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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 12b: Construction as revision of prior laws
Section: 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.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:12b-7 (if available):
Court decisions that cite this statute:
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