(ar) "Internal Revenue Code" means the federal Internal Revenue 6
Code, as amended, and applicable federal regulations adopted by the federal 7
department of the treasury.".
70.375 (4m) Generally accepted accounting principles.
Except as otherwise 11
provided under this section, a person subject to the tax imposed under sub. (2), shall 12
use generally accepted accounting principles to determine the person's net proceeds 13
occupation tax liability under this section.".
(g) (intro.) The board may distribute the revenues received under 7
sub. (1e) or proceeds thereof in accordance with par. (h) for the following purposes, 8with a preference to private sector economic development projects under subd. 3.,
the board determines necessary:
(g) 3. Studies and projects for local private sector economic 12