"Municipal Taxable Income" for a taxpayer who is not an individual is calculated as follows:
(A) "Income" reduced by "Exempt Income" to the extent otherwise included in income, multiplied by apportionment, 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 Section 196.03(23).
(b) "Adjusted Federal Taxable Income" is defined in Section 196.03(1) of this Chapter.
(2) "Exempt Income" is defined in Section 196.03(12) of this Chapter.
(3) "Apportionment" means the apportionment as determined by Section 196.062 of this Chapter.
(4) [Intentionally Left Blank]