09/25/1985 Meeting - Laserfiche WebLink

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3.640 Allocation to this City of Net Rents and Royalties. e, (1) Net rents and royalties from real property located in this city are allocable to this city. (2) Net rents and royalties from tangible personal property are allocable to this city if and to the extent that the property is utilized iOn this city. . (3) The extent of utilization of tangible personal property in this city is determined by multiplying the rents and royalties by a frac- tion, the numerator of which is the number of days of physical location of the property in the city during the rental or royalty period in the taxable year and the denominator of which is the number of days of physical loca- tion of the property everywhere during all rental or royalty periods in the taxable year. If the physical location of the property during the rental or royalty period is unknown or unascertainable by the taxpayer, tangible personal property is utilized in the city in which the property was located at the time the rental or royalty payer obtained possession. 3.642 Allocation to this City of Capital Gains and Losses. (1) Capital gains and losses from sales of real property located in this city are allocable to this city. (2) Capital gains and losses from sales of tangible personal property are allocable to this city if: (a) the pro,perty had a situs in ,this city at the time of the sale, or (b) 'the'taxpayer's commercial domicile is in this city and e the taxpayer is not subject to an income or earnings tax levied by the city or county in which the property had a situs. (3) Capital gains and losses from sales of intangible personal property employed in taxpayer's business, trade, or occupation carried on within the city are allocable to this city if the taxpayer's commercial domicile is in this city. 3.644 Allocation to this City of Interest and Dividends. Interest and dividends derived from property employed in taxpayer's business, trade, or occupation carried on within the city are allocable to this city if the taxpayer's commercial domicile is in this city. 3.646 Allocation to this City of Patent and Copyright Royalties. (1 ) Patent and copyright royalties are allocable to this city: (a) if and to the extent that the patent or copyright is utilized by the payer in this city, or (b) if and to the extent that the patent or copyright is utilized by the payer in a city or county in which the taxpayer is not subject to a local income or earnings tax, and the tax- payer's commercial domicile is in this city. (2) A patent is utilized in a city to the extent that it is em- ployed in production, fabrication, manufacturing, or other processing in that city or to the extent that a patented product is produced in that city, e even though sold or distributed outside of that city. (3) A copyright is utilized in a city to the extent that print- ing or other publication originates in that city. Ordinance - 9 ~