(a) The alternative minimum tax measured by taxable assets is computed at the rate of 0.1 of a mill upon each dollar of taxable assets, or portion thereof allocated to New York State, of all the corporations included in the combined return. In computing combined taxable assets, intercorporate stockholdings and intercorporate bills, notes and accounts receivable and payable and other intercorporate indebtedness between the corporations included in the combined return must be eliminated.

(b) Combined taxable assets do not include the taxable assets of a corporation which has an outstanding net worth certificate issued to the Federal Savings and Loan Insurance Corporation in accordance with section 406(f)(5) of the Federal National Housing Act, as amended (12 USC 1729[f][5]), or issued to the Federal Deposit Insurance Corporation in accordance with section 13(i) of the Federal Deposit Insurance Act, as amended (12 USC 1823[i]), for that portion of the taxable year such certificate is outstanding.

(c) Each corporation included in the combined return shall compute the exclusion of interbank placements as described in subdivision (b) of section 18-5.2 of this Subpart on a separate basis.

(d) In no event will an asset of a corporation organized under the laws of a country other than the United States be included in a combined return unless it is included in taxable assets.

(e) As to when combined returns will be permitted or required, see Subpart 21-2 of this Title Combined Returns.