What does income refer to before tax deductions?

Gross profit is a term that specifically refers to the revenue that remains after subtracting the cost of goods sold (COGS) from total sales. This figure gives a clear picture of the company's profitability on the goods and services it sells, but it does not account for additional expenses such as operating expenses, taxes, and interest that aren't directly tied to production costs.

Therefore, when referring to income before any tax deductions, it is indeed appropriate to consider gross profit minus operating expenses, as this reflects the operational profitability of the business. This concept illustrates how efficiently a business generates profit from its sales after accounting for the direct costs associated with its products, giving insight into the company's financial health prior to tax implications.

Other options don't accurately define income in this context – they either mix different financial metrics or include costs and expenses that are not solely related to the income calculation before taxation.