71-10 Amend Chpt 128, Municipal Income Tax

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(b) In the case of a corporation that carried on transactions with its stockholders or with other corporations related by stock ownership, interlocking directorates or some other method, or in case any person operates a division, branch, factory, office, laboratory or activity within the City constituting a portion only of its total business, the Administrator shall require such additional information as he may deem. necessary to ascertain whether net profits are properly allocated to the City. If the Administrator finds that net profits are not properly allocated to the City by reason of transactions with stockholders or with other corporations related by stock ownership, interlocking directorates or transactions with such division, branch, factory, office, laboratory or activity or by some other method, he shall make such allocation as he deems appropriate to produce a fair and proper allocation of net profits to the City. 128.1105 AMENDED RETURNS. (a) Where necessary, an amended return must be filed in order to report additional income and pay any additional tax due, or claim a refund of tax overpaid, subject to the requirements, limitations, or both, contained in Sections 128.1701, 128.1702, 128.1703 and 128.1902. Such amended return shall be on a form obtainable on request from the Administrator. A taxpayer may not change the method of accounting (that is, cash or accrual) or apportionment of net profit after the due date for filing the original return. (b) Within three months from the final determination of any federal tax liability affecting the taxpayer's City tax liability, such taxpayer shall make and file an amended City return showing income subject to the City tax based upon such final determination of federal tax liability and pay any additional tax shown due thereon or make claim for refund of any overpayment. 128.1106 BUSINESS LOSSES Each taxpayer may offset business losses against business net profits from any business conducted in the municipality or in any municipality that does not levy an income tax on net profits therefrom. However, a loss from the operation of a business may not be used to offset the income on a taxpayer's W-2 or 1099 forms. 128.1107 REPORTING A NET LOSS Any business, profession, association or corporation reporting a net loss is subject to the filing requirements of this chapter. PAYMENT OF TAX 128.1301 PAYMENT OF TAX ON FILING OF RETURNS. (a) The taxpayer making a return shall, at the time of filing thereof, pay to the Administrator the amount of taxes shown as due thereon provided, however, that: (1) Where any portion of the tax so due has been deducted at the source pursuant to the provisions of Section 128.1302 or,