In the case of a life insurance company, the term 'gross income' means the gross amount of the gains from the sale of the property of the company, but does not include the income earned during the taxable year from interest, dividends, capital gain distributions made by a registered investment company, and rents.Provided, That in the case of net capital gains made from the sale or exchange of assets kept in separate accounts under the terms and conditions provided in the Insurance Code of Puerto Rico, there shall only be included in the gross income any such net capital gains attributable to risks not assigned to other insurers during the taxable year. Furthermore, in the case of net capital gains made from the sale or exchange of assets kept in separate accounts, there shall be granted a deduction on the reserve for paying benefits, which shall never be greater than net capital gains included in the gross income, minus service fees and death benefits attributable to and directly charged on such gains. History —Jan. 31, 2011, No. 1, § 1111.02, retroactive to Jan. 1, 2011.