Mo. Code Regs. tit. 12 § 10-2.090
Current through Register Vol. 49, No. 18, September 16, 2024
Section 12 CSR 10-2.090 - Computation of Federal Income Tax Deduction for Consolidated GroupsPURPOSE: This amendment updates, among other things, section references in (1)(A) and RSMo authority year.
(1) For each taxable year an affiliated group of corporations filing a federal consolidated income tax return does not file a Missouri consolidated income tax return, the federal income tax deduction of a member of the affiliated group shall be determined by applying the formula set forth as follows:(A) The group's consolidated federal income tax liability under Chapter 1 of the Internal Revenue Code (IRC) for the same taxable year for which the Missouri return is being filed after reduction for all credits on the return, except for the credit for the overpayment of any federal tax and the credits allowed by the IRC of 1986 by Section 31 (tax withheld on wages), Section 27 (taxes of foreign countries and possessions of the United States) and Section 34 (certain uses of gasoline and special fuels) shall be multiplied by a fraction, the numerator of which shall be the federal taxable income of the member in question and the denominator of which shall be the sum of the federal taxable incomes of each member of the consolidated group with a positive federal taxable income; and(B) The product computed in subsection (1)(A) shall be multiplied by the apportionment factor of the member in question calculated under section 143.455, RSMo, or such other apportionment factor as is computed under the apportionment method applicable to the member in question. AUTHORITY: section 143.961, RSMo 1986.* Original rule filed Feb. 24, 1984, effective June 11, 1984. Amended: Filed Aug. 17, 1984, effective Dec. 13, 1984. Amended by Missouri Register April 15, 2024/volume 49, Number 08, effective 5/31/2024.*Original authority: 143.961, RSMo 1972.