Versions of s. 34.2(1), definition “december 31 1995 income”

December 31, 1995 income in respect of a business carried on by a taxpayer means the amount determined by the formula(A - B - C + D) × E where A is the total of all amounts each of which is the taxpayer’s income from the business for a qualifying fiscal period, B is the total of all amounts each of which is the taxpayer’s loss from the business for a qualifying fiscal period, C is the lesser of the total of all amounts each of which is an amount included in computing the taxpayer’s income or loss from the business for a qualifying fiscal period and that is deemed to be a taxable capital gain for the purpose of section 110.6, and the total of the maximum amounts deductible under section 110.6 in computing the taxpayer’s taxable income for the taxation year in which the qualifying fiscal periods end, D is where the taxpayer is a professional corporation, the total salary or wages deductible in computing the value of A or B in respect of the business that is payable by the corporation to an individual who is a practising member of the professional body under the authority of which the corporation practised the profession, and who is a specified shareholder of the corporation, and in any other case, nil, and E is where the taxpayer is a professional corporation a taxation year of which ended at the end of 1995 because of the application of paragraph 249.1(1)(b), the amount determined by the formula(F - G)/F where F is the number of days in all qualifying fiscal periods of the business, and G is the number of days in the year, and in any other case, 1.