General Instructions-Bank Franchise Tax Return (Page 2 of 3) in pdf

A cash basis taxpayer that is a member of an affiliated group filing a

Line 17.

Subtract Line 16 from Line 15 and enter amount.

consolidated Missouri income tax return shall allocate each component

Line 18.

Multiply the taxable income amount on Line 17 by 7% and enter

of the consolidated Missouri income tax paid (or refunded) during the

amount. If Line 10 includes income from business activity both within

year by multiplying each component by a fraction, the numerator of

and without the State of Missouri from offices or branches located in

which is the separate Missouri taxable income of such member for

such state, the taxpayer may be eligible to apportion the tax. These

the applicable year, and the denominator of which is the sum of the

taxpayers shall complete Form 4347, Apportionment Schedule Bank

separate Missouri taxable incomes of all members having Missouri

Franchise Tax and attach to this return.

income for the applicable year.

Line 19A. Enter the Bank Franchise Tax from Line 7A Schedule BF.

In the computation of separate Missouri taxable income, each member

of a group filing a consolidated Missouri income tax return shall start

Line 19B. Enter the amount from Line 8.

with its separate federal taxable income as computed pursuant to the

Line 20A. Enter the amount of tentative payment (if applicable).

method applicable to the group under Treasury Regulation 1.1552‑1.

The amount of the federal income tax deduction of each member under

Line 20B. Enter overpayment of previous year’s tax.

Section 143.171.1, RSMo, shall be that portion of the actual federal

consolidated income tax liability of the group as is required to be

Line 20C. Enter the amount of tax credits claimed from the list on the following

page. Attach a schedule listing the amounts for each tax credit. A

allocated to such member under Internal Revenue Code Section 1552

copy of the approved authorization must be attached to the return.

without regard to any additional allocations under Treasury Regulation

See Section 148.064.1, RSMo, for ordering of tax credits. Tax credits

1.1502‑33(d).

can only be used once.

Sales tax paid to check printer(s) on checks the bank sold to its

cus tomers is not an allowable credit.

Line 20D. Enter approved Enterprise Zone Credit claimed. Attach copy of

approval from Department of Economic Development or credit will be

The annual registration fee is not an allowable credit because it is

disallowed.

considered a fee and not a tax.

Attach schedule of taxes deducted on Line 17, federal

Compute allowable Enterprise Zone Credit as follows, whichever

Form 1120 or federal Form 1120S, Line 12, for verification

method is greater. However, the same method must be used for both

purposes.

taxes.

Seven percent (7%) calculation for Line 20D: Taxable Income Line 17

Line 9.

Enter deductions claimed on the federal return which are not allowable

multiplied by percentage in second paragraph of Certification of Eligibility

on this return and income not included on the federal return which

multiplied by 7% OR tax liability on Line 18 less Lines 19A and 19B

is required to be included on this return. (Attach schedule.) The

multiplied by the percentage shown which may be used to offset the tax.

environmental tax under Section 59A of the Internal Revenue Code

Schedule BF calculation for Line 7B: Total assets shown on Line 6A

must be added back to income. Any gain from the complete liquidation

or 6B multiplied by percentage in second paragraph of Certification of

of another corporation that is not recognized because of Section 332 of

Eligibility multiplied by .00027 OR tax liability on Line 7A multiplied by

the Internal Revenue Code must be added to income.

the percentage shown which may be used to offset the tax.

Line 10.

Enter the total of Lines 1 through 9.

Line 20E. The Bank Franchise Tax Credit is equal to 1/60th of one percent

Line 11.

Enter the excess, if any, of bad debt charge offs over current

(.000167) of the amount entered on Line 6A or 6B of Schedule BF, if

year recoveries. Attach schedule of bad debt computation.

Line 6A or 6B exceeds one million dollars. Compute the total available

Bank Franchise Tax Credit and enter in the box provided. Enter the

Line 12.

Enter the relevant income period deduction for federal income taxes.

amount claimed on this return on Line 20E. Any unused credit may be

The relevant income period deduction will be the amount actually

applied to the corporate income tax liability. Enter the amount to be

accrued (if an accrual basis taxpayer) or paid (if a cash basis taxpayer)

transferred to corporate income tax in the box provided.

during the income period.

Line 21.

Subtract Lines 19A and 19B from Line 18. Amount shall not be less

A taxpayer that is a member of an affiliated group of corporations

than zero. Subtract Lines 20A through 20E from result above and enter

which filed a consolidated federal income tax return shall determine its

amount.

deduction for, or its gross income in respect of federal income taxes paid

or accrued during the income period to the United States as if it and all

Line 22A. Calculate interest for period which tax payment is delinquent. Interest

other members of the affiliated group of which it was a member had filed

is calculated from the due date of April 17 through date of payment at

separate federal income tax returns for all relevant income periods.

the annual rate. The annual interest rate can be obtained from the

Department’s web site at:

Line 13.

Enter the total amount of any deduction claimed on this return and not

included on the federal return. These deductions must be itemized on a

Line 22B. Compute additions to tax, if applicable, and enter on Line 22B. A.

schedule attached to this return.

For failure to pay by the due date — multiply Line 21 by 5%; or B. For

failure to file your return by the due date — multiply Line 21 by 5% for

Banks that are required to recapture bad debt reserve to income

each month late, not to exceed 25%.

pursuant to 26 USC § 585 should include the dollar amount recaptured

to income on Line 13.

Line 23.

Enter the total of Lines 21, 22A, and 22B.

Line 14.

Enter the total of Lines 11 through 13.

Line 24.

Enter the amount shown on Line 7I Schedule BF.

Line 15.

Subtract Line 14 from Line 10 and enter amount. If “loss”, indicate by

Line 25.

Enter the total of Lines 23 and 24. If a balance due, submit this

brackets “( )” and enter “none” on Line 18.

amount.

Line 16.

Enter the charitable contribution deduction claimed on this return.

The contribution deduction is limited to 5% of taxable income before

the contribution deduction. Contribution carryover from prior year’s

allow ance on federal return is not allowable on this return. Attach

charitable contribution schedule for verification purposes.

INT-2-Instructions (10-2011)

General Instructions-Bank Franchise Tax Return Page 2

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