All of the following are elements of an income statement EXCEPT

Taxes are indeed an element of an income statement as they represent a significant expense incurred by a business based on its taxable income. This line item reflects the company's obligation to tax authorities and is deducted from pre-tax income to calculate net income.

Depreciation is also included in an income statement, as it accounts for the allocation of the cost of tangible fixed assets over their useful lives. This non-cash expense reduces taxable income and reflects the wear and tear on physical assets, impacting overall profitability.

Insurance expenses are part of an income statement, representing costs associated with various insurance policies that protect the business from potential risks. These expenses are deducted from revenues, influencing the calculation of net income and overall financial performance.