(A)(1) Except as provided under division (A)(2) or (B) of | 16 |
this section, any reference in Title LVII of the Revised Code to | 17 |
the Internal Revenue Code, to the Internal Revenue Code "as | 18 |
amended," to other laws of the United States, or to other laws of | 19 |
the United States, "as amended," means the Internal Revenue Code | 20 |
or other laws of the United States as they exist on the effective | 21 |
date. | 22 |
(B)(1) For purposes of applying section 5733.04, 5745.01, or | 28 |
5747.01 of the Revised Code to a taxpayer's taxable year ending | 29 |
after March 7, 2011December 20, 2012, and before the effective | 30 |
date, a taxpayer may irrevocably elect to incorporate the | 31 |
provisions of the Internal Revenue Code or other laws of the | 32 |
United States that are in effect for federal income tax purposes | 33 |
for that taxable year if those provisions differ from the | 34 |
provisions that, under division (A) of this section, would | 35 |
otherwise apply. The filing by the taxpayer for that taxable year | 36 |
of a report or return that incorporates the provisions of the | 37 |
Internal Revenue Code or other laws of the United States | 38 |
applicable for federal income tax purposes for that taxable year, | 39 |
and that does not include any adjustments to reverse the effects | 40 |
of any differences between those provisions and the provisions | 41 |
that would otherwise apply, constitutes the making of an | 42 |
irrevocable election under this division for that taxable year. | 43 |
(A) "Person" means, but is not limited to, individuals, | 48 |
combinations of individuals of any form, receivers, assignees, | 49 |
trustees in bankruptcy, firms, companies, joint-stock companies, | 50 |
business trusts, estates, partnerships, limited liability | 51 |
partnerships, limited liability companies, associations, joint | 52 |
ventures, clubs, societies, for-profit corporations, S | 53 |
corporations, qualified subchapter S subsidiaries, qualified | 54 |
subchapter S trusts, trusts, entities that are disregarded for | 55 |
federal income tax purposes, and any other entities. | 56 |
(c) Except for any differences resulting from the use of an | 87 |
accrual basis method of accounting for purposes of determining | 88 |
gross receipts under this chapter and the use of the cash basis | 89 |
method of accounting for purposes of determining gross receipts | 90 |
under section 5727.24 of the Revised Code, the gross receipts | 91 |
directly attributed to the activity of a natural gas company shall | 92 |
be determined in a manner consistent with division (D) of section | 93 |
5727.03 of the Revised Code. | 94 |
(c) In the case of a partnership, trust, or other | 118 |
unincorporated business organization other than a limited | 119 |
liability company, one person owns the organization if, under the | 120 |
articles of organization or other instrument governing the affairs | 121 |
of the organization, that person has a beneficial interest in the | 122 |
organization's profits, surpluses, losses, or distributions of | 123 |
fifty per cent or more of the combined beneficial interests of all | 124 |
persons having such an interest in the organization. | 125 |
(5) A domestic insurance company or foreign insurance | 126 |
company, as defined in section 5725.01 of the Revised Code, that | 127 |
paid the insurance company premiums tax imposed by section 5725.18 | 128 |
or Chapter 5729. of the Revised Code, or an unauthorized insurance | 129 |
company whose gross premiums are subject to tax under section | 130 |
3905.36 of the Revised Code based on one or more measurement | 131 |
periods that include the entire tax period under this chapter; | 132 |
(7) Except as otherwise provided in this division, a | 140 |
pre-income tax trust as defined in division (FF)(4) of section | 141 |
5747.01 of the Revised Code and any pass-through entity of which | 142 |
such pre-income tax trust owns or controls, directly, indirectly, | 143 |
or constructively through related interests, more than five per | 144 |
cent of the ownership or equity interests. If the pre-income tax | 145 |
trust has made a qualifying pre-income tax trust election under | 146 |
division (FF)(3) of section 5747.01 of the Revised Code, then the | 147 |
trust and the pass-through entities of which it owns or controls, | 148 |
directly, indirectly, or constructively through related interests, | 149 |
more than five per cent of the ownership or equity interests, | 150 |
shall not be excluded persons for purposes of the tax imposed | 151 |
under section 5751.02 of the Revised Code. | 152 |
(F) Except as otherwise provided in divisions (F)(2), (3), | 155 |
and (4) of this section, "gross receipts" means the total amount | 156 |
realized by a person, without deduction for the cost of goods sold | 157 |
or other expenses incurred, that contributes to the production of | 158 |
gross income of the person, including the fair market value of any | 159 |
property and any services received, and any debt transferred or | 160 |
forgiven as consideration. | 161 |
(c) Receipts from the sale, exchange, or other disposition of | 176 |
an asset described in section 1221 or 1231 of the Internal Revenue | 177 |
Code, without regard to the length of time the person held the | 178 |
asset. Notwithstanding section 1221 of the Internal Revenue Code, | 179 |
receipts from hedging transactions also are excluded to the extent | 180 |
the transactions are entered into primarily to protect a financial | 181 |
position, such as managing the risk of exposure to (i) foreign | 182 |
currency fluctuations that affect assets, liabilities, profits, | 183 |
losses, equity, or investments in foreign operations; (ii) | 184 |
interest rate fluctuations; or (iii) commodity price fluctuations. | 185 |
As used in division (F)(2)(c) of this section, "hedging | 186 |
transaction" has the same meaning as used in section 1221 of the | 187 |
Internal Revenue Code and also includes transactions accorded | 188 |
hedge accounting treatment under statement of financial accounting | 189 |
standards number 133 of the financial accounting standards board. | 190 |
For the purposes of division (F)(2)(c) of this section, the actual | 191 |
transfer of title of real or tangible personal property to another | 192 |
entity is not a hedging transaction. | 193 |
(g) Compensation, whether current or deferred, and whether in | 204 |
cash or in kind, received or to be received by an employee, former | 205 |
employee, or the employee's legal successor for services rendered | 206 |
to or for an employer, including reimbursements received by or for | 207 |
an individual for medical or education expenses, health insurance | 208 |
premiums, or employee expenses, or on account of a dependent care | 209 |
spending account, legal services plan, any cafeteria plan | 210 |
described in section 125 of the Internal Revenue Code, or any | 211 |
similar employee reimbursement; | 212 |
(j) Gifts or charitable contributions received; membership | 219 |
dues received by trade, professional, homeowners', or condominium | 220 |
associations; and payments received for educational courses, | 221 |
meetings, meals, or similar payments to a trade, professional, or | 222 |
other similar association; and fundraising receipts received by | 223 |
any person when any excess receipts are donated or used | 224 |
exclusively for charitable purposes; | 225 |
(m) Tax refunds, other tax benefit recoveries, and | 232 |
reimbursements for the tax imposed under this chapter made by | 233 |
entities that are part of the same combined taxpayer or | 234 |
consolidated elected taxpayer group, and reimbursements made by | 235 |
entities that are not members of a combined taxpayer or | 236 |
consolidated elected taxpayer group that are required to be made | 237 |
for economic parity among multiple owners of an entity whose tax | 238 |
obligation under this chapter is required to be reported and paid | 239 |
entirely by one owner, pursuant to the requirements of sections | 240 |
5751.011 and 5751.012 of the Revised Code; | 241 |
(q) In the case of receipts from the sale of cigarettes or | 249 |
tobacco products by a wholesale dealer, retail dealer, | 250 |
distributor, manufacturer, or seller, all as defined in section | 251 |
5743.01 of the Revised Code, an amount equal to the federal and | 252 |
state excise taxes paid by any person on or for such cigarettes or | 253 |
tobacco products under subtitle E of the Internal Revenue Code or | 254 |
Chapter 5743. of the Revised Code; | 255 |
(s) In the case of receipts from the sale of beer or | 262 |
intoxicating liquor, as defined in section 4301.01 of the Revised | 263 |
Code, by a person holding a permit issued under Chapter 4301. or | 264 |
4303. of the Revised Code, an amount equal to federal and state | 265 |
excise taxes paid by any person on or for such beer or | 266 |
intoxicating liquor under subtitle E of the Internal Revenue Code | 267 |
or Chapter 4301. or 4305. of the Revised Code; | 268 |
(t) Receipts realized by a new motor vehicle dealer or used | 269 |
motor vehicle dealer, as defined in section 4517.01 of the Revised | 270 |
Code, from the sale or other transfer of a motor vehicle, as | 271 |
defined in that section, to another motor vehicle dealer for the | 272 |
purpose of resale by the transferee motor vehicle dealer, but only | 273 |
if the sale or other transfer was based upon the transferee's need | 274 |
to meet a specific customer's preference for a motor vehicle; | 275 |
(u) Receipts from a financial institution described in | 276 |
division (E)(3) of this section for services provided to the | 277 |
financial institution in connection with the issuance, processing, | 278 |
servicing, and management of loans or credit accounts, if such | 279 |
financial institution and the recipient of such receipts have at | 280 |
least fifty per cent of their ownership interests owned or | 281 |
controlled, directly or constructively through related interests, | 282 |
by common owners; | 283 |
(w) Funds received or used by a mortgage broker that is not a | 288 |
dealer in intangibles, other than fees or other consideration, | 289 |
pursuant to a table-funding mortgage loan or warehouse-lending | 290 |
mortgage loan. Terms used in division (F)(2)(w) of this section | 291 |
have the same meanings as in section 1322.01 of the Revised Code, | 292 |
except "mortgage broker" means a person assisting a buyer in | 293 |
obtaining a mortgage loan for a fee or other consideration paid by | 294 |
the buyer or a lender, or a person engaged in table-funding or | 295 |
warehouse-lending mortgage loans that are first lien mortgage | 296 |
loans. | 297 |
(I) "Qualifying distribution center receipts" means receipts | 310 |
of a supplier from qualified property that is delivered to a | 311 |
qualified distribution center, multiplied by a quantity that | 312 |
equals one minus the Ohio delivery percentage. If the qualified | 313 |
distribution center is a refining facility, "supplier" includes | 314 |
all dealers, brokers, processors, sellers, vendors, cosigners, and | 315 |
distributors of qualified property. | 316 |
(II) "Qualified property" means tangible personal property | 317 |
delivered to a qualified distribution center that is shipped to | 318 |
that qualified distribution center solely for further shipping by | 319 |
the qualified distribution center to another location in this | 320 |
state or elsewhere or, in the case of gold, silver, platinum, or | 321 |
palladium delivered to a refining facility solely for refining to | 322 |
a grade and fineness acceptable for delivery to a registered | 323 |
commodities exchange. "Further shipping" includes storing and | 324 |
repackaging property into smaller or larger bundles, so long as | 325 |
the property is not subject to further manufacturing or | 326 |
processing. "Refining" is limited to extracting impurities from | 327 |
gold, silver, platinum, or palladium through smelting or some | 328 |
other process at a refining facility. | 329 |
(III) "Qualified distribution center" means a warehouse, a | 330 |
facility similar to a warehouse, or a refining facility in this | 331 |
state that, for the qualifying year, is operated by a person that | 332 |
is not part of a combined taxpayer group and that has a qualifying | 333 |
certificate. All warehouses or facilities similar to warehouses | 334 |
that are operated by persons in the same taxpayer group and that | 335 |
are located within one mile of each other shall be treated as one | 336 |
qualified distribution center. All refining facilities that are | 337 |
operated by persons in the same taxpayer group and that are | 338 |
located in the same or adjacent counties may be treated as one | 339 |
qualified distribution center. | 340 |
The applicant must substantiate to the commissioner's | 353 |
satisfaction that, for the qualifying period, all persons | 354 |
operating the distribution center have more than fifty per cent of | 355 |
the cost of the qualified property shipped to a location such that | 356 |
it would be sitused outside this state under the provisions of | 357 |
division (E) of section 5751.033 of the Revised Code. The | 358 |
applicant must also substantiate that the distribution center | 359 |
cumulatively had costs from its suppliers equal to or exceeding | 360 |
five hundred million dollars during the qualifying period. (For | 361 |
purposes of division (F)(2)(z)(i)(VI) of this section, "supplier" | 362 |
excludes any person that is part of the consolidated elected | 363 |
taxpayer group, if applicable, of the operator of the qualified | 364 |
distribution center.) The commissioner may require the applicant | 365 |
to have an independent certified public accountant certify that | 366 |
the calculation of the minimum thresholds required for a qualified | 367 |
distribution center by the operator of a distribution center has | 368 |
been made in accordance with generally accepted accounting | 369 |
principles. The commissioner shall issue or deny the issuance of a | 370 |
certificate within sixty days after the receipt of the | 371 |
application. A denial is subject to appeal under section 5717.02 | 372 |
of the Revised Code. If the operator files a timely appeal under | 373 |
section 5717.02 of the Revised Code, the operator shall be granted | 374 |
a qualifying certificate, provided that the operator is liable for | 375 |
any tax, interest, or penalty upon amounts claimed as qualifying | 376 |
distribution center receipts, other than those receipts exempt | 377 |
under division (C)(1) of section 5751.011 of the Revised Code, | 378 |
that would have otherwise not been owed by its suppliers if the | 379 |
qualifying certificate was valid. | 380 |
(ii)(I) If the distribution center is new and was not open | 397 |
for the entire qualifying period, the operator of the distribution | 398 |
center may request that the commissioner grant a qualifying | 399 |
certificate. If the certificate is granted and it is later | 400 |
determined that more than fifty per cent of the qualified property | 401 |
during that year was not shipped to a location such that it would | 402 |
be sitused outside of this state under the provisions of division | 403 |
(E) of section 5751.033 of the Revised Code or if it is later | 404 |
determined that the person that operates the distribution center | 405 |
had average monthly costs from its suppliers of less than forty | 406 |
million dollars during that year, then the operator of the | 407 |
distribution center shall be liable for any tax, interest, or | 408 |
penalty upon amounts claimed as qualifying distribution center | 409 |
receipts, other than those receipts exempt under division (C)(1) | 410 |
of section 5751.011 of the Revised Code, that would have not | 411 |
otherwise been owed by its suppliers during the qualifying year if | 412 |
the qualifying certificate was validpay a penalty for that year | 413 |
equal to five hundred thousand dollars. (For purposes of division | 414 |
(F)(2)(z)(ii) of this section, "supplier" excludes any person that | 415 |
is part of the consolidated elected taxpayer group, if applicable, | 416 |
of the operator of the qualified distribution center.) | 417 |
(II) The commissioner may grant a qualifying certificate to a | 418 |
distribution center that does not qualify as a qualified | 419 |
distribution center for an entire qualifying period if the | 420 |
operator of the distribution center demonstrates that the business | 421 |
operations of the distribution center have changed or will change | 422 |
such that the distribution center will qualify as a qualified | 423 |
distribution center within thirty-six months after the date the | 424 |
operator first applies for a certificate. If, at the end of that | 425 |
thirty-six-month period, the business operations of the | 426 |
distribution center have not changed such that the distribution | 427 |
center qualifies as a qualified distribution center, the operator | 428 |
of the distribution center shall pay a penalty equal to five | 429 |
hundred thousand dollars for each year that the distribution | 430 |
center received a certificate but did not qualify as a qualified | 431 |
distribution center. For each year the distribution center | 432 |
receives a certificate under division (F)(2)(z)(ii)(II) of this | 433 |
section, the distribution center shall pay all applicable fees | 434 |
required under division (F)(2)(z) of this section and shall submit | 435 |
an updated business plan showing the progress the distribution | 436 |
center made toward qualifying as a qualified distribution center | 437 |
during the preceding year.
| 438 |
(iii) When filing an application for a qualifying certificate | 442 |
under division (F)(2)(z)(i)(VI) of this section, the operator of a | 443 |
qualified distribution center also shall provide documentation, as | 444 |
the commissioner requires, for the commissioner to ascertain the | 445 |
Ohio delivery percentage. The commissioner, upon issuing the | 446 |
qualifying certificate, also shall certify the Ohio delivery | 447 |
percentage. The operator of the qualified distribution center may | 448 |
appeal the commissioner's certification of the Ohio delivery | 449 |
percentage in the same manner as an appeal is taken from the | 450 |
denial of a qualifying certificate under division (F)(2)(z)(i)(VI) | 451 |
of this section. | 452 |
Within thirty days after all appeals have been exhausted, the | 453 |
operator of the qualified distribution center shall notifyprovide | 454 |
the commissioner with a list of all affected suppliers of | 455 |
qualified property. The commissioner shall notify all such | 456 |
suppliers that suchthe suppliers are required to file, within | 457 |
sixty days after receiving the notice from the operator of the | 458 |
qualified distribution center, amended reports for the impacted | 459 |
affected calendar quarter or quarters or calendar year, whichever | 460 |
the case may be. Any additional tax liability or tax overpayment | 461 |
shall be subject to interest but shall not be subject to the | 462 |
imposition of any penalty so long as the amended returns are | 463 |
timely filed. The supplier of tangible personal property delivered | 464 |
to the qualified distribution center shall include in its report | 465 |
of taxable gross receipts the receipts from the total sales of | 466 |
property delivered to the qualified distribution center for the | 467 |
calendar quarter or calendar year, whichever the case may be, | 468 |
multiplied by the Ohio delivery percentage for the qualifying | 469 |
year. Nothing in division (F)(2)(z)(iii) of this section shall be | 470 |
construed as imposing liability on the operator of a qualified | 471 |
distribution center for the tax imposed by this chapter arising | 472 |
from any change to the Ohio delivery percentage. | 473 |
(iv)(I) In the case where the distribution center is new and | 474 |
not open for the entire qualifying period, the operator shall make | 475 |
a good faith estimate of an Ohio delivery percentage for use by | 476 |
suppliers in their reports of taxable gross receipts for the | 477 |
remainder of the qualifying period. The operator of the facility | 478 |
shall disclose to the suppliers that such Ohio delivery percentage | 479 |
is an estimate and is subject to recalculation. By the due date of | 480 |
the next application for a qualifying certificate, the operator | 481 |
shall determine the actual Ohio delivery percentage for the | 482 |
estimated qualifying period and proceed as provided in division | 483 |
(F)(2)(z)(iii) of this section with respect to the calculation and | 484 |
recalculation of the Ohio delivery percentage. The supplier is | 485 |
required to file, within sixty days after receiving notice from | 486 |
the operator of the qualified distribution center, amended reports | 487 |
for the impacted calendar quarter or quarters or calendar year, | 488 |
whichever the case may be. Any additional tax liability or tax | 489 |
overpayment shall be subject to interest but shall not be subject | 490 |
to the imposition of any penalty so long as the amended returns | 491 |
are timely filed. | 492 |
(II) The operator of a distribution center that receives a | 493 |
qualifying certificate under division (F)(2)(ii)(II) of this | 494 |
section shall make a good faith estimate of the Ohio delivery | 495 |
percentage that the operator estimates will apply to the | 496 |
distribution center at the end of the thirty-six-month period | 497 |
after the operator first applied for a qualifying certificate | 498 |
under that division. The result of the estimate shall be | 499 |
multiplied by a factor of one and seventy-five one-hundredths. The | 500 |
product of that calculation shall be the Ohio delivery percentage | 501 |
used by suppliers in their reports of taxable gross receipts for | 502 |
each qualifying year that the distribution center receives a | 503 |
qualifying certificate under division (F)(2)(ii)(II) of this | 504 |
section, except that, if the product is less than five per cent, | 505 |
the Ohio delivery percentage used shall be five per cent and that, | 506 |
if the product exceeds forty-nine per cent, the Ohio delivery | 507 |
percentage used shall be forty-nine per cent. | 508 |
(v) Qualifying certificates and Ohio delivery percentages | 509 |
issued by the commissioner shall be open to public inspection and | 510 |
shall be timely published by the commissioner. A supplier relying | 511 |
in good faith on a certificate issued under this division shall | 512 |
not be subject to tax on the qualifying distribution center | 513 |
receipts under division (F)(2)(z) of this section. A person | 514 |
receiving a qualifying certificate is responsibleliable for | 515 |
paying the tax, interest, and penalty upon amounts claimed as | 516 |
qualifying distribution center receipts that would not otherwise | 517 |
have been owed by the supplier if the qualifying certificate were | 518 |
available when it is later determined that the qualifying | 519 |
certificatea penalty equal to five hundred thousand dollars for | 520 |
each year the person received a certificate that should not have | 521 |
been issued because the statutory requirements were in fact not | 522 |
met. | 523 |
(vi) The annual fee for a qualifying certificate shall be one | 524 |
hundred thousand dollars for each qualified distribution center. | 525 |
If a qualifying certificate is not issued, the annual fee is | 526 |
subject to refund after the exhaustion of all appeals provided for | 527 |
in division (F)(2)(z)(i)(VI) of this section. The fee imposed | 528 |
under this division may be assessed in the same manner as the tax | 529 |
imposed under this chapter. The first one hundred thousand dollars | 530 |
of the annual application fees collected each calendar year shall | 531 |
be credited to the revenue enhancement fund. The remainder of the | 532 |
annual application fees collected shall be distributed in the same | 533 |
manner required under section 5751.20 of the Revised Code. | 534 |
(dd) Bad debts from receipts on the basis of which the tax | 546 |
imposed by this chapter was paid in a prior quarterly tax payment | 547 |
period. For the purpose of this division, "bad debts" means any | 548 |
debts that have become worthless or uncollectible between the | 549 |
preceding and current quarterly tax payment periods, have been | 550 |
uncollected for at least six months, and that may be claimed as a | 551 |
deduction under section 166 of the Internal Revenue Code and the | 552 |
regulations adopted under that section, or that could be claimed | 553 |
as such if the taxpayer kept its accounts on the accrual basis. | 554 |
"Bad debts" does not include repossessed property, uncollectible | 555 |
amounts on property that remains in the possession of the taxpayer | 556 |
until the full purchase price is paid, or expenses in attempting | 557 |
to collect any account receivable or for any portion of the debt | 558 |
recovered; | 559 |
(I) "Qualified uranium receipts" means receipts from the | 570 |
sale, exchange, lease, loan, production, processing, or other | 571 |
disposition of uranium within a uranium enrichment zone certified | 572 |
by the tax commissioner under division (F)(2)(gg)(ii) of this | 573 |
section. "Qualified uranium receipts" does not include any | 574 |
receipts with a situs in this state outside a uranium enrichment | 575 |
zone certified by the tax commissioner under division | 576 |
(F)(2)(gg)(ii) of this section. | 577 |
(ii) Any person that owns, leases, or operates real or | 583 |
tangible personal property constituting or located within a | 584 |
uranium enrichment zone may apply to the tax commissioner to have | 585 |
the uranium enrichment zone certified for the purpose of excluding | 586 |
qualified uranium receipts under division (F)(2)(gg) of this | 587 |
section. The application shall include such information that the | 588 |
tax commissioner prescribes. Within sixty days after receiving the | 589 |
application, the tax commissioner shall certify the zone for that | 590 |
purpose if the commissioner determines that the property qualifies | 591 |
as a uranium enrichment zone as defined in division (F)(2)(gg) of | 592 |
this section, or, if the tax commissioner determines that the | 593 |
property does not qualify, the commissioner shall deny the | 594 |
application or request additional information from the applicant. | 595 |
If the tax commissioner denies an application, the commissioner | 596 |
shall state the reasons for the denial. The applicant may appeal | 597 |
the denial of an application to the board of tax appeals pursuant | 598 |
to section 5717.02 of the Revised Code. If the applicant files a | 599 |
timely appeal, the tax commissioner shall conditionally certify | 600 |
the applicant's property. The conditional certification shall | 601 |
expire when all of the applicant's appeals are exhausted. Until | 602 |
final resolution of the appeal, the applicant shall retain the | 603 |
applicant's records in accordance with section 5751.12 of the | 604 |
Revised Code, notwithstanding any time limit on the preservation | 605 |
of records under that section. | 606 |
(hh) Amounts realized by licensed motor fuel dealers or | 607 |
licensed permissive motor fuel dealers from the exchange of | 608 |
petroleum products, including motor fuel, between such dealers, | 609 |
provided that delivery of the petroleum products occurs at a | 610 |
refinery, terminal, pipeline, or marine vessel and that the | 611 |
exchanging dealers agree neither dealer shall require monetary | 612 |
compensation from the other for the value of the exchanged | 613 |
petroleum products other than such compensation for differences in | 614 |
product location or grade. Division (F)(2)(hh) of this section | 615 |
does not apply to amounts realized as a result of differences in | 616 |
location or grade of exchanged petroleum products or from | 617 |
handling, lubricity, dye, or other additive injections fees, | 618 |
pipeline security fees, or similar fees. As used in this division, | 619 |
"motor fuel," "licensed motor fuel dealer," "licensed permissive | 620 |
motor fuel dealer," and "terminal" have the same meanings as in | 621 |
section 5735.01 of the Revised Code. | 622 |
(3) In the case of a taxpayer when acting as a real estate | 632 |
broker, "gross receipts" includes only the portion of any fee for | 633 |
the service of a real estate broker, or service of a real estate | 634 |
salesperson associated with that broker, that is retained by the | 635 |
broker and not paid to an associated real estate salesperson or | 636 |
another real estate broker. For the purposes of this division, | 637 |
"real estate broker" and "real estate salesperson" have the same | 638 |
meanings as in section 4735.01 of the Revised Code. | 639 |
(K) "Internal Revenue Code" means the Internal Revenue Code | 685 |
of 1986, 100 Stat. 2085, 26 U.S.C. 1, as amended. Any term used in | 686 |
this chapter that is not otherwise defined has the same meaning as | 687 |
when used in a comparable context in the laws of the United States | 688 |
relating to federal income taxes unless a different meaning is | 689 |
clearly required. Any reference in this chapter to the Internal | 690 |
Revenue Code includes other laws of the United States relating to | 691 |
federal income taxes. | 692 |
Section 4. Section 5751.01 of the Revised Code is presented | 733 |
in this act as a composite of the section as amended by both Am. | 734 |
Sub. H.B. 472 and Am. Sub. H.B. 510 of the 129th General Assembly. | 735 |
The General Assembly, applying the principle stated in division | 736 |
(B) of section 1.52 of the Revised Code that amendments are to be | 737 |
harmonized if reasonably capable of simultaneous operation, finds | 738 |
that the composite is the resulting version of the section in | 739 |
effect prior to the effective date of the section as presented in | 740 |
this act. | 741 |