(a) In the case of an individual having salary, wages or other compensation subject to City income tax, if such individual has a business, including farms and rental property, which reflects a loss for the same accounting period, such individual may not off-set the business loss against income earned by salary, wages or other compensation for the purpose of reducing his tax liability or securing a cash refund from the Income Tax Department; nor may such individual off-set as a carry forward credit, or as a carryback credit such business loss against income earned from salary, wages, or other compensation allocable to any different accounting period, for the purpose of securing a cash refund from past income taxes paid.
(Ord. 1984-10. Passed 9-17-84.)
(b) If any individual operated more than one business, the profits of which were subject to Wauseon, Ohio City income tax, the individual may offset profits from one business with the net loss from another business, and report the resulting net profit or loss for City income tax purposes.
(c) In any event, the net loss on a business used to off-set net income from another business must exactly agree with the net loss as reported on Federal income tax return Form 1040, as filed with the Federal government.
(Ord. 1982-24. Passed 11-15-82.)