Missouri Code of State Regulations
Title 12 - DEPARTMENT OF REVENUE
Division 10 - Director of Revenue
Chapter 10 - Financial Institutions
Section 12 CSR 10-10.170 - Method of Computing Federal Income Tax Deduction for Credit Unions and Savings and Loan Associations
Current through Register Vol. 49, No. 18, September 16, 2024
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.
