N.J.S.A. 17:12B-7

Net income

17:12B-7. Net income "Net income" shall mean gross income, for an accounting period, less the aggregate of the following: (a) Operating expenses. (b) Real estate expenses. (c) All losses actually sustained during such accounting period from the sale of securities, real estate or other property as shall not have been charged to reserves. (d) All interest paid, or due but unpaid, on borrowed money. (e) Any nonrecurring charges. L.1963, c. 144, s. 7.

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This is the verbatim text of N.J.S.A. 17:12B-7, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.

N.J.S.A. 17:12B-7 — Net income | Kyzer