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(iv) Any amount of a net operating loss used to reduce a taxpayer's net profit for a
<br />taxable year shall reduce the amount of net operating loss that may be carried forward to
<br />any subsequent year for use by that taxpayer. In no event shall the cumulative deductions
<br />for all taxable years with respect to a taxpayer's net operating loss exceed the original
<br />amount of that net operating loss available to that taxpayer.
<br />(b) In the case of nonresidents, all income, salaries, qualifying wages, commissions,
<br />and other compensation from whatever source earned or received by the nonresident for
<br />work done, services performed or rendered, or activities conducted in the municipal
<br />corporation, including any net profit of the nonresident, but excluding the nonresident's
<br />distributive share of the net profit or loss of only pass-through entities owned directly or
<br />indirectly by the nonresident.
<br />(c) For taxpayers that are not individuals, net profit of the taxpayer;
<br />(d) Lottery, sweepstakes, gambling and sports winnings, winnings from games of
<br />chance, and prizes and awards. If the taxpayer is a professional gambler for federal income
<br />tax purposes, the taxpayer may deduct related wagering losses and expenses to the extent
<br />authorized under the Internal Revenue Code and claimed against such winnings.
<br />(e) Intentionally left blank.
<br />(17) "Intangible income' means income of any of the following types: income yield,
<br />interest, capital gains, dividends, or other income arising from the ownership, sale,
<br />exchange, or other disposition of intangible property including, but not limited to,
<br />investments, deposits, money, or credits as those terms are defined in Chapter 5701. of the
<br />ORC, and patents, copyrights, trademarks, tradenames, investments in real estate
<br />investment trusts, investments in regulated investment companies, and appreciation on
<br />deferred compensation. "Intangible income' does not include prizes, awards, or other
<br />income associated with any lottery winnings, gambling winnings, or other similar games of
<br />chance.
<br />(18) 'Internal Revenue Code' has the same meaning as in Section 5747.01 of the ORC.
<br />(19) "Limited liability company" means a limited liability company formed under
<br />Chapter 1705. of the ORC or under the laws of another state.
<br />(20) "Municipal corporation" includes a joint economic development district or joint
<br />economic development zone that levies an income tax under Section 715.691, 715.70 ,
<br />715.71, or 715.74 of the ORC.
<br />(21) (a) "Municipal taxable income" means the following:
<br />(i) For a person other than an individual, income reduced by exempt income to the
<br />extent otherwise included in income and then, as applicable, apportioned or sitused to the
<br />City under Section 1501.03 , and further reduced by any pre -2017 net operating loss
<br />carryforward available to the person for the City.
<br />(ii) (a) For an individual who is a resident of the City, income reduced by exempt
<br />income to the extent otherwise included in income, then reduced as provided in division
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