning such term is given by paragraphs (1) and (2) of section 3121(d).
group credit itemmeans any credit allowable under part IV of subchapter A of chapter 1 (other than section 34) to any other member of the affiliated group which includes the subsidiary and any carryover or carryback of any such credit.
group loss itemmeans any of the following items of any other member of the affiliated group which includes the subsidiary:
includible corporationmeans any corporation except—
intragroup stockmeans any stock which— Such term includes any other property the basis of which is determined (in whole or in part) by reference to the basis of stock described in the preceding sentence.
separately computed taxable incomemeans the separate taxable income of the subsidiary for the taxable year determined—
subsidiarymeans any corporation which is a member of an affiliated group filing a consolidated return other than the common parent.