[§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]