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CITY OF PHILADELPHIA BUSINESS PRIVILEGE TAX REGULATIONS - page 36 / 59

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SECTION 325. PROCEEDS FROM INSURANCE POLICIES.

Amounts received on insurance policies as compensation for business property destroyed or damaged shall be excluded to the extent of the depreciated cost of such property. The excess, if any, together with amounts received on insurance policies as compensation for loss of business or loss of income, shall be included in the tax base.

SECTION 326. 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.

  • (1)

    General Rule. Except as otherwise provided, securities dealers are subject to the tax on gross receipts in the same manner and at the same rates as applicable to businesses generally and to financial businesses, subject to the Special Apportionment rules provided in subsection (2).

  • (2)

    Special Apportionment Rules.

    • (a)

      Securities dealers doing business both within and outside Philadelphia shall apportion commissions, brokerage fees and similar charges which are not otherwise excludible pursuant to any other section of these provisions, on the following basis:

      • (i)

        40 percent of commissions, brokerage fees and similar charges from orders originating from a location of the securities dealer outside of Philadelphia, and transmitted to Philadelphia for execution on a Philadelphia exchange, shall be included in the tax base.

      • (ii)

        60 percent of commissions, brokerage fees, and similar charges from orders originating from a location of the securities dealer in Philadelphia, and transmitted for execution on an exchange located outside of Philadelphia, shall be included in the tax base.

      • (iii)

        100 percent of commissions, brokerage fees, and similar charges from orders originating from a location of the securities dealer in Philadelphia, and transmitted for execution on an exchange located within Philadelphia, shall be included in the tax base.

    • (b)

      Gains or losses from the sales of stocks, bonds, other securities, commercial paper, commodity futures, options, notes, or other evidences of indebtedness, monetary metals, royalty interests in oil, gas or mineral deposits, etc., owned by a person registered under the Pennsylvania Securities Act of 1972 or with respect to which it is a participating underwriter, shall be treated for the purposes of determining taxability or excludability, as sales of goods and merchandise. Losses on excludable transactions may not be offset against taxable receipts from other transactions.

  • (3)

    Computation of Minimum Tax.

In calculating the minimum tax on securities dealers, a securities dealer may not exclude commissions, brokerage fees and similar charges received on account of transactions effected for persons resident or having their principal place of business outside Philadelphia, as provided in subsection 302(17). However, to the extent that such receipts are otherwise excludible under any

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(Rev. 08/01)

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