2018 016 Ordinance - Laserfiche WebLink

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(b) The pass-through entity shall be subject to the Village income taxation as a separate taxpayer in accordance with this chapter/ordinance on the basis of the entity's net profits that would otherwise be included in the consolidated federal taxable income of the affiliated group. (W) Corporations filing a consolidated the Village income tax return shall make the computations required under divisions (R) through (Y) of Section 5 by substituting "consolidated federal taxable income attributable to" for "net profit from" wherever "net profit from" appears in that section and by substituting "affiliated group of corporations" for "taxpayer" wherever "taxpayer" appears in that section. (X) Each corporation filing a consolidated the Village income tax return is jointly and severally liable for any tax, interest, penalties, fines, charges, or other amounts imposed by the Village in accordance with this chapter/ordinance on the corporation, an affiliated group of which the corporation is a member for any portion of the taxable year, or any one or more members of such an affiliated group. (Y) Corporations and their affiliates that inade an election or entered into an agreement with the Village before January 1, 2016, to file a consolidated or combined tax return with the Village may continue to file consolidated or combined tax returns in accordance with such election or agreement for taxable years beginning on and after January 1, 2016. SECTIOIeT 27 ELECTION TO BE SiJB„TEECT TO R.C. 718.80 TO 718.95 (A) the Villace hereby adopts and incorporates herein by reference Sections 718.80 to 718.95 of the Ohio Revised Code for taa years be ?g?nninr on or after January 1, 2018. (B) A taxpaver as defined in division (C) of this section may elect to be subject to Sections 718.80 to 718.95 of the Revised Code in lieu of the provisions of this [Chapter/Ordinancel. (C) "Taxpaver" has the same meaning as in section 718.01 of the Revised Code, eacept that "taxpayer" does not include natut•al persons or entities subject to the tax imposed under Chapter 5745 of the Revised Code "Taxpaver" may include receivers assignees or trustees in bankruptcY when such persons are required to assume the role of a taxpayer.