191.0301.1 ADJUSTED FEDERAL TAXABLE INCOME.

   “Adjusted federal taxable income” means a “C” corporation’s federal taxable income before net operating losses and special deductions as determined under the Internal Revenue Code, but including subsequent adjustments from additions and deductions required by Section 718.01(a)(1) of the Ohio Revised Code. Pass-through entities and s corporations must compute “adjusted federal taxable income” as if the pass-through entity was a “C” corporation. This definition does not apply to any taxpayer required to file a return under Ohio Revised Code section 5745.03 or to the net profit from a sole proprietorship. This definition is effective for tax years beginning on or after January 1, 2004.

(Ord. 2005-05. Passed 3-8-05.)