Section 9 Federal Income Tax Refund

• Library: Tax Law 2009

Under § 143.121.2(a), RSMo Supp. 2007, a corporation is required to add to its federal taxable income the “amount of any federal income tax refund received for a prior year which resulted in a Missouri income tax benefit.” This is similar to the federal “tax benefit rule” of I.R.C. § 111. The Missouri income tax forms do not, however, provide a space for reporting this amount. See Form MO-1120, available at:

http://dor.mo.gov/tax/business/corporate/forms

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