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175.0311 NET PROFITS. - "Net Profits" means, for taxable •year.s prior to. 2004, a net.gain from the <br />operation- of a business, profession, enterprise or other activity after provision for <br />all ordina .ry and .necessary expenses,. either paid or_accrued;.in a;ccordance with <br />the accounfing:'system used .by the .taxpayer for federal; income fax' purposes, <br />without deduction of taxes imp'osed by.this chapter, Federal;:.State and other <br />taxes based?qn income; and in.the case ofian association.; without:deduction of <br />salaries paid:to.partners and other owne"rs: -Fo'r_taxable :years:2004. and later, <br />se.e the: definition of adjusted federal fiaxable income <br />(Ord. 1021. Passed 8-21-67). _ <br />X:1MayfieldlMFV Legis\2005 Legis1175.0311.doc