after-tax income
(4) After-tax income (A) In general The term “after-tax income” means, with respect to any taxable year, the gross income of the welfare benefit fund reduced by the sum of— (i) the deductions allowed by this chapter which are directly connected with the production of such gross income, and (ii) the tax imposed by this chapter on the fund for the taxable year. (B) Treatment of certain amounts In determining the gross income of any welfare benefit fund— (i) contributions and other amounts received from employees shall be taken into account, but (ii) contributions from the employer shall not be taken into account.