Versions of s. 138(12), definition “1975 76 excess capital cost allowance”

1975-76 excess capital cost allowance of depreciable property of a prescribed class 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) - C where A is the amount determined by the formula P - Q where P is the amount that would have been deductible under paragraph 20(1)(a) by the insurer in computing its income for its 1975 taxation year with respect to that class, if it had claimed the maximum allowable amount under that paragraph in that year with respect to that class and if it had not made the election under subsection 138(9) of that Act in respect of its 1975 taxation year, and where it made the election under subsection 138(9) of that Act in respect of its 1974 taxation year, it had adopted for its 1975 taxation year, with the concurrence of the Minister, the method required by subsection 138(9) of that Act if it had not elected under that subsection and the Minister had specified no terms and conditions under subsection 138(10) of that Act, and Q is the amount deducted under paragraph 20(1)(a) by the insurer in computing its income for its 1975 taxation year with respect to that class, B is the amount determined by the formula R - S where R is the amount that would have been deductible under paragraph 20(1)(a) by the insurer in computing its income for its 1976 taxation year with respect to that class if it had claimed the maximum allowable amount under that paragraph in that year and in its 1975 taxation year with respect to that class on the basis of the assumptions made in paragraphs (a) to (d) of the description of A in the definition 1975-76 excess policy dividend reserve in this subsection, and S is the amount deducted under paragraph 20(1)(a) by the insurer in computing its income for its 1976 taxation year with respect to that class, and C is the amount determined by the formula T - U where T is the amount determined for S, and U is the amount determined for R;