§ 44-14-13 - Business expenses deductible. - Rhode Island Statutes

SECTION 44-14-13

   § 44-14-13  Business expenses deductible.– In computing net income there shall be allowed as deductions all the ordinaryand necessary expenses paid or incurred by the taxpayer during the incomeperiod in carrying on its trade or business, except United States income andexcess profits taxes and the tax imposed by this chapter. Without limiting thegenerality of the foregoing there shall be allowed as deductions: a reasonableallowance for salaries and other compensation for personal services actuallyrendered; rent; repairs; bad debts; interest; taxes, except United Statesincome and excess profits taxes and the tax imposed by this chapter; lossessustained and not compensated for by insurance or otherwise; depreciation;depletion of mines, oil and gas wells, and timber; amortization of assets;amortization of premiums on "securities" as defined in § 44-14-2(5)(ii);and contributions to any corporation, association, or fund organized andoperated exclusively for religious, charitable, scientific, literary, oreducational purposes, no part of the net earnings of which inures to thebenefit of any private shareholder or individual.