Section 10 Gross Income
| Library | Tax Law 2009 |
“Gross income” is defined in § 148.040.1, RSMo 2000, to include “all gains, profits, earnings and other income of the taxpayer from whatever sources derived during the income period.” Section 148.040.1 provides two exceptions from this broad definition:
- Dividends received on stock of any other banking institution subject to the Missouri Bank Tax are excluded from gross income. In theory, this prevents multiple taxation of the same income
- Recoveries on bad debts are excluded from gross income to the...
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