(A) The income received from the operation of real estate by persons, trust companies, and real estate agents, for or on behalf of persons or estates are subject to the license fee imposed by this chapter where such operation falls within the classes hereinafter described:
(1) Warehouses, apartments, hotels, and similar structures. The operation of these types of buildings constitutes a subject activity and the income thereof is subject to the fee imposed by this chapter;
(2) Apartment houses, single dwellings, and other rental property. As to this type of real estate, the income derived therefrom is considered subject when the operation thereof is so extended as to constitute an activity within the meaning of this chapter, and it shall constitute an activity within the meaning of this chapter if the person operates two or more units for rent.
(B) All corporations engaged in the rental of real estate or partnerships organized for that purpose shall be considered to be engaged in a subject activity.
(C) When any property falls within the classifications above given, the manner of its acquisition, i.e., purchase, gift, inheritance, fiduciary, or as fiduciary mortgagee in possession and the like does not affect the subjectability of the income derived therefrom.
(D) Where the property is located within the city limits, the residence of the beneficiary is immaterial.
(Prior Code, § 110.15) (Ord. 220.23C, passed 6-11-2020)