A * life insurance company's taxable income of the ordinary class is a taxable income worked out under this Act on the basis of only:
(a) assessable income of the company that is not covered by subsection 320-137(2); and
(b) amounts (other than * tax losses) that the company can deduct and are not covered by subsection 320-137(4); and
(c) tax losses of the company that are of the * ordinary class.
Note: For the usual way of working out a taxable income: see subsection 4-15(1). For other ways of working out a taxable income: see subsection 4-15(2).