175.0318 TAXABLE INCOME.

   "Taxable income" means qualified wages, salaries and other compensation paid by an employer or employers before any deductions and/or the net profits from the operation of a business, profession or other enterprise or activity adjusted in accordance with the provisions of this chapter, and shall also include the following:

   (a)   “Business income” means income arising from transactions, activities, and sources in the regular course of a trade or business and includes income from tangible and intangible property if the acquisition, rental, management, and disposition of the property constitute integral parts of a trade or business operation. Intangible income shall also include income from patents, copyrights, trademarks, investments in real estate investment trusts, investments in regulated investment companies, and appreciation on deferred income.

   (b)   “Non-business income” means all income other than business income and may include, but is not limited to, compensation, rents and royalties from real or tangible personal property, or lottery winnings, prizes and awards.

   (c)   “Compensation” means any form of remuneration including, but not limited to wages, salaries, commissions or other types of compensation in service of an employer, paid to an employee or individual for personal services.

   (d)   “Games of chance” as defined by Internal Revenue Service Code.

   (e)   “Games of chance winnings” means those monetary prizes received by an individual or an estate after playing a game of chance; these winnings are considered non-business income and are not considered to be intangible income.

      (Ord. 2005-05. Passed 1-24-05.)