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<br /> property located in tills municipality and in detemrining whether gross montlily D. A short taxable year (a fiscal year of less than twelve (12) months) shall be
<br /> rentals exceed the rental rate of tlvs municipality, only the income 5rom such considered a full taxable yeaz for proposes of this section.
<br /> properties located within this murdcioafiri shall be considered.
<br /> E. In any return in which a net operating loss deduction is claimed, a schedule must
<br />G. Owners of rental property who are residents of this mmdcipaliNaze subject to tax be attached showing:
<br /> on the net income from rentals (to the extent above specified), regardless of the
<br /> loeafion of the real property owned, excepting that if any such property is located 1. Year in which net operating loss was sustained.
<br /> and subject to a municipal income tax by another taxing municipality, credit shall
<br /> be claimed in accordance with Chapter 7:00 hereof. 2. Method of acwunting and allocaton used to detemtine the portion of net
<br /> operating loss allocable to this rmuucipality.
<br />H. Ovmers of rental property who are not residents of this municirrali[y may offset net
<br /> losses against net profits only between rental properties located in this murricioaliN.
<br /> 3. Amount of net operating loss used as a deduction in prior years.
<br />I. Corporations owning or managing real estate are taxable ody on the portion of
<br /> income derived from property located in this mrmicipality. 4. Amount of net operating loss chtimed as a deduction in current year.
<br /> F. The net operating lass of a business which loses its identity through merger,
<br />J. Any resident ornon-resident receiving rental income firm commercial property, consolidation, etc., shall be allowed as a cazry forward loss deduction to the
<br /> farm property or a licensed rooming house, irrespective of dre rental amount surviving business entity to the extent permitted by the Inlemal Revenue Code.
<br /> limitations, must file a return whether or not thew is arty tax due.
<br /> G. Tn the rase of net operating loss in the filing of a consolidated return, see Section
<br />3:06 Onemfine Loss Cann Forward 5:04 hereof.
<br />A. The portion of a net operating loss, based on income taxable under the Ordinance
<br /> sustained in any taxable year subsequent [o the effective date ofthe Ordinance and CHAPTER 4:00
<br /> allocable to this municinaliiV, may be applied against the pofion of the profit of
<br /> succeeding year(s) allocable to this murucioalitvuntil exhausted, but in no event for EXEMPTIONS
<br /> more than five (5) taxable years. No portion of a net operating loss shall be (SOURCES OF INCOME NOT TAXEDI
<br /> tamed back against net profits of any prior yeaz. (See Ordinance)
<br />B. In the event net profits aw allocated both within and without this municipality, the
<br /> portion of a net operating loss sustained shall be allocated to this mrmicir>alitvin the 4:01 Income of Members of Armed Forces and Certain Institutions
<br /> same manner as provided herein for allocating net profits to tltis municinaliN. The
<br /> portion of a net operating loss to be carried forward shall be determined in the year A. All military pay and allowances of any member of the armed fowes of the United
<br /> the net operating loss is sustained on the basis of the allocation factors applicable States and members of their reserve components, including the Ohio National
<br /> to that year. Guazd are exempt from the tax imposed by the Ordinance. This exemption
<br /> includes not only the military pay and allowances received by the member himself,
<br />C. In the case of fiscal years beginning prior to the effective date of the Ordinance, the but also the military pay and allowances, such as dependency allowances, received
<br /> net operating loss deduction will be that portion of the operating loss that •the by another person byaeason of the member's service.
<br /> number of days of the fiscal yeaz after the effective date of the Ordinance bears to
<br /> the total number of days in such 5sca1 yeaz, except when actual figures are B. The income of religious, fiatemal, scientific, literary or educational iastimtions is
<br /> available, exempt from the tax imposed by the Ordinance only to the extent that such income
<br />
<br />25 is derived from tax-ercempt real estate, fax-exempt tangible or intangible property
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<br /> or tax-exempt actvities. Furtheemore, Parsonage Allowances (Amount paid to an connection with any divorce or separation, whether or not awarded by the wort,
<br /> ordained'Yninister of the Gospel") in the form of a rental allowanw as part of the shall be deemed alimony for the purposes of this exemption.
<br /> ministers wmpensatioq or the rental value of a home famished to the ministers
<br /> compensation 4:06 Minors
<br />4:02 Payments From Governments and Certain Omanizations A. Personal earnings of any natural person under eighteen (18) years of age are
<br /> exempt from the tax imposed by the Ordinance.
<br />A Pwrrelief, unemployment innnance benefits, oldage pensions orsimilar payments,
<br /> including disability benefits received from local, state or federal governments or 4:07 Personal Injuries and Damaee to Property
<br /> charitable, reGgiovs or educational orgarri2ations are exempt from the tax imposed
<br /> by the Ordinance. The exempted benefits include all types of payments and A Compensation for personal injuries or for damages to property by way of insurance
<br /> allowances made or given by such governments and organisatons for the relief or or otherwise is exempt from the tax unposed by the Ordinance.
<br /> wmxtion ofpoverry, unemployment, delinquency, problems ofhealth or advanced
<br /> age, lack of education and similar problems. The exempted benefits include, for 4:08 Income From Intanei6les ,
<br /> example: aid to dependent cl»Idren and the aged; rent, food and clothing
<br /> allowances or subsidies; job trawng allowances; social security and Medicare A Intangble property includes:
<br /> benefits; and Workmen's Compensation benefits.
<br /> I. Shares of stock m corporations.
<br />4:03 hrsurance and Anpuiri Proceeds. Certain Employee Benefits and Gifts
<br /> 2. Interest-bearing obligations (notes, bands and savings account).
<br />A Proceeds of instuance paid by reason of the death of the insured, gratuities not in
<br /> the nature of compensation for services rendered, pensions, disability benefits (no[ 3. Aanuifies.
<br /> under a wage wntinuation plan), retirement benefits and annuities are exempt
<br /> from the tax imposed by the Ordinance, irrespective of the sourw from which 4. Patents and wpyrights.
<br /> derived The exemption includes gifts and inhedfances. Disability benefits include -
<br /> the proceeds of health and aceident insurance and similar benefits. Pensions, 5. Qualified stock options.
<br /> retirement benefits, annuities and similar payments made to an employee or to the .. .
<br /> beneficiary of an employee under a retirement program orplan (whether formal or 4:09 Involuntary Conversions and Other Exemptions
<br /> infomaal) after termirtafion of employment aw exempt from dre tax, however,
<br /> supplemental unemployment benefiLS are not exempt from taxation A Crave from involuntary wnvension, cancellation of indebtedness, interest on Federal
<br /> obligations, items of inwme already taxed by the State of Ohio, which This
<br />4:04 Recei pts of Certain Oreanizafions and Associations municipaliriis specifically prohibited from taxing and inwme of a decedent's estate
<br /> during the period of administration (except such income from the operation of a
<br />A Receipts from seasonal or casual entertainment, amusements, sports events and business), are exempt from the tax imposed by dre Ordinance.
<br /> health and welfare activities, when any such aw wnducted by charitable, religious
<br /> or educational organisations or assxiafions, are exempt from the tax imposed by 4:10 Taxation Prohibited by Federal Government
<br /> the Ordinance. 17ris exemption refers only to the receipts of the organization and
<br /> not to the compensation of employees and entertainers. A Salaries, wages, commissions and other ennnpensation and net profits, the laxafion
<br /> of which is prohibited by the United States Constitution or any ac[ of Congress
<br />4:05 Alimom limiting the power of the states or drew political subdivisions to impose net income
<br /> taxes of inwme derived from interstate wmmeroe, are exempt fiom the tax
<br />A Alimony received is exempted from the tax imposed by the Onlvrartw. Support imposed by the Ordinance.
<br /> payments made by one spotse for the benefit of the other spouse or children m
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