Expenses Not Deductible from Gross Income

We've already taken up computing taxable income, deducting expenses before tax, gross income and its exclusions and your income tax rates. What we now have here are the expenses that you can't deduct from your gross income:

1.) Personal, living and family expenses (they're not the same as personal exemptions)

2.) Any amount spent in restoring property  or making good its exhaustion for which an allowance is/has been made

3.) Any amount spent for new buildings/permanent improvements that will increase the value of the property/estate

4.) Premiums paid on any life insurance policy on the officer, employee or any other person financially interested in any trade/business carried out by the taxpayer, whether individual or corporate, provided the taxpayer is a direct or indirect beneficiary of the policy. Note: if the beneficiary is the family of the person covered by the policy, the premiums can be deducted.

So these are what you can't deduct from your gross income.