(a) The portion of a net operating loss sustained subsequent to January 1, 1969, in any taxable year, if allocable to the City, may be applied against the portion of the profit of succeeding tax years allocable to the City until exhausted, but in no event for more than five years immediately following the taxable year in which the loss occurred. No portion of a net operating loss shall be carried back against the net profits of any prior year.
(b) The portion of a net operating loss sustained shall be allocated to the City in the same manner as provided herein for allocating net profits to the City.
(c) The Administrator shall provide by rules and regulations the manner in which such net operating loss carry-forward shall be determined.
(W.V. Ord. 1968-42. Passed 10-22-68.)