(a) Tax imposed

A tax is hereby imposed for each taxable year on the life insurance company taxable income of every life insurance company. Such tax shall consist of a tax computed as provided in section 11 as though the life insurance company taxable income were the taxable income referred to in section 11.

(b) Life insurance company taxable income

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For purposes of this part, the term “life insurance company taxable income” means—

(1) life insurance gross income, reduced by

(2) life insurance deductions.