[§393-46] Income directly attributable to the business. (a) "Income directly attributable to the business" means gross profits from the business minus deductions for:
(1) Compensation of officers;
(2) Salaries and wages, except wages paid by an individual proprietor to oneself;
(3) Repairs;
(4) Taxes on business and business property;
(5) Business advertising;
(6) Amounts contributed to employee benefit plans;
(7) Interest on business indebtedness;
(8) Rent on business property; and
(9) Other expenses necessary for the current conduct of business.
(b) Deductions shall not include:
(1) Bad debts;
(2) Contributions or gifts, other than those listed under subsection (a)(6);
(3) Amortization and depreciation; or
(4) Losses by fire, storm, casualty, or theft.
(c) The director may promulgate rules and regulations necessary to define income directly attributable to business for the purpose of section 393-45. [L 1974, c 210, pt of §1; gen ch 1985]
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