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he ~ay procure. Such interrogatories shall be answered under oath. A~y applicant refusing to answer such interrogatories under oath shall be fined not less t~msa $25.00 or ~re than $100.00~ Section 20. ~eig~at a~d Other Deductible Items.: In computi.~g license taxes on merchants and others unde~TM tkis ordi ~nance, an allowance for freight and other deductible items shall be made in all cases where the State Tax Code of Virginia provides that the same shall be allowed in con~utir~ State license taxes on mercb~zats and others~ smd such allowance shall be on the ssme basis as that .p~ovide.d by said Tax Code for such State iicer~e taxes. Provided, fmrther, that no ded'dctions shs_ll be allowed unless gross receipts or other basis a~e repor~ed and deductions ite~zed. Section 21. Gross Receipts, ~ne term "gross receipts" shall mean the gross receipts for the precqd~ngyear from ar~y busiD~ss, profession, trade, occupation~ vocation~ calti~ or activity, ~nc!udingfees~ commissions, brokerage charges sm_d rentals and property of s~ny k~nd, r~ture or description, from either sales made or se~ices rer~ered ~thout any deduction there- from on account of cost of the property sold,the cost of ~aterials,la- . bor~ or services or other costs, interest or discounts paid, or any expense whatsoever, and sb~ll include in ~he case of mercb~m~£s tlne amount of the sale price of supplied and goods ~oimished or to be used by the licensee or his f~ity or other person for ~r~chno c~ge is made~ provided, h~ever, that the te~ "gross receipts'~, wi~n respec~ to licensees deali~ in articles or se~ices lapon which there is levied a direct excise tax by the United States shall not include, ~nen paid by the~, such excise tax payment to the United States Goverrment, provided further that any local sales or excise tax colledted for the State or City may be excluded from ~oss receipts. The term "gross receiptsTM ~nen used in coDmection with, or in resDecE to, financial transactions for the precedir~ year involvir~S the sale of notes~ stocks, bonds, or other securities, or the loan, col- lection~ or advance of money, or the discounting of notes, bills or other evidences of debt% shall be deamad to mean gross ir~erest, gross dis- comfit, gross co~m~.issions, or the other gress receipts earned by means of, or resulting frc~ such fiD~ciat transaction% but the term '~gross re~ ceipts" g~ll not include amo~nts received as payments of debzs. The calculation of gross receipts for licerme tax purposes shall be on either a cash or accroal basis, previded however that the basis used m~st coincide ~th the system of accounts used by the tax- payer and with the method e~loyed by the taxpayer for Federal and State Income T~x purposes. The preceding year's gross receipts may be either the fiscal ye~_r used by the business, or the ca!end~ year, provided tb~t tlne year em~!oyed m3~st also coincide ~f~th the year used for Fed- eral and State incon~ Tax purposes.