> but the - 1 is taken care of because of the fact that ADC and SBC do the opposite thing with the carry flag.

Also, this line is bothersome, they do opposite things but that's why you have already done (1 - C).

Maybe the fact that -V is actually (!V + 1) (in 2's complement) that eats up the extra -1 is the correct explanation?

So,

  SBC = A - V - 1 + C

  SBC = A + !V + 1 - 1 + C

  SBC = A + !V + C