The net income or loss of a taxable entity for a tax period is based on its income as reported in its financial statements, after making all necessary adjustments, including, in particular, the following:

1. Excluding income resulting from dividends or share distributions.

2. Excluding gains or losses on equity, including capital gains or losses from shares or ownership interests.

3. Excluding revenues resulting from the waiver of the debts of a taxable entity.

4. Excluding income derived from international marine transportation and shipping activities.

The executive regulations specify the rules, rates, conditions, and controls related to the application of the provisions of this Article.