30105

(a) Definition. — 'Net income' means the gross income computed in accordance with § 30101 of this title, minus the following items:(1) The exemptions provided in § 30102 of this title less the expenses attributable to such exempt income, as provided in § 30140 of this title;(2) the deductions allowed by § 30104 of this title, subject to the provisions of § 30140 of this title, and(3) the income subject to preferred tax rates, as described § 30111 of this title, less the expenses attributable to such income, as provided in § 30140 of this title. History —Jan. 31, 2011, No. 1, § 1031.05, retroactive to Jan. 1, 2011.