(a) In the case of a corporation doing business in the Municipality, whether domestic or foreign, and whether domiciled in the Municipality or elsewhere, there is imposed an annual tax of one percent (1%) on that part of the corporation's net profits which is earned by such corporation as a result of work done or services performed or rendered and business or other activities conducted in the Municipality.
(b) The provisions of Section 183.07 are applicable to such corporations.
(c) A corporation doing business both within and outside the Municipality, in determining the part of the net profits that are taxable under this chapter must:
(1) Use the usual accounting method of the taxpayer corporation, so long as such usual accounting method shall be the one used for the Internal Revenue Service, as evidenced by acceptance and approval of income tax returns filed therein; and
(2) Use the business allocation percentage formula set forth in Section 181.03.
(Ord. 2003-79. Passed 12-2-03.)