"Net profits" means a net gain from the operation of a business, profession, enterprise or other activity after provision for all ordinary, reasonable and necessary expenses either paid or accrued in accordance with the accounting system used by the taxpayer for Federal income tax purposes, without deduction of taxes imposed by this Title and Federal, State and other taxes based on income, exclusive of the amount of Ohio franchise tax computed on the net worth basis, and, in the case of an association, without deduction of salaries paid to partners and other owners and otherwise adjusted to the requirements of this Title. "Net profits" shall include any amount or value received, realized, or recognized in the sale or other disposition of tangible personal property or real property used in business, in excess of book value.
(Ord. 8747-2000. Passed 12-5-00.)