N.J. Stat. § 17:12B-7: Net income

"Net income" shall mean gross income, for an accounting period, less the aggregate of the following:

(a) Operating expenses.

(b) Real estate expenses.

(c) All losses actually sustained during such accounting period from the sale of securities, real estate or other property as shall not have been charged to reserves.

(d) All interest paid, or due but unpaid, on borrowed money.

(e) Any nonrecurring charges.

L.1963, c. 144, s. 7.