31-15 Municipal Income Tax - Laserfiche WebLink

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sion (24v)(D4)(C) of this section shall be taxed as if the part- nership were a C corporation, and shall not be treated as the net profit or income of any owner of the partnership. (iW) A publicly traded partnership that is heated as a part- nership for federal income tax purposes and that is subject to tax on its net profits in one or more municipal corporations in this state may elect to be treated as a C corporation for munic- ipal income tax purposes. The publicly traded partnership shall make the election in every municipal corporation in which the partnership is subject to taxation on its net profits. The election shall be made on the amoral tax return filed in each such municipal corporation. Once the election is made, the election is binding for a five -year period beginning with the first taxable year of the initial election. The election con- tinues to be binding for each subsequent five -year period un- less the taxpayer elects to discontinue filing municipal intone tax returns as a C corporation for municipal purposes under division(v)(D4)(ivD) of this section. (ivD) An election to discontinue filing as a C corporation must be made in the first year following the last year of a five - year election period in effect under division (v)(D4)(ifC) of this section. The election to discontinue filing as a C corpora- tion is binding for a five -year period beginning with the first taxable year of the election and continues to be binding for each subsequent five -year period unless the taxpayer elects to discontinue filing municipal income tax returns as a partner- ship for municipal purposes. An election to discontinue filing as a partnership must be made in the first year following the last year of a five -year election period. (vE) The publicly traded partnership shall not be required to file the election with any municipal corporation in which the partnership is not subject to taxation on its net profits, but di- vision (vv (D4)jl3) of this section applies to all municipal cor- porations in which an individual owner of the partnership re- sides. (viF) The individual owners of the partnership not filing as a C Corporation shall be required to file with their municipal corporation of residence, and report partnership distribution of net profit. (24w ) "NONRESIDENT" means an individual that is not a resident of the Mu- nicipality. (23x) "OHIO BUSINESS GATEWAY" means the online computer network system, created under section 125.30 of the Ohio Revised Code, that allows per- sons to electronically file business reply forms with state agencies and includes any successor electronic filing and payment system. (26X) "OTHER COMPENSATION" all forms o f earned income including but not limited to tips, tax shelter plans gift ,.0 an y t...,e fef services rendered, ti., and holiday pan wage continuation benefits, directors fees, duty fees, web eptie granted in connection with the per forinanee „C.._ 5.t.. ryd as .ael gains, property in lieu of cash, sirk pay, bonuses, incentive . in whatever form, company closing benefits, earnings designated as 33