Missouri Code of State Regulations — Title 12 (Department of Revenue)
12 CSR 10-10.170
Method of Computing Federal Income Tax Deduction for Credit Unions and Savings and Loan Associations
PURPOSE: This rule establishes the method of computing the federal income tax deduction for credit unions and savings and loan associations.
# (1)
Credit unions and savings and loan associations using an accrual method of accounting to determine net income shall deduct their apportioned share of accrued consolidated federal income tax liability.
# (2)
Credit unions and savings and loan associations 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 union’s or savings and loan association’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 income of the profit members of the consolidated group.
# (4)
Credit unions and savings and loan associations 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.
AUTHORITY: section 148.200, RSMo 1986. Original rule filed Dec.
15, 1987, effective April 11, 1988.
Amendment history
AUTHORITY: section 148.200, RSMo 1986. Original rule filed Dec. 15, 1987, effective April 11, 1988.
Source: view the official PDF
In this chapter (24 sections)
- 12 CSR 10-10.010 · Sales Tax/Bank Tax Credit
- 12 CSR 10-10.020 · Allocation of Bank Tax
- 12 CSR 10-10.030 · Statute of Limitations for Bank Tax
- 12 CSR 10-10.040 · Statute of Limitations for Credit Union and Savings…
- 12 CSR 10-10.050 · Statute of Limitations for Credit Institutions Tax
- 12 CSR 10-10.060 · Multiple Assessments of Credit Unions and Savings…
- 12 CSR 10-10.070 · Extension of Time to File Credit Unions and Savings…
- 12 CSR 10-10.080 · Multiple Assessments of Credit Institutions for a…
- 12 CSR 10-10.090 · Extension of Time to File Credit Institutions Tax…
- 12 CSR 10-10.100 · Multiple Assessments of Banking Institutions for a…
- 12 CSR 10-10.110 · Extension of Time to File Bank Tax Returns
- 12 CSR 10-10.120 · Delinquent Interest Rate for Insurance Premium and…
- 12 CSR 10-10.125 · Income Period
- 12 CSR 10-10.130 · Bank Franchise Tax
- 12 CSR 10-10.135 · Federal Income Tax Deduction
- 12 CSR 10-10.140 · Interest, Additions to Tax and Penalty
- 12 CSR 10-10.145 · Refund of Overpayment of Bank Tax— Refund From Other…
- 12 CSR 10-10.150 · Tax Credits on Bank Tax Return
- 12 CSR 10-10.155 · Bank Tax/Sales Tax Credit
- 12 CSR 10-10.160 · Neighborhood Assistance Credit (NAC)
- 12 CSR 10-10.165 · Method of Computing Federal Income Tax Deduction for…
- 12 CSR 10-10.170 · Method of Computing Federal Income Tax Deduction for…
- 12 CSR 10-10.175 · Personal Property Tax Credits—Definition,…
- 12 CSR 10-10.180 · Interest Earned by Banking Institutions From the…