§ 891.061 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 § 891.03(c)(23).

         B.   ADJUSTED FEDERAL TAXABLE INCOME is defined in § 891.03(c)(1).

      (2)   EXEMPT INCOME is defined in § 891.03(c)(11).

      (3)   APPORTIONMENT means the apportionment as determined by § 891.062.

      (4)   PRE-2017 NET OPERATING LOSS CARRYFORWARD is defined in § 891.03(c)(32).

(Ord. O2015-64, passed 11-17-2015)