(1) For the purposes of this Division, if an entity carries on a primary production enterprise during a tax year of the entity, the net income of that primary production enterprise for that tax year is the entity's gross ordinary income from the carrying on of that enterprise calculated without any reduction, other than a reduction under section 1209B or 1209C.
(2) For the purposes of this Division, the net income of a primary production enterprise is to be worked out as if:
(a) exempt lump sums were not excluded from the definition of ordinary income in subsection 8(1); and
(b) each reference in section 8 to a person included a reference to an entity; and
(c) the following provisions had not been enacted:
(i) subsection 8(7A);
(ii) subsection 8(8);
(iii) subsection 8(11);
(iv) Part 3.10.