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"Resident" means an individual domiciled in the City of Lakewood, but shall not <br />include those individuals attending an accredited college or university on a full-time <br />basis who reside within the City sixteen weeks or less during the taxable year. <br />128.0317 RESIDENT UNINCORPORATED BUSINESS ENTITY. <br />"Resident unincorporated business entity" means an unincorporated business <br />entity having an office or place of business within the City of Lakewood. <br />128.03171 S CORPORATION <br />"S Corporation" or "Subchapter S Corporation" means any association that has <br />made an election under Subchapter S of Chapter 1 of Subtitle A of the Internal Revenue <br />Code for its taxable year. <br />128.0318 TAXABLE INCOME. <br />"Taxable income" means income minus the deductions and credits allowed by <br />this chapter. (See "income.' <br />128.0319 TAXABLE YEAR. <br />"Taxable year" means the calendar year, or the fiscal year upon the basis of <br />which the net profits are to be computed under this chapter, and in the case of a <br />fractional part of a year, the period for which such return is required to be made. <br />128.0320 TAXPAYER. <br />"Taxpayer" means a person, whether an individual, partnership, association or <br />any corporation or other entity, required hereunder to file a return or pay a tax. <br />IMPOSITION OF INCOME TAX <br />128.0501 RATE AND INCOME TAXABLE. <br />An annual tax for the purposes specified in Section 128.0101 shall be imposed on <br />and after January 1, 1981, at the rate of one and one-half percent (1-1/2%) per annum <br />upon the following: <br />(a) On all income, qualifying wages, commissions and other compensation <br />earned or received on and after January 1, 1981, by residents of the City. .For <br />clarification "income" includes, but is not limited to, lottery, gambling and sports <br />winnings, and games of chance. <br />(1) If the taxpayer is considered a professional gambler for federal income tax <br />purposes, related deductions as permitted by the Internal Revenue Code shall be <br />allowed against. gambling and sports winnings. <br />(2) if the taxpayer is not considered a professional gambler for federal income <br />tax purposes, a deduction equal to the amount of up to $600 of income combined from <br />lottery, gambling and sports winnings, and games of chance, or a deduction. of .$600, <br />whichever is less, shall be allowed, provided that in no case shall the deduction exceed <br />