(a) Rental income received by a taxpayer shall be included in the computation of net profits from business activities under Section 171.03(c), (d) and (e). Rental, ownership, management or operation of the real estate from which rentals are derived (whether so rented, managed or operated by the taxpayer individually or through agents or other representatives) constitutes a business activity and is therefore taxable.
(Ord. 70-1997. Passed 9-15-97.)
(b) (EDITOR’S NOTE: Former subsection (b) was repealed by Ordinance 70- 1997.)