Section 363D.170 - Deductions from gross revenueIn 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.Added to NRS by 2021, 1275Added by 2021, Ch. 249,§26, eff. 7/1/2021.