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I-3 - Taxation Act
Section 851.22.22.9
Disposition versions
851.22.22.9. If at any time, a taxpayer ceases to be an insurer, the following rules apply:
(a) there must be deducted, in computing the income of the taxpayer for the taxation year of the taxpayer that includes the time that is immediately before that time, the amount determined by the formula
A - B; and
(b) there must be included, in computing the income of the taxpayer for the taxation year of the taxpayer that includes the time that is immediately before that time, the amount determined by the formula
C - D.
In the formulas in the first paragraph,
(a) A is the amount included under section 851.22.22.1 in computing the taxpayer’s income for the taxpayer’s transition year;
(b) B is the aggregate of all amounts each of which is an amount deducted under section 851.22.22.3 in computing the income of the taxpayer for a taxation year that began before that time;
(c) C is the amount deducted under section 851.22.22.2 in computing the taxpayer’s income for the taxpayer’s transition year; and
(d) D is the aggregate of all amounts each of which is an amount included under section 851.22.22.4 in computing the taxpayer’s income for a taxation year that began before that time.
851.22.22.9. If at any time, a taxpayer ceases to be a financial institution, the following rules apply:
(a) there must be deducted, in computing the income of the taxpayer for the taxation year of the taxpayer that includes the time that is immediately before that time, the amount determined by the formula
A - B; and
(b) there must be included, in computing the income of the taxpayer for the taxation year of the taxpayer that includes the time that is immediately before that time, the amount determined by the formula
C - D.
In the formulas in the first paragraph,
(a) A is the amount included under section 851.22.22.1 in computing the taxpayer’s income for the taxpayer’s transition year;
(b) B is the aggregate of all amounts each of which is an amount deducted under section 851.22.22.3 in computing the income of the taxpayer for a taxation year that began before that time;
(c) C is the amount deducted under section 851.22.22.2 in computing the taxpayer’s income for the taxpayer’s transition year; and
(d) D is the aggregate of all amounts each of which is an amount included under section 851.22.22.4 in computing the taxpayer’s income for a taxation year that began before that time.
