Section 17 Special Tax Treatment for Banks Electing Subchapter S Status and Their Shareholders

LibraryTax Law 2009

In 1998, the banks’ concern about the unequal treatment of Subchapter S banks under the franchise tax regime was partially addressed. The passage of § 148.031, now RSMo 2000, provided a means to give Subchapter S banks rough tax parity with banks that had not elected Subchapter S status, but only for the purpose of calculating the bank tax. This was accomplished by permitting the Subchapter S banks a pro forma deduction for the federal income taxes and a tax credit for state income taxes and other taxes...

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