Tax Characteristics Estimates: The latest estimates of the tax characteristics of the fund's distributions, including net investment income, realized and unrealized capital gains
, and/or return of capital.
This year's precipitous decline in net unrealized capital gains
(losses) was mostly a result of the stock market tumble and required capital infusions from parent companies to help reduce the decline in capital and surplus, which dropped 5.
And given the prospects for a sharp reduction in realized and unrealized capital gains
, only an estimated $2 billion increase in industry capital and surplus is expected, according to John H.
9 billion in 1992 -- while unrealized capital gains
swelled from $1.
Operating results included amortization of net realized and unrealized capital gains
of C$82 million and investment writedowns of C$37 million.
Consolidated operating gain of C$114 million in 1992 included amortization of net realized and unrealized capital gains
of C$41 million (C$39 million in 1991), and investment losses of C$93 million (C$75 million in 1991).
Total net realized and unrealized capital gains
for the same period were approximately $28,501,000 equal to $5.
When realized and unrealized capital gains
, fresh start and net investment income are reported net of tax for 1992 and 1991, the amounts are calculated at the statutory federal income tax rate of 34 percent without regard to alternative minimum tax (AMT).
6 percent in 1991 -- the largest gain since 1986 -- the apparent recovery was illusory and was largely the result of the sharp run-up in the financial markets in the fourth quarter of 1991, which produced substantial unrealized capital gains