Nevada § 363D.170 - Deductions from gross revenue

§ 363D.170. Deductions from gross revenue

In computing the tax owed by a business entity pursuant to this chapter, the business

entity is entitled to deduct from its gross revenue the following amounts, to the

extent such amounts are included in the gross revenue of the business entity: 1. Any gross revenue which this State is prohibited from taxing pursuant to the Constitution

or laws of the United States or the Nevada Constitution. 2. Any gross revenue of the business entity attributable to dividends and interest

upon any bonds or securities of the Federal Government, the State of Nevada or a political

subdivision of this State. 3. Any gross revenue realized from the sale or transfer of a mineral other than gold

or silver. 4. The amount of any pass-through revenue of the business entity. 5. The tax basis of securities and loans sold by the business entity, as determined

for the purposes of federal income taxation. 6. The amount of revenue received by the business entity that is directly derived

from the operation of a facility that is: (a) Located on property owned or leased by the Federal Government; and (b) Managed or operated primarily to house members of the Armed Forces of the United

States. 7. Interest income other than interest on credit sales. 8. Dividends and distributions from corporations, and distributive or proportionate

shares of receipts and income from a pass-through entity. 9. Receipts from the sale, exchange or other disposition of an asset described in section 1221 or 1231 of the Internal Revenue Code , 26 U.S.C. § 1221 or 1231 , without regard to the length of time the business entity held the asset. 10. Receipts from a hedging transaction, as defined in section 1221 of the Internal Revenue Code , 26 U.S.C. § 1221 , or a transaction accorded hedge accounting treatment under Statement No. 133 of

the Financial Accounting Standards Board, Accounting for Derivative Instruments and

Hedging Activities, to the extent the transaction is entered into primarily to protect

a financial position, including, without limitation, managing the risk of exposure

to foreign currency fluctuations that affect assets, liabilities, profits, losses,

equity or investments in foreign operations, to interest rate fluctuations or to commodity

price fluctuations. For the purposes of this subsection, receipts from the actual transfer of title

of real or tangible personal property to another business entity are not receipts

from a hedging transaction or a transaction accorded hedge accounting treatment. 11. Proceeds received by a business entity that are attributable to the repayment,

maturity or redemption of the principal of a loan, bond, mutual fund, certificate

of deposit or marketable instrument. 12. The principal amount received under a repurchase agreement or on account of any

transaction properly characterized as a loan. 13. Proceeds received from the issuance of the business entity's own stock, options,

warrants, puts or calls, from the sale of the business entity's treasury stock or

as contributions to the capital of the business entity. 14. Proceeds received on account of payments from insurance policies, except those

proceeds received for the loss of business revenue. 15. Damages received as a result of litigation in excess of amounts that, if received

without litigation, would not have been included in the gross receipts of the business

entity pursuant to this section. 16. Bad debts expensed for the purposes of federal income taxation. 17. Returns and refunds to customers. 18. Amounts realized from the sale of an account receivable to the extent the receipts

from the underlying transaction were included in the gross receipts of the business

entity. 19. If the business entity owns an interest in a passive entity, the business entity's

share of the net income of the passive entity, but only to the extent the net income

of the passive entity was generated by the gross revenue of another business entity.