Sec. 36-126.4. Definitions.
For the purposes of this ordinance, unless otherwise required by the context:
(a) Affiliated group.
(1) One or more chains of includable corporations connected through stock ownership with a common parent corporation which is an includable corporation if:
a. Stock possessing at least eighty percent (80%) of the voting power of all classes of stock and at least eighty percent (80%) of each class of the nonvoting stock of each of the includable corporations, except the common parent corporation, is owned directly by one or more of the other includable corporations.
b. The common parent corporation directly owns stock possessing at least eighty percent (80%) of the voting power of all classes of stock and at least eighty percent (80%) of each class of the nonvoting stock of at least one of the other includable corporations. As used in this section, the term "stock" does not include nonvoting stock which is limited and preferred as to dividends. The term "includable corporation" means any corporation within the affiliated group irrespective of the state or country of its incorporation; and the term "receipts" includes gross receipts and gross income.
(2) Two or more corporations if five or fewer persons who are individuals, estates or trusts own stock possessing:
a. At least eighty percent (80%) of the total combined voting power of all classes of stock entitled to vote or at least eighty percent (80%) of the total value of shares of all classes of the stock of each corporation.
b. More than fifty percent (50%) of the total combined voting power of all classes of stock entitled to vote or more than fifty percent (50%) of the total value of shares of all classes of stock of each corporation, taking into account the stock ownership of each such person only to the extent such stock ownership is identical with respect to each such corporation.
(3) When one or more includable corporations, including the common parent corporation is a nonstock corporation, the term "stock" as used in this section shall refer to the nonstock corporation membership or membership voting rights, as is appropriate to the context.
(b) Assessment: a determination as to the proper rate of tax, the measure to which the tax rate is applied, and ultimately the amount of tax, including additional or omitted tax, that is due. An assessment shall include a written assessment made pursuant to notice by the assessing official or a self-assessment made by the taxpayer upon the filing of a return or otherwise not pursuant to notice. Assessments shall be deemed made by an assessing official when a written notice of assessment is delivered to the taxpayer by the assessing official or an employee of the assessing official, or mailed to the taxpayer at his last known address. Self-assessments shall be deemed made when a return is filed.
(c) Assessor and assessing official: the City of Lynchburg's commissioner of the revenue.
(d) Base year: except for contractors subject to the provisions of Virginia Code Section 58.1-3715, or successor section, the preceding year's gross receipts on a cash or accrual basis for either the fiscal year or the calendar year used by the business; provided, that the year and method employed shall also coincide with the year and method used for federal and state income tax purposes.
(e) Business: a course of dealing which requires the time, attention and labor of the person so engaged for the purpose of earning a livelihood or profit. It implies a continuous and regular course of dealing, rather than an irregular or isolated transaction. A person may be engaged in more than one business. The following acts shall create a rebuttable presumption that a person is engaged in a business: (i) advertising or otherwise holding oneself out to the public as being engaged in a particular business; or (ii) filing tax returns, schedules and documents that are required only of persons engaged in a trade or business.
(f) Commissioner: the City of Lynchburg's commissioner of the revenue.
(g) Definite place of business: an office or a location at which occurs a regular and continuous course of dealing for thirty (30) consecutive days or more. A definite place of business for a person engaged in business may include a location leased or otherwise obtained from another person on a temporary or seasonal basis. A person's residence shall be deemed to be a definite place of business if there is no definite place of business maintained elsewhere and the person is not licensable as a peddler or itinerant merchant.
(h) License year: the calendar year for which a license is issued for the privilege of engaging in business.
(i) Person: includes individuals, firms, partnerships, associations, corporations and combinations of individuals of whatever form or character, including any trustee, receiver, assignee or personal representative thereof carrying on or continuing a business, profession, trade, service or occupation. (Ord. No. O- 96-319, 12-10-96, eff. 1-1-97)
Last updated date: 10/23/2006 4:15:21 PM