(a) In the case of a corporation doing business in Wauseon, whether domestic or foreign, and whether domiciled in the Municipality, or elsewhere, there is imposed an annual tax of one and one-half percent on that part of the net profits, earned or accruing on and after October 1, 1970, of such corporations, which is earned by such corporations as a result of work done or services performed or rendered and business or other activities conducted in the Municipality.
(b) The provisions of Section 193.06(b) of these Regulations are applicable to such corporations.
(c) A corporation doing business both within and outside the Municipality of Wauseon may, in determining the part of the net profits which are taxable under the Ordinance, at its option:
(1) Use the usual accounting system of the taxpayer corporation, so long as the usual accounting system is one acceptable to the Federal Internal Revenue Department as evidenced by acceptance and approval of income tax returns filed therein; or
(2) Use the Business Allocation Percentage Formula set forth in Section 191.02(a)(8) of the Ordinance.
(Res. 1970-14. Passed 8-24-70.)