§ 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, 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 § 182.03(W).

         (b)   ADJUSTED FEDERAL TAXABLE INCOME is defined in § 182.03(A) of this chapter.

      (2)   EXEMPT INCOME is defined in § 182.03(K) of this chapter.

      (3)   APPORTIONMENT means the apportionment as determined by § 182.062 of this chapter.

      (4)   PRE-2017 NET OPERATING LOSS CARRYFORWARD is defined in § 182.03(FF) of this chapter.

(Ord. 2015-110, passed 11-9-2015)