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CITY OF PHILADELPHIA BUSINESS PRIVILEGE TAX REGULATIONS - page 41 / 59

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  • (c)

    A public utility shall deduct net income attributable to the receipts from its specific business operations conducted under the laws, rules and regulations administered by the Pennsylvania Public Utility Commission, derived from furnishing or supplying services at the rates specified in its tariffs. A contract carrier is not a public utility. A taxpayer shall deduct net income attributable to receipts from its specific business operations which are subject to the jurisdiction of the Interstate Commerce Commission derived from furnishing services at the rates specified in its tariffs.

  • (d)

    A taxpayer shall deduct net income attributable to its receipts from the business of loading or discharging cargo to or from vessels when conducted an piers, wharves or marine terminal facilities in the Port of Philadelphia and from related business activities conducted on such premises such as furnishing dockage, wharfage, truck and/or railroad car loading and unloading and storage of cargo which is to be loaded onto or has been discharged from vessels at a pier, wharf or marine terminal facility in the Part of Philadelphia.

  • (e)

    When applicable, a corporation or partnership shall deduct the following receipts if, and to the extent, such receipts are included in taxable income as properly returned to and ascertained by the Federal Government as heretofore defined:

    • (i)

      Dividends, interest, royalties and distributive share of partnership income

received from:

(.1) (.2)

Another corporation of the same affiliated group, or

A corporation of which the receiving corporation or partnership owns at least twenty percent (20%) of the voting power of all classes of stock and at least twenty percent (20%) of each class of nonvoting stock.

(.3)

A partnership of which the receiving corporation or partnership owns at least twenty percent (20%) of the capital at the end of the year as reported on Schedule K-1 of Federal Form 1065 of the distributing partnership.

  • (ii)

    A corporation may deduct all other receipts received from another corporation which is a member of the same affiliated group.

  • (iii)

    The extent to which the receipts described in subsection (2)(e)(ii) are included in taxable income (or loss) as properly returned to and ascertained by the Federal Government shall be determined in accordance with a fraction of which the numerator shall be receipts as hereafter described and of which the denominator shall be receipts as hereafter described. The numerator and denominator shall not include any receipts which are not reflected in the computation of taxable income (or loss) as properly returned to and ascertained by the Federal Government, and shall not include any receipts which are reflected in the adjustments to net income (or loss) provided in subsections (2)(a), (2)(c) and (2)(e)(i).

  • (iv)

    Numerator. Except as otherwise provided, the numerator of the fraction shall include the following receipts:

(.1)

Except for receipts described in 2(e)(i), all receipts from another corporation which is a member of same affiliated group, including but not limited to:

39

(Rev. 08/01)

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