(a) In the case of a corporation doing business in Middleport whether domestic or foreign, and whether domiciled in Middleport, or elsewhere, there is imposed an annual tax of one percent (1%) on that part of the corporations which is earned by such corporations as a result of work done or services performed or rendered and business or other activities conducted in the Village.
(b) The provisions of Section 183.06 are applicable to such corporations.
(c) A corporation doing business both within and outside the Village may in determining the part of the net profits which are taxable under this chapter, at its option:
(1) Use the usual accounting system of the taxpayer corporation, so long as the usual accounting system shall be one acceptable to the U.S. Internal Revenue Department as evidenced by acceptance and approval of income tax returns filed herein, or
(2) Use the business allocation percentage formula set forth in Section 181.03. (Ord. 1195-88. Passed 4-11-88.)