§ 152.061 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, further reduced by any pre-2017 net operating loss carryforward 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 § 152.03(C)(22).

         (b)   ADJUSTED FEDERAL TAXABLE INCOME is defined in § 152.03(C)(1).

      (2)   EXEMPT INCOME is defined in § 152.03(C)(10).

      (3)   APPORTIONMENT means the apportionment as determined by § 152.062.

      (4)   PRE-2017 NET OPERATING LOSS CARRYFORWARD is defined in § 152.03(C)(31).

(Ord. 2015-112, passed 11-10-15)