Deductibility of insurance premiums: business stock, co operative cattle life, and employer-funded health insurance premiums qualify as deductions. Premiums paid for insurance against damage or destruction of business stocks or stores, premiums paid by a federal milk co operative to insure the lives of cattle owned by members of a primary supplying society, and employer-paid (non-cash) premiums for employee health insurance under a scheme effected through an approved insurer are allowable deductions in computing income chargeable under the business profit provisions.