1971 050 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 71- 50 Page 2. b. On the portion of the distributive share of the ' net profits earned on and after January 1, 1972, of a resident partner or owner of a non-resident unincorporated business entity ' not attributable to the Village of Mayfield and not levied against such unincorporated business entity by the Village of Mayfield. ~ (5) On the portion attributable to the Village of Mayfield of the net profits earned on and after January 1, 1972, of all cor- porations derived from sales made, work done, services performed or rendered and business or other activities conducted in the Village of Mayfield, whether or not such corporations have an office or place of business in the Village of Mayfield. Section .0704 RENTALS Rental income received by a taxpayer shall be included in the computation of net profits from business activities under sub- paragraph 3, 4 and 5 of Section .0501, only if and to the extent that the rental, ownership, management or operations of the real estate from which such rentals are derived (whether so rented, managed or operated by a taxpayer individually or through agents or other representatives) constitutes a business activity of the taxpayer in whole or in part. Where the gross monthly rental of any and all real properties regardless of number and value, aggregates in excess of Two Hundred Fifty Dollars ($250.00) per month, it shall be prima facie evidence that the rental, ownership, management or operation of such properties is a business activity of such taxpayer, and the net income of such rental property shall be subject to tax; provided that in the case of commercial property, the owner shall be considered engaged in a business activity:.when the rental is based on a fixed or fluctuating percentage of gross or net sales, receipts or profits of the lessee, whether or not such rental exceeds Two Hundred Fifty Dollars ($250.00) per month;-provided further that in the case of farm property, the owner shall be considered engaged in a business activity when he shares in crops or when the rental is based on a percentage of the gross or net receipts derived from the farm, whether or not the gross income exceeds said $250.00 per month; and provided further that the person who operates a licensed rooming house shall be considered in business whether or not the gross income exceeds $250.00 per month. Section .1101 WHEN RETURN REQUIRED TO BE MADE Each taxpayer shall, whether or not a tax be due thereon, make and file a return on or before April 30 of the year following the effective date of this Title and on or before April 30 of each year