10/09/1985 Meeting - Laserfiche WebLink

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- e under sections 3.638 to 6.646. 3.638 Certain Nonbusiness Income to be Allocated. Rents and royalties from real or tangible personal property, capital gains, interest, dividends, or patent or copyright royalties, to the extent that they consti- tute nonbusiness income, shall be allocated as provided in sections 3.640 to 3.646. 3.640 Allocation to this City of Net Rents and Royalties. (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 in this city. (3) The extent of utilization of tangible personal property in ./'0- 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 ever~here 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 persona 1 property is utili zed in the city in whi ch the property was located e 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 all ocab 1 e to thi s ci ty if: (a) the property had a si~us in this city at the time of the sa 1 e, or , , ' , (b) the taxpayer1s commercial domicile is in thiS city' and" f; .;,~ the taxpayer is not subject to an income or earnings tax:lev;~d by, the c,ity or county in whi ch the property had a, situs. , '~p ': ... .,'" , " (3) Capital gains and losses from sales of intangible pe+s'qn.ai .. ,..''::f:;'" proper;ty employe<;Lin taxpayer1s business, trade, or occupationc;a:r,ried'on ,,l'~c.,:,,,,"" within the city are allocable to this city if the taxpayer1s conimercial';'1,'" 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 taxpayer1s commercial domicile is in this city. e 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 Ordinance - 9 ..