1967 1021 Ordinance - Laserfiche WebLink

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p factor is applicable even though it may be allocable entirely in or outside the Village of Maqfield. Sec. 111.0704. Rentals. Rental income received by a taxpayer shall be included in the computation of net profits from business activities under sub-paragraphs 3, 4, and 5 of Section 111.0501 hereof, anly if and to the extent that the rental, ownership, management or operations of the rnal 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 activi.ty of the taxpayer in whole or in part. Where the gross monthly rental of any and all real properties, regardless oE number and value, aggregates in excess of One Hundred Trrenty-Five Dollars ($125.00) 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'in 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 exceeda One Hundred Twenty-Five Dollars ($125.00) 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 $125,00 per month; and provided further that the person who operates a licensed raoming,house shall be considered in business whether or not the gross income exceeds $125,00 per month. Sec. 111.0705 Operating Loss - Carry Forward (1) The portion of a net operating losa sustained in any taxable year subsequent to October 1, 1967, allocable to the Village of Mayfield Ohio may be applied against the portion of the profit of succeeding tax years allocable to the Village of Mayfield u¢til exhauated but in no event for more than five (5) taxable years immediately following the year in which the loss occurred. No portioq of a net operating loss shall be carried back,against net profits of any prior year. (2) The portion of net operating loss sustained shall be allocated to the Village of Mayfield in the same manner as provided herein for allocating net profits to the Village of Mayfield, Ohio. (3) The Administrator shal-1 provide by Rules and Regulations the manner in which such_net operating loss carry-foswatd shall be determined. CHAPTER 9 EXEMPTIONS - Sec. 111.0901. Sources of Income Not Taxed. The tax provided for herein shall not be levied ott the following: (1) Pay or allowance of active members of the Armed Forces of the United States or the income of religious, fraternal, charitable,_scientific, literary 7.