(a) In amplification of the definition contained in Section 183.01(a) but not in limitation thereof, the following additional information and requirements respecting the taxation of net business profits are furnished.
(1) On the portion attributable to the Municipality on the net profits earned by all nonresident unincorporated businesses, pass-through entities, professions or other activities, derived from work done or services performed or rendered and business or other activities conducted in the Municipality, whether or not such unincorporated business entity has an office or place of business in the Municipality.
(2) On the portion of the distributive share of the net profits earned by a resident owner of a resident unincorporated business entity or pass-through entity not attributable to the Municipality and not levied against such unincorporated business entity or pass-through entity.
(3) On the portion attributable to the Municipality on the net profits earned by all nonresident unincorporated businesses, pass-through entities, professions or other activities, derived from work done or services performed or rendered and business or other activity conducted in the Municipality, whether or not such unincorporated business entity has an office or place of business in the Municipality.
(4) On the portion of the distributive share of the net profits earned by a resident owner of a nonresident unincorporated business entity or pass- through entity not attributable to the Municipality and not levied against such unincorporated business entity or pass-through entity.
(5) On the portion attributable to the Municipality of the net profits earned by all corporations that are not pass-through entities from work done or services performed or rendered and business or other activities conducted in the Municipality, whether or not such corporations have an office or place of business in the Municipality.
(6) All proprietors must use the net profits reported for federal income tax purposes (schedules C, E, and F) as the net profits for Municipal purposes.
(7) All corporations and other entities shall adjust, to the extent it is included in the adjusted federal taxable income:
A. Deduct intangible income regardless of whether the Intangible income relates to assets used in a trade or business or assets held for the production of income.
B. Add an amount equal to five percent (5%) of intangible income deducted under A. of this section, but excluding that portion of intangible income directly related to the sale, exchange, or other disposition of property described in section 1221 of the Internal Revenue Code.
C. Add any losses allowed as a deduction in the computation of federal taxable income if the losses directly relate to the sale, exchange, or other disposition of an asset described in section 1221 or 1231 of the Internal Revenue Code.
D. Deduct income and gain included in federal taxable income to the extent the income and gain directly relate to the sale, exchange, or other disposition of an asset described in section 1221 or 1231 of the Internal Revenue Code. This does not apply to the extent the income or gain is income or gain described in section 1245 or 1250 of the Internal Revenue Code.
E. Add taxes on or measured by net income allowed as a deduction in the computation of federal taxable income.
F. In the case of a real estate investment trust and regulated investment company, add all amounts with respect to dividends to, distributions to, or amounts set aside for or credited to the benefit of investors and allowed as a deduction in the computation of federal taxable income.
(Ord. 2003-79. Passed 12-2-03.)