04-18 Amend Municipal Net Profit Taxes 128.22 - 128.2215

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(3) Appoint and employ such personnel as are necessary to carry out the duties imposed upon the tax commissioner by those sections. (d) The tax commissioner shall not be considered a tax administrator, as that term is defined in section 718.01 of the Revised Code and Section 128.03 (qq) of the City Codified Ordinances. 128.2201 DEFINITIONS. If a term used in sections 128.22 to 128.2215 of the Codified Ordinances that is not otherwise defined in this chapter is used in a comparable context in both the laws of the United States relating to federal income tax and in Title LVII of the Revised Code and the use is not consistent, then the use of the term in the laws of the United States relating to federal income tax shall have control over the use of the term in Title LVII of the Revised Code, unless the term is defined in Chapter 5703 of the Revised Code, in which case the definition in that chapter shall control. Any reference in this chapter to the Internal Revenue Code includes other laws of the United States related to federal income taxes. If a term is defined in both this section and section 128.03 of the Codified Ordinances, the definition in this section shall control for all uses of that term in sections 128.22 to 128.2215 of the Codified Ordinances. As used in sections 128.22 to 128.2215 of the Codified Ordinances only: (a) "Municipal taxable income" means income apportioned or sitused to the municipal corporation under section 128.2202 of the Codified Ordinances, as applicable, reduced by any pre -201 -7 net operating loss carryforward available to the person for the municipal corporation. (b) "Adjusted federal taxable income," for a person required to file as a C corporation, or for a person that has elected to be taxed as a C corporation as described in division (D)(5) of section 718.01 of the Revised Code and section 128.03 of the Codified Ordinances, means a C corporation's federal taxable income before net operating losses and special deductions as determined under the Internal Revenue Code, adjusted as follows: (1) Deduct intangible income to the extent included in federal taxable income. The deduction shall be allowed regardless of whether the intangible income relates to assets used in a trade or business or assets held for the production of income. (2) Add an amount equal to five per cent of intangible income deducted under subsection (b)(1) of this section, but excluding that portion of intangible income directly related to the sale, exchange, or other disposition of property described in section 1221 of the Internal Revenue Code. (3) Add any losses allowed as a deduction in the computation of federal taxable income if the losses directly relate to the sale, exchange, or other disposition of an asset described in section 1221 or 1231 of the Internal Revenue Code. (4)(A) Except as provided in subsection (b)(4)(B) of this section, deduct income and gain included in federal taxable income to the extent the income and gain directly relate to the sale, exchange, or other disposition of an asset described in section 1221 or 1231 of the Internal Revenue Code.