Specified deferred gain
 4. (1) The sum of all amounts each of which is a specified deferred gain of a corporation for a taxation year ending after December 31, 1993 from an eligible event in the year, as determined in accordance with this section, is prescribed for the purposes of subsection 57.4 (1) of the Act as an amount required to be included in calculating the total amount to be deducted in determining the corporation’s adjusted net income for the purposes of Part II.1 of the Act for the year.  O. Reg. 38/09, s. 5. (2) If the eligible event is a disposition referred to in clause (a) of the definition of “eligible event” in subsection 0.1 (1), the specified deferred gain from the eligible event is the lesser of “A” and “B” where, “A” is the sum of, (a) the amount of the corporation’s reorganization gain for the year in respect of the eligible event, and (b) all amounts, if any, included in computing the corporation’s adjusted net income for the year under section 5 as a result of the eligible event, and “B” is the sum of all amounts each of which is the carrying value to the corporation, immediately after the eligible event, of the shares or partnership interest, as the case may be, received by the corporation as consideration for the disposition.  O. Reg. 38/09, s. 5. (3) If the eligible event is a disposition referred to in clause (b) of the definition of “eligible event” in subsection 0.1 (1), the specified deferred gain from the eligible event is the sum of, (a) the amount of the corporation’s reorganization gain in respect of the eligible event; and (b) all amounts, if any, included in computing the corporation’s adjusted net income for the year under section 5 as a result of the eligible event.  O. Reg. 38/09, s. 5. (4) If the eligible event is a disposition referred to in clause (c) of the definition of “eligible event” in subsection 0.1 (1), the specified deferred gain from the eligible event is the lesser of “A” and “C” where, “A” has the same meaning as in subsection (2), and “C” is the amount determined under subsection (5) or (6), whichever applies in respect of the disposition.  O. Reg. 38/09, s. 5. (5) If the disposition does not involve the replacement of eligible capital property, “C” in subsection (4) is the amount, if any, by which “D” exceeds “E” where, “D” is the sum of, (a) the amount that would be included in the corporation’s income for the year under subsection 13 (1) of the Federal Act, as it applies for the purposes of the Ontario Act, in respect of the disposition if subsection 13 (4) of the Federal Act did not apply to the disposition and the year had ended immediately after the disposition, and (b) the amount that would be the corporation’s capital gain from the disposition for the year, as determined for the purposes of Subdivision B of Division B of Part II of the Act, if subparagraphs 40 (1) (a) (ii) and (iii) of the Federal Act and section 44 of that Act did not apply in respect of the disposition, and “E” is the amount that would be determined to be “D” if subsection 13 (4) of the Federal Act or section 44 of that Act, whichever is applicable, as it applies for the purposes of the Ontario Act, applied in respect of the disposition and paragraph 44 (1) (e) of the Federal Act were read without reference to subparagraphs (ii) and (iii) of that paragraph.  O. Reg. 38/09, s. 5. (6) If subsection (5) does not apply in respect of the disposition, “C” in subsection (4) is the amount, if any, by which “F”, “G” or “H”, whichever applies to the taxation year, exceeds “I” where, “F” applies if the taxation year ends before February 28, 2000, and is 4/3 of the amount that would be included in the corporation’s income under subsection 14 (1) of the Federal Act, as it applies for the purposes of the Ontario Act, in respect of the disposition if subsection 14 (6) of the Federal Act did not apply and the year had ended immediately after the disposition, “G” applies if the taxation year ends after February 27, 2000 but before October 18, 2000, and is the sum of, (a) 4/3 of the amount that would be included in the corporation’s income under paragraph 14 (1) (a) of the Federal Act, as it applies for the purposes of the Ontario Act, in respect of the disposition if subsection 14 (6) of the Federal Act did not apply and the taxation year had ended immediately after the disposition, and (b) 1.5 times the amount that would be included in the corporation’s income under paragraph 14 (1) (b) of the Federal Act, as it applies for the purposes of the Ontario Act, in respect of the disposition if subsection 14 (6) of the Federal Act did not apply and the taxation year had ended immediately after the disposition, “H” applies if the taxation year ends after October 17, 2000, and is the sum of, (a) 4/3 of the amount that would be included in the corporation’s income under paragraph 14 (1) (a) of the Federal Act, as it applies for the purposes of the Ontario Act, in respect of the disposition if subsection 14 (6) of the Federal Act did not apply and the taxation year had ended immediately after the disposition, and (b) 2 times the amount that would be included in the corporation’s income under paragraph 14 (1) (b) of the Federal Act, as it applies for the purposes of the Ontario Act, in respect of the disposition if subsection 14 (6) of the Federal Act did not apply and the taxation year had ended immediately after the disposition, and “I” is the amount that would be determined as “F”, “G” or “H”, whichever applies for the taxation year, if subsection 14 (6) of the Federal Act had applied in respect of the disposition.  O. Reg. 38/09, s. 5. (7) If the eligible event is the receipt of property referred to in clause (d) of the definition of “eligible event” in subsection 0.1 (1), the specified deferred gain from the eligible event is the lesser of “J” and “K” where, “J” is the amount of the corporation’s reorganization gain in respect of the eligible event, and “K” is the amount, if any, by which the fair market value of the shares of the other corporation cancelled on the winding-up exceeds the sum of all amounts described in subparagraph 88 (1) (a) (iii) of the Federal Act, as it applies for the purpose of the Ontario Act, in respect of the cancellation of those shares.  O. Reg. 38/09, s. 5. (8) If the eligible event is a receipt of property referred to in clause (e) of the definition of “eligible event” in subsection 0.1 (1), the specified deferred gain from the eligible event is the lesser of “J” and “L” where, “J” has the same meaning as in subsection (7), and “L” is the amount by which the fair market value of all property received by the new corporation from the predecessor corporations on the amalgamation exceeds the total cost amount under the Federal Act, as that Act applies for the purposes of the Ontario Act, of the new corporation’s property immediately after the amalgamation.  O. Reg. 38/09, s. 5.