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CITY OF PHILADELPHIA BUSINESS PRIVILEGE TAX REGULATIONS - page 42 / 59

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(.a)

Gross receipts from the sales exchange or transfer of real property and tangible personal property.

(.b)

Gross receipts from intangible personal property sold, exchanged, transferred, paid at maturity or redeemed.

(.c)

Gross rents and royalties from real property and tangible personal property.

(.d) (.e)

Patent, copyright and trademark royalties.

Commissions, fees, receipts from services rendered and insurance premiums received by insurance companies.

  • (v)

    Denominator. Except as otherwise provided, the denominator of the fraction shall include all receipts from whatever source, except that the 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).

    • (vi)

      Application of fraction. The percentage equivalent of the fraction shall be multiplied against the taxable income (or loss) remaining after making the adjustments provided in subsections (2)(a) through (2)(e)(i). If the result is more than zero, the taxpayer shall deduct that amount from the adjusted net income remaining after making the preceding adjustments (reduce the net income). If the result is less than zero, the taxpayer shall deduct that amount from the adjusted net loss remaining after making the preceding adjustments (reduce adjusted net loss).

  • (f)

    Taxpayers registered under the Pennsylvania Securities Act of 1972 shall deduct all net income which is not attributable to commissions, brokerage fees and similar charges on account of transactions effected for persons residing or having their principal place of business within the City of Philadelphia, except to the extent that such deductible net income is attributable to income which is otherwise taken as an adjustment to net income under subsections (2)(a), (2)(b) or (2)(e).

(g)

When applicable, a partnership or corporation receiving a distributive share of a partnership loss from a partnership of which the receiving partnership or corporation owns at least twenty (20) percent of the capital of the distributing partnership at the end of the year, as reported on Schedule K-1 of Federal Form 1065 of the distributing partnership, shall increase net income or reduce net loss of the receiving partnership or corporation to the extent that such loss is included in the net income or net loss of the receiving partnership or corporation.

40

(Rev. 08/01)

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