Section 27 Federal Income Tax Deduction

• Library: Tax Law 2009

A corporation is allowed a Missouri income tax deduction based on its federal income tax liability. Section 143.171, RSMo 2000. This deduction is 50% of the corporation’s federal income tax liability for the same taxable year, less all credits except the credit for payments of federal estimated tax, the credit for overpayment of any federal tax, the foreign tax credit, and the credit under I.R.C. § 34 for certain gasoline, special fuel, and lubricating oil taxes. Section 143.171.3. The federal alternative...