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• from, such financial transactions, but the term "gross receipts' <br />shall not include amounts received as payment of debts. <br />The term "gross receipts" shall include the gross receipts from all <br />sales made from a place of business within the city, both to <br />persons within the city and to persons outside the city. <br />The following items are excluded from gross receipts: <br />1. Amounts received and paid to the United States, the <br />Commonwealth or any county, city, or town for the Virginia retail <br />sales or use tax, for any local sales tax or any local excise tax <br />on cigarettes, for any federal or state excise taxes on motor <br />fuels. <br />2. Any amount representing the liquidation of a debt or <br />conversion of another asset to the extent that the amount is <br />attributable to a transaction previously taxed (e.g., the factoring <br />of accounts receivable created by sales which have been included in <br />taxable receipts even though the creation of such debt and <br />factoring are a regular part of its business). <br />3. Any amount representing returns and allowances <br />granted by the business to its customer. <br />4. Receipts which are the proceeds of a loan transaction <br />• in which the licensee is the obligor. <br />5. Receipts representing the return of principal of a <br />loan transaction in which the licensee is the creditor, or the <br />return of principal or basis upon the sale of a capital asset. <br />6. Rebates and discounts taken or received on account of <br />purchases by the licensee. A rebate or other incentive offered to <br />induce the recipient to purchase certain goods or services from a <br />person other that the offeror, and which the recipient assigns to <br />the licensee in consideration of the sale goods and services shall <br />not be considered a rebate or discount to the licensee, but shall <br />be included in the licensee's gross receipts together with any <br />handling or other fees related to the incentive. <br />7. withdrawals from inventory for purposes other than <br />sale or distribution and for which no consideration is received and <br />the occasional sale or exchange of assets other than inventory <br />whether or not a gain or loss is recognized for federal income tax <br />purposes. <br />B. Investment income not directly related to the <br />privilege exercised by a business subject to licensure not <br />classified as rendering financial services. This exclusion shall <br />apply to interest on bank accounts of the business, and to <br />interest, dividends and other income derived from the investment of <br />• its own funds in securities and other types of investments <br />unrelated to the licensed privilege. This exclusion shall not <br />Page 4 of 34 <br />