(a) In the case of an individual having salary or wages subject to withholding under the Village income tax, if said individual has a business, including farm and rental property, which reflects a loss for same accounting period, said individual may not off-set the business loss against income earned on salary or wages for the purpose of securing a cash refund from the income tax department.
(b) If an individual operated more than one business, the profits of which were subject to Edgerton Village Income Tax, said individual may off-set profits from one business with the net loss from another business, and report the resulting net profit or loss for Village income tax purposes.
(c) In any event, the net loss on a business used to off-set net income from another business must exactly agree with the net loss as reported on Federal Income Tax return Form 1040, as filed with the Federal Government.
(Res. 10-1971. Passed 12-27-71.)