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CITY OF PHILADELPHIA BUSINESS PRIVILEGE TAX REGULATIONS - page 2 / 59

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CITY OF PHILADELPHIA BUSINESS PRIVILEGE TAX REGULATIONS

TABLE OF CONTENTS cont…

Section 320. Section 321. Section 322. Section 323. Section 324. Section 325. Section 326. Dividends Interest Royalties ........................................................................................................... 31 ........................................................................................................... 32 ........................................................................................................... 32 Receipts from Securities Transactions ...................................................................... 32 Sale of Capital Assets................................................................................................ 33 Proceeds from Insurance Policies ............................................................................. 34 Persons Registered Under the Act of December 5, 1972 P. L. 1280 (Known as the Pennsylvania Securities Act of 1972), Referred to in this Section as Securities Dealers ..................................................................... 34 Section 327. Apportionment .......................................................................................................... 35

TAX ON NET INCOME ................................................................................................................ 36

Section 401.

Section 402.

Section 403. Section 404. Section 405. Section 406. Section 407. Section 408.

Irrevocable Election of “Net Income” Computation Method ................................................................................................ 36 Corporations Participating in the Filing of a Consolidated Return.................................................................................................. 36 Net Income Method I ................................................................................................ 36 Net Income Method II............................................................................................... 37 Division of Income.................................................................................................... 41 Allocation of Non Business Income ......................................................................... 42 Computation of Taxable Net Income or Loss ........................................................... 43 Apportionment of Income by All Persons Other

Section 409.

Section 410.

Section 411.

Than Persons Who are Subject to a Tax Pursuant to Articles VII (Bank Shares Tax), VIII (Title Insurance and Trust Companies Shares Tax), IX (Insurance Premiums Tax) or XV (Mutual Thrift Institutions Tax) of The Tax Reform Code of 1971, and Private Banks .................................................. 44 Recomputation of Taxable Net Income or Loss by Persons Registered Under the Pennsylvania Securities Act of 1972, Who Elect to Report Taxable Net Income Under Method II (Section 404) ................................................................................ 53 Apportionment of Income by All Persons Who are Subject to a Tax Pursuant to Articles VII (Bank Shares Tax) VIII (Title Insurance and Trust Companies Shares Tax), IX (Insurance Premiums Tax) or XV (Mutual Thrift Institutions Tax) of the Tax Reform Code of 1971, and Private Banks ........................................................................................................... 54 Net Operating Losses ................................................................................................ 55

ii

(Rev. 08/01)

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