General Instructions-Credit Institution Tax Return
ADVERTISEMENT
1
2
3GENERAL INSTRUCTIONS — CREDIT INSTITUTION TAX RETURN
RSMo 148.120 – 148.230
This information is for guidance only and does not state the complete law.
credit, goods, or things in action, or in the buying, selling or
1. FILE RETURN ON OR BEFORE APRIL 17 (tax becomes delinquent
discounting of, or investing in, negotiable or non‑negotiable
after this date and is subject to interest). Make check or money
instruments given as security for or in payment of the purchase price
order payable to Missouri Department of Revenue. Mail to: Missouri
of consumer goods exercising such franchise within the State of
Department of Revenue, P.O. Box 898, Jefferson City, Missouri
Missouri, but shall not include real estate mortgage loan companies,
65105‑0898.
banks, trust companies, credit unions, insurance companies, mutual
An extension of time to file this return may be obtained from the
savings and loans associations and savings and loan associations.
Department of Revenue upon written request. Such request should
3. CREDIT INSTITUTION TAX RETURN — If any taxpayer shall operate
indicate the extension period requested, the reason for the request
more than one office in Missouri, the taxpayer shall file one return
and must be accompanied by a tentative return and payment for the
giving the address of each such office and allocating to each office
estimated tax due. An extension of time to file the return does not
its share of the net income of the taxpayer in the ratio that the gross
extend the time for payment of the tax. An extension of time may not
receipts of that office bears to the total gross receipts of the taxpayer.
exceed 180 days from the due date (April 17) pursuant to Regulation
12 CSR 10‑10.090.
4. COUNTY CODE — Enter your three digit county code of the principal
place of your institution from the list provided at the end of these
2. WHO MUST FILE?
instructions.
Every person, firm, partnership, or corporation engaged principally in
the consumer credit or loan business in the making of loans of money,
SPECIFIC INSTRUCTIONS FOR COMPLETION OF THIS RETURN
Line 1.
Taxpayers that are members of an affiliated group filing a
An accrual basis taxpayer that is a member of an affiliated
consolidated federal income tax return shall compute federal
group filing a consolidated Missouri income tax return shall
taxable income as if a separate federal tax return had been
allocate a portion of the consolidated Missouri income tax
filed. A pro forma federal return or appropriate schedules should
liability for the year by multiplying such liability by a fraction,
then be attached together with a copy of pages 1 through 4 of
the numerator of which is the separate Missouri taxable in come
the consolidated federal income tax return.
of such member, and the denominator of which is the sum of
the separate Missouri taxable incomes of all members having
Line 2.
Enter all income received on state and/or political subdivision
Missouri taxable income for the year.
obligations excluded from the federal return. This income is
taxable on this return. Explain if different from tax‑exempt
A cash basis taxpayer that is a member of an affiliated group
interest shown on the federal return.
filing a consolidated Missouri income tax return shall allocate
each component of the consolidated Missouri income tax paid
Line 3.
Enter all income received on federal securities excluded from the
(or refunded) during the year by multiplying each component
federal return (e.g., non‑taxable portion Federal Reserve Bank
by a fraction, the numerator of which is the separate Missouri
dividends). This income is taxable on this return.
taxable income of such member for the applicable year, and
the denominator of which is the sum of the separate Missouri
Line 4.
Enter the charitable contribution deduction claimed on the
taxable incomes of all members having Missouri taxable income
federal return.
for the applicable year.
Line 5.
Enter the bad debt claimed on the federal return or any
In the computation of separate Missouri taxable income, each
additions to a bad debt reserve claimed as a de duc tion on
member of a group filing a consolidated Missouri income tax
the federal return. (The reserve method is not a permissible
return shall start with its separate federal taxable income as
method on this return.) In the appropriate box, indicate the bad
computed pursuant to the method applicable to the group
debt method used on the federal return.
under Treasury Regulation 1.1552‑1. The amount of the federal
income tax deduction of each member under Section 143.171.1,
Line 6.
Enter the excess, if any, of recoveries of bad debts previously
RSMo, shall be that portion of the actual federal consolidated
charged off over current year charge offs. Attach schedule of
income tax liability of the group as is required to be allocated
bad debt computation.
to such member under Internal Revenue Code Section 1552
without regard to any additional allocations under Treasury
Line 7.
Enter any Missouri Credit Institution tax deducted on the federal
Regulation 1.1502‑33(d).
return. This is not an allowable deduction on this return.
Line 9.
Enter deductions claimed on the federal return which are not
Line 8.
Enter here and on Line 19 taxes to be claimed as credits on
allowable on this return and income not included on the federal
this return. All taxes paid directly to the State of Missouri or any
return which is required to be included on this return (attach
political subdivision thereof are eligible except taxes on real
schedule). The environmental tax under Section 59A of the
estate, unemployment taxes, credit institution tax, and taxes on
Internal Revenue Code must be added back to income.
tangible personal property owned by the taxpayer and held for
lease or rental to others. Show detail on Schedule A.
Line 10.
Enter the total of Lines 1 through 9.
Attach schedule of taxes deducted on federal Form 1120,
Line 11.
Enter the excess, if any, of bad debt charge offs over current
Line 17 or Form 1120S, Line 12 or Form 1065, Line 14 or
year recoveries. Attach schedule of bad debt computation.
Schedule C, Line 23 for verification purposes.
DOR‑2823‑Instructions (10‑2011)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial