(a) Filing consolidated returns may be permitted or required in accordance with the rules and regulations prescribed by the Administrator. The Administrator shall accept for filing, after January 1, 2003, a consolidated income tax return from any affiliated group of corporations subject to the Municipal income tax if that affiliated group filed for the same tax reporting period a consolidated return for federal income tax purposes pursuant to R.C. § 1501 I.
(b) In the case of a corporation that carried on transactions with its stockholders or with other corporations related by stock ownership, interlocking directorates or some other method, or in case any person operates a division, branch, factory, office, laboratory or activity within the Municipality, which is only a portion of its total business, the Administrator shall require such additional information as he or she deems necessary to ascertain whether net profits are properly allocated to the Municipality. If the Administrator finds that net profits are not properly allocated by the Municipality by reason of transactions with stockholders or with other corporations related by stock ownership, interlocking directorates or transactions with such division, branch, factory, office, laboratory or activity or by some other method, the Administrator shall make such allocation as he or she deems appropriate to produce a fair and proper allocation of net profits to the Municipality.
(Ord. 512. Passed 12-15-69; Am. Ord. 2345. Passed 6-8-06.)