Laserfiche WebLink
175.0311 NET PROFITS. <br />"Net Profits" means, for taxable years prior to 2004, a net gain from the <br />operation of a business, profession, enterprise or other activity after provision for <br />all ordinary and necessary expenses either paid or accrued in accordance with <br />the accounting system used by the taxpayer for Federal income tax purposes, <br />without deduction of taxes imposed by this chapter, Federal, State and other <br />taxes based on income; and in the case of an association, without deduction of <br />salaries paid to partners and other owners. For taxable years 2004 and later, <br />see the definition of adjusted federal taxable income. <br />(Ord. 1021. Passed 8-21-67). <br />X:\MayfieId1MFV Legis12005 Legis\175.0311.doc