Section 13 Net Operating Loss Modification

• Library: Tax Law 2009

As explained in §6.7 above, for tax years ending on or after July 1, 2002, a taxpayer may use a current year loss to offset additions to federal taxable income on its Missouri income tax return. See § 143.431.5, RSMo Supp. 2007. If a loss is so used, and the same loss is also carried back or carried forward as a part of a net operating loss deduction, the amount of the net operating loss deduction must be modified as provided by § 143.431.4. This subsection was added to § 143.431 in 2004 by S.B. 1394—the...