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examination by the assessor in order to allow the assessor to <br /> establish whether a particular receipt is directly attributable to the <br /> taxable privilege exercised within this Jurisdiction. The assessor <br /> shall provide the taxpayer with the option to conduct the audit in the <br /> taxpayer's local business office, if the records are maintained there. <br /> In the event the records are maintained outside this Jurisdiction, <br /> copies of the appropriate books and records shall be sent to the <br /> assessor's office upon demand. <br /> <br /> E. Exclusions and deductions from "gross receipts., <br /> <br /> (a) General Rule. Gross receipts for license tax purposes <br />shall not include any amount not derived from the exercise of the <br />licensed privilege to engage in a business or profession in' the <br />ordinary course of business Or profession. <br /> <br /> (b) The following items shall be the excluded from gross <br />receipts: <br /> <br /> (1) Amounts received and paid to the United States, the <br />Commonwealth or any county, city or town for the Virginia retain sales <br />or use tax, or for any local sales tax or any local exercise tax on <br />cigarettes, for any federal or state excise taxes on motor fuels. <br /> <br /> (2) Any amount representing the liquidation of a debt or <br />conversion of another asset to the extent that the amount is <br />attributable to a transaction previously taxed (e.g., the factoring of <br />accounts receivable created by sales which have been included in <br />taxable receipt even though the creation of such debt and factoring <br />are a regular part of its business). <br /> <br /> (3) Any amount representing returns and allowances granted <br />by the business to ~ts customer. <br /> <br /> (4) Receipts which are the proceeds of a loan transaction <br />in which the licensee is the obligor. <br /> <br /> (5) Receipts representing the return of principal of a loan <br />transaction in which the licensee is the creditor, or the return of <br />principal or basis upon the sale of a capital asset. <br /> <br /> (6) Rebates and discounts taken or received on account of <br />purchases by the licensee. A rebate or other incentive offered to <br />induce the recipient to purchase certain goods or services from a <br />person other than the offeror, and which the recipient assigns to the <br />licensee in consideration of the sale of goods and services shall not <br />be considered a rebate or discount to the licensee, but shall be <br />included in the licensee's gross receipts together with any handling <br />or other fees related to the incentive. <br /> <br />11 <br /> <br /> (7) Withdrawals from inventory for which no consideration <br /> is received and the occasional sale or exchange of assets other than <br /> inventory, whether or not a gain or loss is recognized for federal <br /> income tax purposes. <br /> <br /> (8) Investment income not directly related to the privilege <br /> exercised by a licensable business not classified as rendering <br /> financial services, The exclusion shall apply to interest on bank <br /> accounts of the .business, and to~.interest, dividends and other income <br /> derived from the investment of its own funds in securities and other <br /> types of investments related to the licensed privilege. This <br /> exclusion shall not apply to interest, late fees and similar income <br /> attributable to an installment sale or other transaction that.occurred <br /> in the regular course of business. <br /> <br /> F. Rates of license taxes. <br /> <br /> Except as may be specifically otherwise provided by <br /> ordinance or other law, the annual license tax imposed hereunder shall <br /> be thirty dollars, or the rate sot forth below for the class of <br /> enterprise listed, whichever is greater. <br /> <br /> 1. For contractors and persons constructing for their own <br />account for sale, ten cents per $100 of gross receipts; <br /> <br /> 2. For retailers, twenty cents per $100 Of gross receipts; <br /> <br /> 3. For financial, real estate and professional services, <br />fifty-eight cents per $100 Of gross receipts; <br /> <br /> 4. For repair, personal and business services and all other <br />businesses and occupations not specifically listed or exempted in this <br />ordinance or otherwise by law, thirty-six cents per $100 of gross <br />receipts; <br /> <br /> 5. For wholesalers, five cents per $100 of purchases [see <br />~58.1-3716 of the Code of Virginia for limitations]; <br /> <br /> 6, For carnivals, circuses and speedways, $150 for each day <br />a performance is held in this Jurisdiction [see 558.1-3728 of the Code <br />of Virginia for limitations]; <br /> <br /> 7. For fortune. tellers, clairvoyants and practitioners of <br />palmistry, $1000 per year; <br /> <br /> 8. For itinerant merchants or peddlers, $50 per year [see <br />limitation in'§58.1-3717 of the Code of Virginia]; <br /> <br /> 9. For savings and loan associations and credit unions, <br />per year; and <br /> <br />12 <br /> <br /> <br />