subparagraph. Any such election shall be made at such time and in such manner as the Secretary shall prescribe, and, once made, shall be irrevocable. (8) Adjusted taxable income For purposes of this subsection, the term adjusted taxable income means the taxable income of the taxpayer— (A) computed without regard to— (i) any item of income, gain, deduction, or loss which is not properly allocable to a trade or business, (ii) any business interest or business interest income, (iii) the amount of any net operating loss deduction under section 172, and (iv) the amount of any deduction allowed under section 199 or 199A, and (B) computed with such other adjustments as provided by the Secretary. (9) Cross references (A) For requirement that an electing real property trade or business use the alternative depreciation system, see section 168(g)(1)(F). (B) For requirement that an electing farming business use the alternative depreciation system, see section 168(g)(1)(G). . (b) Treatment of carryforward of disallowed business interest in certain corporate acquisitions (1) In general Section 381(c) is amended by inserting after paragraph (19) the following new paragraph: (20) Carryforward of disallowed business interest The carryover of disallowed business interest described in section 163(j)(2) to taxable years ending after the date of distribution or transfer. . (2) Application of limitation Section 382(d) is amended by adding at the end the following new paragraph: (3) Application to carryforward of disallowed interest The term pre-change loss shall include any carryover of disallowed interest described in section 163(n) under rules similar to the rules of paragraph (1). . (3) Conforming amendment Section 382(k)(1) is amended by inserting after the first sentence the following: Such term shall include any corporation entitled to use a carryforward of disallowed interest described in section 381(c)(20). . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017.