Section 309. Items Not Deductible.--In computing net income no deduction shall in any case be allowed in respect of--
A. Personal living or family expenses, except as otherwise herein expressly provided.
B. Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate.
C. Any amount expended in restoring property or in making good the exhaustion thereof for which an allowance is or has been made, or
D. Premiums paid on any life insurance policy covering the life of any officer or employe or of any person financially interested in any trade or business carried on by the taxpayer when the taxpayer is directly or indirectly a beneficiary under such policy.