(a) In the case of a corporation doing business in the Village, whether domestic or foreign, and whether domiciled in the Village, or elsewhere, there is imposed an annual tax of one percent on that part of the net profits (earned or accruing on and after January 1, 1973) of such corporations, which is earned by such corporations as a result of work done or services performed or rendered and business or other activities conducted in the Village.
(b) The provisions of Section 181.06(b) are applicable to such corporations.
(c) A corporation doing business both within and outside the Village may, in determining the part of the net profits which are taxable under Chapter 183, at its option:
(1) Use the usual accounting system to the taxpayer corporation, so long as the usual accounting system shall be acceptable to the Federal Internal Revenue Department as evidenced by acceptance and approval of income tax returns filed therein; or
(2) Use the Business Allocation Percentage Formula set forth in Section 183.02(h). (Res. 402. Passed 11-27-72.)