"Municipal Taxable Income" for a taxpayer, who is not an individual, for the Village is calculated as follows:
(a) "Income" reduced by "exempt income" to the extent otherwise included in income, multiplied by apportionment, further reduced by any "Pre-2017 net operating loss carry- forward" 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 891.04(c)(23).
B. "Adjusted Federal taxable income" is defined in Section 891.04(c)(1).
(2) "Exempt income" is defined in Section 891.04(c)(11).
(3) "Apportionment" means the apportionment as determined by Section 891.072.
(4) "Pre-2017 net operating loss carry-forward" is defined in Section 891.04(c)(32).
(Ord. 2015-6. Passed 11-17-15.)