### Question
How does the law define net income?


### Answer
Under *12 U.S.C. § 1441a*, **net income** is defined as:

> income after deduction of all associated expenses calculated in accordance with generally accepted accounting principles

#### Citation:
  - *12 U.S.C. § 1441a*
  - Heading: **CHAPTER 11-FEDERAL HOME LOAN BANKS**

