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CITY OF PHILADELPHIA BUSINESS PRIVILEGE TAX REGULATIONS - page 14 / 59

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(c)

(d)

(Rev. 08/01)

amounted to $48,000. "A’s” taxable receipts for the 1985 tax return would be computed as follows:

$48,000 x 120 days/ 304 days = $18,947

Net Income Tax Base - Calendar Year Taxpayers. The net income reportable shall be the net income (or loss) for the calendar year, which is concurrent with the tax year.

Net Income Tax Base - Fiscal Year Taxpayers

(.1)

The net income reportable shall be computed by multiplying the taxable net income for the first full twelve month fiscal period ending within the tax year, which is used for reporting net income to the Federal Government, by a fraction, the numerator of which is the number of days in business in the tax year, and the denominator of which is 365 days.

(.2)

In the event the taxpayer commences business with a fiscal period shorter than twelve months, which ends within the year preceding the tax year, and terminates business within the tax year before completing a full twelve month fiscal period, the net income reportable for the tax year shall be computed by multiplying the taxable net income for the period ending within the tax year by a fraction, the numerator of which is the number of days in business in the tax years and the denominator of which is the number of days in the period for which the net income was calculated.

(.3)

In the event the taxpayer commences business with a fiscal period shorter than twelve months, which ends within the tax year, and terminates business before the end of the tax year, the net income reportable for the tax year shall be computed by multiplying the total taxable net income for both periods by a fraction, the numerator of which is the number of days in business in the tax year, and the denominator of which is the total number of days in both periods.

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