2018 004 Ordinance - Laserfiche WebLink

Home Browse Search

(d) Lottery, sweepstakes, gambling and sports wimiuigs, wimiings from games of chance, and prizes and awards. If the taxpayer is a professional gambler for federal income tax purposes, the taxpayer may deduct related wagering losses and expenses to the extent authorized under the Internal Revenue Code and claimed against such winnings. (e) Intentionally left blank. (21)(a) "Municipal taxable income" means the following: (i) For a person other than an individual, income r°a„^°a'". ° p+ ; °*^ *h° °°*°n* other-wise- iiieltided in inceme and the-ii, as-applieabk-, apportioned or sitused to the Village under Section 3, a-Rd ?•? as applicable, reduced by any pre-2017 net operating loss carryforward available to the person for the Village. (ii)(a) For an individual who is a resident of the Village, income reduced by exempt income to the extent otherwise included in income, then reduced as provided in division (C)(21)(b) of this section, and further reduced by any pre-2017 net operating loss carryforward available to the individual for the municipal corporation. (b) For an individual who is a nonresident of the Village, income reduced by exempt income to the extent otherwise included in income and then, as applicable, apportioned or sitused to the municipal corporation under Section 3, then reduced as provided in division (C)(21)(b) of this section, and further reduced by any pre-2017 net operating loss carryforward available to the individual for the Village. (b) In computing the municipal taxable income of a taxpayer who is an individual, the taxpayer may subtract, as provided in division (C)(21)(a)(ii)(a) or (C)(21)(b) of this section, the amount of the individual's employee business expenses reported on the individual's form 2106 that the individual deducted for federal income tax purposes for the taxable year, subject to the limitation imposed by Section 67 of the Intemal Revenue Code. For the municipal corporation in which the taxpayer is a resident, the taxpayer may deduct all such expenses allowed for federal income tax purposes, but only to the extent the expenses do not relate to exempt income. For a municipal corporation in which the taxpayer is not a resident, the taxpayer may deduct such expenses only to the extent the expenses are related to the taxpayer's performance of personal services in that nonresident municipal corporation and are not related to exempt income. (24)(a) "Net pr-ofit" (ba) "Net profit" for a person who is an individual means the individual's net profit required to be reported on schedule C, schedule E, or schedule F reduced by any net operating loss carried forward. For the purposes of division (C)(24)(ba) of this section, the net operating loss carried forward shall be calculated and deducted in the same manner as provided in division (C)(124)(kc) of this section. (b) "Net profit" for a person other than an individual means adjusted federal taxable income reduced by any net operating loss incurred by the person in a taxable year beginning on or after January 1 2017 subject to the limitations of division (C)(24)(c) of this section. (c)(i) The amount of such operating, loss shall be deducted froin net profit to the extent 4