§ 5.48.020. Definitions.

A.

The definitions contained in SMC 5.30 shall be fully applicable to the provisions of this chapter unless otherwise expressly defined in this chapter.

B.

"Gross income" means the value proceeding or accruing from the sale of tangible property or service, and receipts (including all sums earned or charged, whether received or not), by reason of the investment of capital in the business engaged in, including rentals, royalties, fees or other emoluments, however designated (excluding receipts or proceeds from the use or sale of real property or any interest therein, and proceeds from the sale of notes, bonds, mortgages or other evidences of indebtedness, or stocks and the like) and without any deduction on account of the cost of the property sold, the cost of materials used, labor costs, interest or discount paid, or any expense whatsoever, and without any deduction on account of losses, including the amount of credit losses actually sustained by the taxpayer whose regular books or accounts are kept upon an accrual basis.

(Ord. 120794 § 119, 2002; Ord. 120668 § 18, 2001: Ord. 120182 §§ 1, 2, 2000; Ord. 120181 § 97, 2000; Ord. 118397 § 84, 1996; Ord. 118315 § 2, 1996: Ord. 117401 § 1, 1994; Ord. 117169 § 44, 1994; Ord. 116955 § 1, 1993: Ord. 115908 § 2, 1991; Ord. 115756 § 1, 1991: Ord. 113690 § 5, 1987: Ord. 112111 § 1, 1985: Ord. 112022 § 1, 1984: Ord. 110274 § 1, 1981: Ord. 102620 § 1, 1973: Ord. 62662 § 2, 1932.)