(1) The corporate tax base on the income of a domestic corporation for each business year shall be calculated by deducting the following amounts and income in the following order from the income earned for each business year; provided, the maximum deductible amount under subparagraph 1 shall be 80/100 of the income for each business year (but 100/100 for a corporation prescribed by Presidential Decree, including a small and medium enterprises referred to in Article 6 (1) of the Act on Restriction on Special Cases concerning Taxation (hereinafter referred to as "small and medium enterprises") and enterprises performing a rehabilitation plan: <Amended on Dec. 22, 2020; Dec. 31, 2022>
1. The amount that satisfied each of the following requirements among the carried forward losses pursuant to Article 14 (3):(a) Losses incurred during each business year starting within 15 years before the start date of the current business year;(b) Losses included in the tax base reported under Article 60 or determined or corrected under Article 66 or reported for revision under Article 45 of the Framework Act on National Taxes;
2. Non-taxable income provided for in this Act and other statutes;
3. Income deductions prescribed in this Act and other statutes.
(2) In calculating the tax base in paragraph (1), the following amount shall not be carried over for deduction to the subsequent business years following the relevant business year:
1. Non-taxable income and income deductions that are not deducted when calculating the tax base of the relevant business year;
2. Income deductions that are not deducted by applying the minimum tax pursuant to Article 132 of the Act on Restriction on Special Cases concerning Taxation.[This Article Wholly Amended on Dec. 24, 2018]