Section 9 Preceding Year?s Net Income

LibraryTax Law 2009

The income-based component of the Missouri Bank Tax is based on the “net income for the income period.” Section 148.030.2(2), RSMo 2000. ‘“Net income’ means gross income as defined in subsection 1 of this section minus the deductions allowed in subsection 3 of this section.” Section 148.040.2, RSMo 2000. It must be emphasized that the time period covered by the return and the net-income time period differ. By definition, the Missouri Bank Tax is “an annual tax for the...

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