Missouri Code of State Regulations
Title 12 - DEPARTMENT OF REVENUE
Division 10 - Director of Revenue
Chapter 2 - Income Tax
Section 12 CSR 10-2.090 - Computation of Federal Income Tax Deduction for Consolidated Groups
Universal Citation: 12 MO Code of State Regs 10-2.090
Current through Register Vol. 49, No. 18, September 16, 2024
PURPOSE: 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.
*Original authority: 143.961, RSMo 1972.
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