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

1975-76 excess investment 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 paragraph 138(3)(c) of the Income Tax Act, chapter 148 of the Revised Statutes of Canada, 1952, by the insurer in computing its income for its 1976 taxation year if it had claimed the maximum allowable amount under that paragraph in that year and that amount was determined without reference to subparagraph 138(3)(c)(ii) of that Act, and B is the amount deducted by the insurer under paragraph 138(3)(c) of the Income Tax Act, chapter 148 of the Revised Statutes of Canada, 1952, in computing its income for its 1976 taxation year;