(a)   The portion of a net operating loss sustained in any taxable year subsequent to January 1, 1967 allocable to the City of South Euclid 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 taxable years immediately following the year in which the loss occurred. No portion of a net operating loss shall be carried back against net profit of any prior year.
   (b)   The portion of 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.
(Ord. 36-83. Passed 11-14-83.)