[§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]