A resident business is a business entity having an office, operation, or business site within the City. If the owner is a resident and the business is a resident , then all income is subject to tax, regardless of where the work was performed. If the owner is a resident and the business is a non-resident , all income is subject to tax, regardless of where the work was performed. If the o wner is a non-resident and the business is a resident , then only income earned for work performed in the City is taxable. If the owner and the business are both non-resident , then only income earned on work performed in the City is taxable 5.
Capital losses are non-deductible.
A Corporation or Partnership must carry forward the loss and can offset it against its future taxable income for up to five years. For Unincorporated businesses, if you operate more than one Oxford business, a net operating loss can be used to offset profits from any other type of Oxford business you operate. The remainder of the loss that could not be offset to other business profits can be carried forward to be used as a future offset for up to five years. Net operating losses cannot be used to offset wages. Yes, you may combine the results on one Form BR .