164.07 DETERMINING MUNICIPAL TAXABLE INCOME FOR TAXPAYERS WHO ARE NOT INDIVIDUALS.

   (a)   "Municipal Taxable Income" for a taxpayer who is not an individual is calculated as follows:

      (1)   "Income" multiplied by apportionment, and if applicable, reduced by any "Pre-2017 Net Operating Loss Carryforward" equals "Municipal Taxable Income".

         i.   "Net Profit" for a person other than an individual is defined in Section 164.05(v) of this Chapter.

         ii.   "Adjusted Federal Taxable Income" is defined in Section 164.05(a) of this Chapter.

      (2)   "Exempt Income" is defined in Section 164.05(j) of this Chapter.

      (3)   "Apportionment" means the apportionment as determined by Section 164.08 of this Chapter.

      (4)   "Pre-2017 Net Operating Loss Carryforward" is defined in Section 164.05 (ff) of this Chapter.

         (Ord. 4-2018. Passed 1-22-18.)