Tax Rules: Final: 5703-5
5703-5-01 - Definitions applicable
to rules 5703-5-01 to 5703-5-05 of the Administrative
Code
As used in rules 5703-5-01 to 5703-5-05 of the Administrative
Code:
(A) "Annual accounting period" means the annual period on the
basis of which the taxpayer regularly computes its income in
keeping its books.
(B) "Corporate franchise tax" means the tax imposed under
section 5733.06 of the Revised Code.
(C) "Corporation" includes, to the extent not exempted from
the corporate franchise tax under section 5733.09, 5733.10,
or division (J) of section 5733.04 of the Revised Code,
corporations organized for profit under the laws of any state
or country; nonprofit corporations organized under Chapter
1729. of the Revised Code or organized or operating, in the
same or similar manner as nonprofit corporations organized
under Chapter 1729. of the Revised Code, under the laws of
any state or country other than Ohio; business trusts as
defined in division (A) of section 1746.01 of the Revised
Code; and financial institutions as defined in division (A)
of section 5725.01 of the Revised Code.
(D) "Domestic corporation" includes corporations organized
under the laws of this state, and federally chartered
financial institutions having their principal offices within
this state.
(E) "Foreign corporation" includes corporations, except
federally chartered financial institutions, organized under
the laws of any state or country other than Ohio, and
federally chartered financial institutions having their
principal offices without this state.
(F) "Internal Revenue Code" means the Internal Revenue Code
of 1986, 100 Stat. 2085, 26 U.S.C.A. 1, as now or hereafter
amended.
(G) "Net income basis" means the base or measure of corporate
franchise tax under division (B) of section 5733.05 of the
Revised Code.
(H) "Net worth basis" means the base or measure of corporate
franchise tax under division (A) of section 5733.05 of the
Revised Code.
(I) "New taxpayer" means a domestic corporation that, during
the calendar year immediately preceding the tax year, becomes
chartered under the laws of this state, or a foreign
corporation that, during the calendar year immediately
preceding the tax year, begins doing business in this state,
owning or using a part or all of its capital or property in
this state, or holding a certificate of compliance with the
laws of this state authorizing it to do business in this
state. A domestic corporation becomes a new taxpayer on the
date that it is chartered, and a foreign corporation becomes
a new taxpayer on the earlier of the date that it begins
doing business in this state, owning or using a part or all
of its capital or property in this state, or holding a
certificate of compliance with the laws of this state
authorizing it to do business in this state.
(J) "Ohio net income for the period" means the total net
income for the period that has been allocated and apportioned
to Ohio prior to allowance of any Ohio net operating loss
deduction.
(K) "Prior taxable year" means the taxable year used to
measure the taxpayer's corporation franchise tax for the
immediately preceding tax year.
(L) "Tax year" means the calendar year in and for which the
corporate franchise tax is required to be paid.
(M) "Taxable year" means:
(1) For purposes of the net income basis, the year or portion
of a year upon whose net income the value of the taxpayer's
issued and outstanding shares of stock is determined;
(2) For purposes of the net worth basis, the year or portion
of a year at the end of which the value of the taxpayer's
issued and outstanding shares of stock is determined.
(N) "Taxpayer" means a corporation subject to the corporate
franchise tax.
Effective: 12-30-89
Promulgated under: 5703.14
Authorized by: 5703.05
Amplifies: 5733.031, 5733.04