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(1) If no portion of the net profits of the S corporation are allocated or appor- tioned to the State of Ohio, the distributive share is taxable only to the extent that it represents wages or net earnings from self - employment. (2) If any portion of the net profits of the S corporation are allocated or appor- tioned to the State of Ohio, the full amount of the distributive share is taxable. (f) On the portion attributable to the City of the net profits earned on and after January 1, 1981, of all corporations derived from sales made, work done, ser- vices performed or rendered and business or other activities conducted in the City, whether or not such corporations have an office or place of business in the City. (g) On the portion attributable to this Municipality pursuant to the terms of this chapter and including "Royalty income" , which means income earned from a royalty interest in the production of an oil or gas well. (Ord. 71 -10. Passed 11- 1-10.) 128.0502 EFFECTIVE PERIOD. Such tax shall be levied, collected and paid with respect to the income, salaries, wages, conunissions and other compensation, and with respect to the net profits of businesses, professions or other activities earned on and after January 1, 1981. (Ord. 71 -10. Passed 11 -1 -1O.) DETERMINATION OF ALLOCATION OF TAX 128.0701 METHOD OF DETERMINATION. Net profit from a business or profession conducted both within and without the boundaries of the City shall be considered as having a taxable sihrs in the City for purposes of municipal income taxation in the same proportion as the average ratio of: (a) The average original cost of the real and tangible personal property owned or used by the taxpayer in the business or profession in the City during the taxa- ble period to the average original cost of all the real and tangible personal prop- erty owned or used by the taxpayer in the business or profession during the same period, wherever situated. As used in this section, real property includes proper- ty rented or leased by the taxpayer and the value of such property shall be de- termined by multiplying the annual rental thereon by eight. (b) Wages, salaries and other compensation paid during the taxable period to persons employed in the business or profession for services performed in the City to wages, salaries and other compensation paid during the same period to persons employed in the business or profession, wherever their services are per- formed. For tax year 2004 and subsequent tax years, wages, salaries, and other compensation shall be included to the extent that they represent qualifying wag- es. (c) Gross receipts of the business or profession from sales made and services performed during the taxable period in the City to gross receipts of the business or profession during the same period from sales and services, wherever made or perfumed. in the event that the foregoing allocation formula does not produce an equitable result, another basis (including the books and records method) may, under uni- form regulations, be substituted so as to produce such result. (Ord. 71 -10. Passed 11- 1 -10.) 128.0702 SALES MADE IN THE CITY. As used in Section 128.0701(c), "sales made in the City" means: (a) All sales of tangible personal property which is delivered within the City re- gardless of where title passes if shipped or delivered fi-om a stock of goods with- in the City. (b) All sales of tangible personal property which is delivered within the City re- gardless of where title passes even though transported from a point outside the 7