Versions of s. 138(12), definition “1975 76 excess additional group term reserve”

1975-76 excess additional group term reserve of an insurer that has made an election under subsection 138(9) of the Income Tax Act, chapter 148 of the Revised Statutes of Canada, 1952, as it read in its application to the 1977 taxation year, in respect of its 1975 taxation year means the amount determined by the formula A - B where A is the amount that would have been deductible under subparagraph 138(3)(a)(ii) in computing the insurer’s income for its 1976 taxation year if it had claimed the maximum allowable amount under that subparagraph for that year, and B is the amount deducted under that subparagraph in computing its income for its 1976 taxation year;