(a) A loss sustained by an individual who is engaged in a business, in addition to being a partner or member of another association or business, may not be set off against the profits of the other association or business, nor against the salary, wage, commission or other personal service compensation, (if any), which he may earn in another capacity. Nor may the business loss of an association or business be set off against the profits of another business engaged in by a member or partner of such association or business, or against the salary, wage, commission or other personal service compensation which a member or partner may earn in another capacity.
(b) In the case of an individual who runs two or more businesses as individual proprietorship, loss from one such business may be set off against the net profits of the other, (but not against salaries, wages or other personal service compensation). The one percent (1%) tax shall be levied on the final net business income of the individual proprietor.
(Ord. 1195-88. Passed 4-11-88.)