§ 1201. Alternative tax for corporations
(a)
General rule
If for any taxable year a corporation has a net capital gain and any rate of tax imposed by section
11,
511, or
831
(a) or (b) (whichever is applicable) exceeds 35 percent (determined without regard to the last 2 sentences of section
11
(b)(1)), then, in lieu of any such tax, there is hereby imposed a tax (if such tax is less than the tax imposed by such sections) which shall consist of the sum of—
(b)
Special rate for qualified timber gains
(1)
In general
If, for any taxable year ending after the date of the enactment of the Food, Conservation, and Energy Act of 2008 and beginning on or before the date which is 1 year after such date, a corporation has both a net capital gain and qualified timber gain—
(A)
subsection (a) shall apply to such corporation for the taxable year without regard to whether the applicable tax rate exceeds 35 percent, and
(2)
Qualified timber gain
For purposes of this section, the term “qualified timber gain” means, with respect to any taxpayer for any taxable year, the excess (if any) of—
(A)
the sum of the taxpayer’s gains described in subsections (a) and (b) of section
631 for such year, over
For purposes of subparagraphs (A) and (B), only timber held more than 15 years shall be taken into account.
(3)
Computation for taxable years in which rate first applies or ends
In the case of any taxable year which includes either of the dates set forth in paragraph (1), the qualified timber gain for such year shall not exceed the qualified timber gain properly taken into account for—
(c)
Cross references
For computation of the alternative tax—