182.061 DETERMINING MUNICIPAL TAXABLE INCOME FOR TAXPAYERS WHO ARE NOT INDIVIDUALS.
   "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 section 182.03(W) of this chapter.
         (b)   "Adjusted Federal Taxable Income" is defined in section 182.03(A) of this chapter.
      (2)   "EXEMPT INCOME" is defined in section 182.03(K) of this chapter.
      (3)   "APPORTIONMENT" means the apportionment as determined by section 182.062 of this chapter.
         (Ord. 18-070. Passed 12-17-18.)