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175.0318 TAXABLE INCOME. <br />"Taxable income" means aualified wages, salaries, and other compensation paid by <br />an employer or employers before any deductions and/or the net profits from the <br />operation of a business, profession or other enterprise or activity adjusted in <br />accordance with the provisions of this chapter, and shall also include the following: <br />1. "Business income" means income arising from transactions, <br />activities, and sources in the regular course of a trade or business and <br />includes income from tangible and intangible property if the acquisition, <br />rental, management, and disposition of the property constitute integral <br />parts of a trade or business operation. Intangible income shall also include <br />income from patents, copyriqhts, trademarks, investments in real estate <br />investment trusts, investments in repulated investment companies, and <br />appreciation on deferred income. <br />2. "Non-business income" means all income other than business <br />income and may include, but is not limited to, compensation, rents and <br />royalties from real or tangible personal property, or lottery winnings, prizes <br />and awards. <br />3. "Compensation" means any form of remuneration including, but not <br />limited to wages, salaries, commissions, or other types of compensation in <br />service of an employer, paid to an employee or individual for personal <br />services. <br />4. "Games of chance" as defined by Internal Revenue Service Code. <br />5. "Games of chance winnings" means those monetary prizes <br />received by an individual or an estate after playing a game of chance, <br />these winnings are considered non-business income and are not <br />considered to be intangible income. <br />(Ord. 1021. Passed 8-21-67.) <br />X:\MayfieId1MFV Legis\2005 Legis\175.0318.doc