[§393-46]  Income directly attributable tothe business.  (a)  "Income directly attributable to thebusiness" means gross profits from the business minus deductions for:

(1)  Compensation of officers;

(2)  Salaries and wages, except wages paid by an individualproprietor 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 conductof business.

(b)  Deductions shall not include:

(1)  Bad debts;

(2)  Contributions or gifts, other than those listedunder subsection (a)(6);

(3)  Amortization and depreciation; or

(4)  Losses by fire, storm, casualty, or theft.

(c)  The director may promulgate rules andregulations necessary to define income directly attributable to business forthe purpose of section 393-45. [L 1974, c 210, pt of §1; gen ch 1985]