(a) Personal, living or family expenses.
(b) Any amount paid out for new buildings or permanent improvements or betterments made to increase the value of any property or estate, except in computing the net income from sale of such property.
(c) Any amount expended in restoring property or making good the exhaustion thereof for which an allowance is, or has been, made.
(d) Premiums paid on any life insurance policy of an officer or employee or to any persons financially interested in any trade or business carried on by the taxpayer when the taxpayer is directly or indirectly a beneficiary under such policy.
(e) The shrinkage value of property by whatever name called.
(f) Sums representing interest, rents, salaries or other sums paid under contracts or agreements between husband and wife.
(g) Losses sustained or realized from transactions between husband and wife; parent and child; relations by blood or marriage (within the third degree computed according to the rules of the civil law); or individuals who have one common parent; or corporation and individual where the individual owns five percent (5%) or more of the stock of the corporation.
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