191.0311 NET PROFITS.

   For taxable years prior to 2004, “net profits” means a net gain from the operation of a business, profession, enterprise or other activity after provision for all ordinary and necessary expenses either paid or accrued in accordance with the accounting system used by the taxpayer for Federal Income Tax purposes without deduction of taxes imposed by this chapter, Federal, State, and other taxes based on income; and in the case of an association, without deduction of salaries paid to partners and other owners. For taxable years 2004 and later, the definition of “Adjusted Federal Taxable Income” modifies this definition with respect to “C” Corporations, S Corporations and Pass-through Entities.
(Ord. 2005-05. Passed 3-8-05.)