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CITY OF PHILADELPHIA BUSINESS PRIVILEGE TAX REGULATIONS - page 34 / 59

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34 / 59

SECTION 321. INTEREST.

  • (1)

    Except as otherwise provided, where a taxpayer, whether a domestic or foreign corporation or any other type of business entity, maintains its commercial domicile in Philadelphia, all interest received is to be included in the measure of the tax, unless attributable to business conducted at a place of business regularly maintained by the taxpayer outside of Philadelphia. Where the commercial domicile of the taxpayer is located outside of Philadelphia, such receipts are to be excluded unless attributable to business conducted at a place of business regularly maintained by the taxpayer within Philadelphia.

  • (2)

    Interest received on obligations of the United States or its possessions or any governmental agency created by act of Congress, or of the Commonwealth, any public authority, commission, board or other agency created by the Commonwealth, any political subdivision of the Commonwealth of any public authority created by such political subdivision is to be excluded from the tax base.

  • (3)

    Interest received on obligations of States other than Pennsylvania, or political subdivisions, authorities, commissions, boards or agencies thereof, or of foreign governments, shall be included in the tax base.

SECTION 322. ROYALTIES.

Except as otherwise provided, where a taxpayer, whether a domestic or foreign corporation or any other type of business entity, maintains its commercial domicile in Philadelphia, all patent, copyright and trademark royalties received are to be included in the measure of the tax unless attributable to business conducted at a place of business regularly maintained by the taxpayer outside of Philadelphia. Where the commercial domicile of the taxpayer is located outside of Philadelphia, such receipts are to be excluded unless attributable to business conducted at a place of business regularly maintained by the taxpayer within Philadelphia.

SECTION 323. RECEIPTS FROM SECURITIES TRANSACTIONS.

(1)

Except as otherwise provided, where a taxpayer, whether a domestic or foreign corporation or any other type of business entity, maintains his commercial domicile in Philadelphia, all gross profits realized from stocks, bonds and other securities, commodity futures, options, commercial paper, notes or other evidences of indebtedness, monetary metals, royalty interests in oil, gas and mineral deposits, etc., sold, exchanged, paid at maturity or redeemed, are to be included in the measure of the tax, unless attributable to business conducted at a place of business regularly maintained by the taxpayer outside of Philadelphia. Where the commercial domicile of the taxpayer is located outside of Philadelphia, such receipts are to be excluded unless attributable to business conducted at a place of business regularly maintained by the taxpayer within Philadelphia.

32

(Rev. 08/01)

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