The city taxable income of a city resident estate or trust means its federal taxable income as defined in the laws of the United States for the taxable year, with the following modifications:
(1) [Repealed.]
(2) There shall be subtracted the modifications described in paragraphs four and five of subdivision (c) of section 11-1712, with respect to gains from the sale or other disposition of property, to the extent such gains are excluded from federal distributable net income of the estate or trust.
(3) There shall be added or subtracted (as the case may be) the share of the estate or trust in the city fiduciary adjustment determined under section 11-1719.
(4) There shall be added or subtracted (as the case may be) the modifications described in paragraphs six, ten, seventeen, eighteen, nineteen, twenty, twenty-one, twenty-two, twenty-three, twenty-four, twenty-five, twenty-seven, twenty-eight, twenty-nine, thirty-four and thirty-five of subdivision (b) and in paragraphs eleven, thirteen, fifteen, nineteen, twenty, twenty-one, twenty-two, twenty-three, twenty-four, twenty-five, twenty-six and twenty-eight of subdivision (c) of section 11-1712 of this subchapter.
(5) In the case of a trust, there shall be added the amount of any includible gain, reduced by any deductions properly allocable thereto, upon which tax is imposed for the taxable year pursuant to section six hundred forty-four of the internal revenue code.