Reduction.
Reduction. That portion of the income of the taxpayer for the taxable year which but for this paragraph (c) would be treated as FOGEI is reduced (but not below zero) by the excess of
(i) The aggregate amount of foreign oil extraction losses for preceding taxable years beginning after December 31, 1982, over
(ii) The aggregate amount of reductions under this paragraph (c) for preceding taxable years beginning after December 31, 1982.