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for the s of the :ax levied w...1_o qualified . umi ipal corporation and may be exe ted-by the qualified 'mmicipal corporatio., firom the tequ (iiiC) For an individual who is a nonresident of the Munici- pality, income reduced by exempt income to the extent other- wise included in income and then, as applicable, apportioned or sitused to the Municipality under Section 128.062 of this Chapter, then reduced as provided in division (20s)(132) of this section, and further reduced by any pre -2017 net operating loss carryforward available to the individual for the Munici- pality. (E2) In computing the municipal taxable intone of a taxpayer who is an individual, the taxpayer may subtract, as provided in division (28s)(Al)(W(a) or (iii of this section, the amount of the individu- al's employee business expenses reported on the individual's form 2106 that the individual deducted for federal income tax purposes for the taxable year, subject to the limitation imposed by section 67 of the Internal Revenue Code. For the municipal corporation in which the taxpayer is a resident, the taxpayer may deduct all such expenses al- lowed for federal income tax purposes. For a municipal corporation in which the taxpayer is not a resident, the taxpayer may deduct such ex- penses only to the extent the expenses are related to the taxpayer's per- formance of personal services hi that nonresident municipal corpora- tion. (24t) "MUNICIPALITY" means the City of Lakewood. (22u) "NET OPERATING LOSS" means a loss incurred by a person in the op- eration of a trade or business. "Net operating loss" does not include unutilized losses resulting from basis limitations, at-risk limitations, or passive activity loss limitations. (23_v) (Al) "NET PROFIT" for a person other than an individual means ad- justed federal taxable income. (112) "NET PROFIT" for a person who is an individual means the in- dividual's net profit required to be reported on schedule C, schedule E, or schedule F reduced by any net operating loss carried forward. For the purposes of this division , the net operating loss carried forward shall be calculated and deducted in the same manner as provided in di- vision (Ia)(II8) of this section. (E3) For the purposes of this chapter, and notwithstanding division (23_v)(Al) of this section, net profit of a disregarded entity shall not be taxable as against that disregarded entity, but shall instead be included in the net profit of the owner of the disregarded entity. (04) (iA) For purposes of this chapter, "publicly traded partner- ship" means any partnership, an interest in which is regularly traded on an established securities market. A "publicly traded partnership" may have any number of partners. (Q) For the purposes of this chapter, and not withstanding any other provision of this chapter, the net profit of a publicly traded partnership that makes the election described in divi- 32