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Printable Form 1120-ND Long Beach California: What You Should Know
Code § 5.7. This provision authorizes a “tax deduction” for dividends paid by Rests, and specifically excludes dividends to which the City Code refers as “exempt and exempt-like.” The City Code provision does not appear to permit any deduction for the payment of “exempt and exempt-like” dividends. Columbus City Code § 6.21 defines “exempt and exempt-like” dividends to include any payment of dividends that is excluded from gross income under Title 38 CFR § 5.35(a) (1); § 5.35(c, 2) (c) (1)(iii); § 5.35(c), (d) (2)(iv) (I); § 8.01(4) (a) (i) (A) (2); or § 8.01(4), (b) (1) (a)-(d). Since only Rests qualify as “residential entities” under Title 38 CFR §§ 5.35(a) (1); § 5.35(c, 2), the “exempt and exempt-like” dividends received by Rests would be excluded from gross income. Columbus City Code § 6.21(a)(1)(i)-(iii) defines “exempt and exempt-like” dividends to include paid for: (III) (B) Interest income. Since Columbus City Codes § 6.21(a)(1)(i)-(iii) only apply to Columbus City entities, and there is no provision by section 6.21(g) which would apply to residential entities, Rests would only be entitled to the “exempt and exempt-like” provision for interest income only. Columbus City Code § 6.21(a)(1)(i)-(iii) and (c)(2) (2) are limited to “qualified dividends” which are “derived from property described in Article 6 of Chapter 63 [Ohio Revised Code]” of the Ohio Revised Code and for which Columbus City Code § 5.15-21-4 (2) does not refer. Columbus City Code § 6.21(b) Columbus City Code § 6.21(b) applies to Rests. The statute's definition of “qualified dividend” is broader than the “exempt and exempt-like” provision for a “tax deduction” under the same section of the Ohio Revised Code. Columbus City Code § 6.
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