Nev. Rev. Stat. § 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.