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That would be consistent with an intake leak (one of the intercooler hoses).
However, it can ALSO be an issue with the turbo, where it is passing raw oil to the turbine side. It usually blows out as a black cloud, but it's really more of an oily film that you'll see on the back of the car.
I vote for the former, since the car only does it on heavy acceleration AND you just failed the smog test. Even cars with "bad" (worn seals) turbos will often pass smog.
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1992 940 wagon, low miles as well as others.
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