Municipal taxable income for a taxpayer who is not an individual for the municipality is calculated as follows:
(A) Income reduced by exempt income to the extent otherwise included in income, multiplied by apportionment equals municipal taxable income.
(1) Income for a taxpayer that is not an individual means the net profit of the taxpayer.
(a) NET PROFIT for a person other than an individual is defined in § 38.03(C)(23).
(b) ADJUSTED FEDERAL TAXABLE INCOME is defined in § 38.03(C)(1).
(2) EXEMPT INCOME is defined in § 38.03(C)(11).
(3) APPORTIONMENT means the apportionment as determined by § 38.062.
(Ord. 81-15, passed 11-16-15)