Mo. Code Regs. tit. 12 § 10-10.165

Current through Register Vol. 50, No. 1, January 2, 2025

Section 12 CSR 10-10.165 - Method of Computing Federal Income Tax Deduction for Credit Institutions

PURPOSE: This rule establishes the method of computing the federal income tax deduction for credit institutions.

(1) Credit institutions using an accrual method of accounting to determine net income shall deduct their apportioned share of accrued consolidated federal income tax liability.

(2) Credit institutions using a cash basis method of accounting to determine net income shall deduct their apportioned share of consolidated federal income tax liability paid.

(3) The credit institution's apportioned share of consolidated federal income tax liability shall be determined by use of a fraction, the numerator of which is the taxpayer's taxable income computed as if a separate federal return were filed and the denominator of which is the total separate taxable incomes of the profit members of the consolidated group.

(4) Credit institutions which do not file a consolidated return for federal income tax purposes shall deduct accrued federal income tax liability, unless a cash basis method of accounting is used to determine net income.

12 CSR 10-10.165

AUTHORITY: section 148.200, RSMo 1986.* Original rule filed Dec. 15, 1987, effective April 11, 1988.

*Original authority: 148.100, RSMo 1945.