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CITY OF PHILADELPHIA BUSINESS PRIVILEGE TAX REGULATIONS - page 19 / 59

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  • 1.

    The tax is based on each person's taxable receipts of the entire preceding calendar year, except for those persons:

    • a.

      Who commenced engaging in business in Philadelphia during a tax year, or

    • b.

      Who commenced engaging in business in Philadelphia during the calendar year preceding the tax year, or

    • c.

      Whose business in Philadelphia is temporary, seasonal or itinerant.

  • 2.

    Every person who commenced engaging in business during the calendar year preceding the tax year shall compute his taxable receipts for the tax year on the taxable receipts

received by him during the first 365 days in business.

  • 3.

    Every person who commenced engaging in business in Philadelphia during a tax year shall compute his taxable receipts for that tax year on the taxable receipts received by him from the date of commencing business in Philadelphia through December 31 of that year.

  • 4.

    Every person engaged in Philadelphia in a temporary seasonal or itinerant business shall compute his taxable receipts for each tax year on the taxable receipts received by him during that tax year.

SECTION 204. CONSOLIDATED RETURNS.

No Corporation is permitted to use the net income or net loss reported on a consolidated U.S. Corporation Income Tax Return to determine net income or net operating loss for purposes of the Business Privilege Tax.

Likewise, the consolidated net gain or net loss from the operations of more than one corporation, as determined by Net Income Method I, may not be used to determine net income or net operating loss of any corporation for purposes of the Business Privilege Tax.

SECTION 205. CHANGE OF REPORTED NET INCOME BY FEDERAL GOVERNMENT.

Any taxpayer who has elected to file a Business Privilege Tax return on the basis of net income and/or net operating losses as returned to and ascertained by the Federal Government, and who subsequently files an amended return with the Federal Government, or experiences a correction in the amount of net income (or loss) as returned to the Federal Government, shall, within 75 days after filing an amended return or final determination of corrected net income or loss by the Internal Revenue Service or any other agency or court of the United States, file an amended Business Privilege Tax return with the Revenue Commissioner, reporting the corrected net income (or loss), and shall remit any additional tax due.

17

(Rev. 08/01)

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