“Net profits” mean (i) if the taxpayer is a corporation, the corporation’s “adjusted federal taxable income” as that term is defined in RC 718.01(A)(1)(a) - (f); (ii) if the taxpayer is an “association,” “pass- through entity,” or “unincorporated business entity,” “adjusted federal taxable income” as that term is defined in RC 718.01(A)(1)(g); and (iii) if the taxpayer is an individual, the individual’s profit, other than amounts specifically excluded in RC 718.01(F), required to be reported on federal Schedule C, Schedule E, or Schedule F, as provided by the Internal Revenue Service.
The “net profits” of a taxpayer shall be adjusted in accordance with the provisions of this chapter and the Rules and Regulations.
(Ord. No. 2067-05. Passed 11-28-05, eff. 12-5-05)