(1) The IREF taxable amount in relation to an IREF taxable event shall be calculated as:
where -
A is the value of the IREF taxable event which is attributable to the retained profits of the IREF,
B is the retained IREF profits,
C is the retained profits of the IREF,
D is the purchased IREF profits not previously distributed by the IREF, and
E is an amount calculated as the difference between the value of the IREF taxable event and the value of the unit in accordance with the balance sheet of the IREF, where the IREF taxable event is one referred to in paragraph (b) of the definition of "value of an IREF taxable event" in section 739K(1) and the value of the unit in accordance with the balance sheet of the IREF is less than the value of the IREF taxable event.
(2) For the purposes of subsection (1), "value of the unit in accordance with the balance sheet" means the net asset value of the IREF, calculated in accordance with the balance sheet of the IREF at the date of the computation o
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