Cal. Rev. & Tax. Code § 12077
Current through the 2023 Legislative Session.
"Specific expenses" means expenses incurred directly and specifically in connection with earned ocean marine premiums, including all commissions, agency expenses, taxes, licenses, fees, and loss-adjustment expenses, less recoveries or reimbursements on account of or in connection with the commissions or other expenses collected or collectible because of reinsurance or from any other source.
Ca. Rev. and Tax. Code § 12077