§ 882.061 DETERMINING MUNICIPAL TAXABLE INCOME FOR TAXPAYERS WHO ARE NOT INDIVIDUALS.

   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 carryforward 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 § 882.03(u).

         B.   ADJUSTED FEDERAL TAXABLE INCOME is defined in § 882.03(a).

      (2)   EXEMPT INCOME is defined in § 882.03(j).

      (3)   APPORTIONMENT means the apportionment as determined by § 882.062.

      (4)   PRE-2017 NET OPERATING LOSS CARRYFORWARD is defined in § 882.03(dd).

(Ord. 05-2018, passed 2-27-2018)

Statutory reference:

   Definitions, see R.C. § 718.01