Where compensation is paid or received in property or the use thereof, its fair market value shall be subject to the tax and/or to withholding (deduction of tax at source), and shall be included in earnings at fair market value to the same extent and at the same time that all such items are or may be taxable under the Federal Internal Revenue Code as it exists now or is hereinafter amended. The value finally accepted for the purposes of Federal Internal Revenue Code will be accepted by the Administrator and shall be used by the taxpayer. This provision only provides for the valuation of income paid or received in property or the use thereof and shall not be interpreted to adopt or refer to any other provision of the Federal Internal Revenue Code. For purposes of this regulation the phrase “income paid or received in property or use thereof” shall not include any deferred income currently taxed by the City of Worthington Tax Code.
(Ord. 24-2002. Passed 6-17-02.)