485

To compute the net income of a proportional profit farm there shall be deducted the rents payable on the farm, the taxes thereon, the wages or salaries received by way of advances by the laborers, expenses for materials and operation, depreciation on major improvements, and cost of repairs and current improvements which may have had the approval of the Authority, interest on any sharecropping contract, workmen’s compensation quotas, premiums on crop insurance approved by the Authority, the percentage of the gross receipts determined by the Authority for supervision and auditing expenses, the percentage of the gross receipts determined by the Authority for expenses of cooperative education, the cost of the use of machinery, animals, and farm implements and equipment, and the premium determined by the Authority as security for any sharecropping contract.Proportional profit farms shall not be, as such farms or enterprises, subject to the provisions of the Income Tax Act, but such lands as may be devoted to the establishment of proportional profit farms shall be subject to payment of property taxes. History —Apr. 12, 1941, No. 26, p. 388, § 70; May 11, 1942, No. 197, p.

t such lands as may be devoted to the establishment of proportional profit farms shall be subject to payment of property taxes. History —Apr. 12, 1941, No. 26, p. 388, § 70; May 11, 1942, No. 197, p. 996, § 20; May 9, 1943, No. 50, p. 120; Mar. 29, 1945, No. 11, p. 32; Sept. 28, 1954, No. 3, p. 36, § 2.