The following definitions shall govern the construction of this article:
(a) Article: When used in this article, "person" or "company", herein used interchangeably, includes any individual, firm, corporation, joint adventure, association, corporation, trust or any other group or combination acting as a unit, and the plural as well as a singular member, unless the intention to give a more limited meaning is disclosed by the context.
(b) "Tax year" or "taxable year" means either the calendar year or the taxpayer's fiscal year, when permission is obtained from the City Treasurer to use same as the tax period in lieu of the calendar year.
(c) "Sale, sales or selling" includes any transfer of the ownership of or title to property, whether for money or in exchange of other property.
(d) "Taxpayer" means any person liable for any tax hereunder.
(e) "Gross income" means the gross receipts of the taxpayer, other than a banking or financial business, received as compensation for personal service and the gross receipts of the taxpayer derived from trade, business, commerce or sales and the value proceeding or accruing from the sale of tangible properties (real or personal) or service, or both, and all receipts by reason of investment of the capital of the business engaged in, including rentals, royalties, fees, reimbursed costs or expenses or other emoluments however designated, and including all interest, carrying charges, fees or other like income, however denominated, derived by the taxpayer from repetitive carrying of accounts, in the regular course and conduct of his business, and extension of credit in connection with the sale of any tangible personal property or service, and without any deductions on account of cost of material used, labor costs, taxes, royalties, interest or discount paid, or any other expense whatsoever. Gross income of a banking or financial business is specified in Section 727.17.1.
(f) "Gross proceeds of sale" means the value, whether in money or property, actually proceeding from the sale of tangible property without any deduction on account of the property sold or expenses of any kind.
(g) "Gross income" and "gross proceeds of sales" shall not be construed to include:
(1) Cash discounts allowed and taken on sales;
(2) The proceeds of the sale of goods, wares or merchandise returned by the customers when the sale price is refunded either in cash or by credit;
(3) The amount allowed as trade-in value "for any article accepted as part payment for any article sold."
(4) Excise taxes imposed by the State;
(5) Money or other property received or held by a professional person for the sole use and benefit of a client or another person or money received by the taxpayer on behalf of a bank or other financial institution for payment of a debt of another; or
(6) Excise taxes imposed by the federal government upon the consumer, not manufacturer, and which are held in trust by the vendor as agent for the federal government.
(h) "Business" includes all activities engaged in or caused to be engaged in with the object of gain or economic benefit, either direct or indirect. "Business" shall not include a casual sale by a person who is not engaged in the business of selling the type of property involved in such casual sale. "Business" includes the production of natural resources or manufactured products which are used or consumed by the producer or manufacturer.
(i) "Transient merchant" means for purposes of taxation, any person, firm, corporation, partnership or other entity which engages in, does or transacts any temporary or transient sales business inside the corporate boundaries, for a period of less than six months in a year, other than a "flea market", "yard sales", "farmers market activities". Nonprofit corporations, societies, groups or organizations acting for charitable religious or benevolent purposes are exempted from the requirements of Sections 727.21 and 727.22.
(j) "Transient merchant visit" means entry into the corporate boundaries by a transient merchant, and remaining therein and transacting any sales business therein for a single day or any fraction thereof or for a continuous series of days of less than a business quarter of a year, which visit extends from time of entry until time of exit from corporate boundaries.
(k) "Service business or calling" includes all activities engaged in for other persons for a consideration, which involves the rendering of a service, including the rendering of a professional service, as distinguished from the sale of tangible property, but shall not include the services rendered by an employee to his employer. "Service business or calling" includes persons engaged in manufacturing, compounding or preparing for sale, profit or commercial use, articles, substances or commodities which are owned by another or others, as well as persons engaged as independent contractors in producing natural resource products for persons required to pay the tax imposed by Section 727.09.
(l) "Selling at wholesale" or "wholesale sales" means:
(1) Sales of any tangible personal property for the purpose of resale in the form of tangible personal property;
(2) Sales of machinery, supplies or materials which are to be directly consumed or used by the purchasers in the conduct of any business or activity which is subject to the tax imposed by this article;
(3) Sales of any tangible personal property to the United States of America, its agencies or instrumentalities or to the State of West Virginia, its institutions or political subdivisions.
(m) "Contracting" includes the furnishing of work, or both materials and work, in the fulfillment of a contract for the construction, alteration, repair, decoration or improvement of a new or existing building or structure, or any part thereof, or the alteration, improvement or development of real property. Except as otherwise specifically prohibited by federal or state law, for the purpose of this article, "contracting" shall apply to all construction, alteration, repair, decoration and improvements made pursuant to a contract for labor or both labor and materials as described above in exchange for an agreed contract price, including such contracts for public entities, governing bodies, public corporations, boards, districts, commissions, foundations, nonprofit, educational and charitable organizations. The tax imposed by this article is intended and shall be applied to the gross income of all those persons who engage in the business and enjoy the privilege of contracting within the corporate limits of the City.
(n) "Banking business" or "financial organization" means any bank, banking association, trust company, industrial loan company, small loan company or licensee, building or loan association, savings and loan association, finance company, investment company, investment broker or dealer or any other similar business organization at least ninety percent (90%) of the assets of which consist of intangible personal property and at least ninety percent (90%) of the gross receipts of which consist of dividends, interest and other charges derived from the use of money or credit.