Versions of s. 138(12), definition “1975 76 excess policy dividend deduction”

1975-76 excess policy dividend deduction 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 subparagraph 138(3)(a)(iii) by the insurer in computing its income for its 1975 taxation year if that amount had been determined on 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 Q is the amount deducted under subparagraph 138(3)(a)(iii) by the insurer in computing its income for its 1975 taxation year, B is the amount determined by the formula R - S where R is the amount that would have been deductible under subparagraph 138(3)(a)(iii) by the insurer in computing its income for its 1976 taxation year if that amount had been determined on the basis that the amount of its income for that year from its participating life insurance business carried on in Canada was computed in accordance with prescribed rules on the assumptions made in paragraph (e) of the description of A in the definition 1975-76 excess policy dividend reserve in this subsection, and S is the amount deducted by the insurer under subparagraph 138(3)(a)(iii) in computing its income for its 1976 taxation year, 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;