Form Int-3 - Missouri Savings & Loan Association Building & Loan Association Tax Return - 2014 Page 3
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4Missouri Department of Revenue
General Instructions - 2014 Savings and Loan Return
Section 148.610
–
148.710, RSMo
This information is for guidance only and does not state the complete law.
INT-3) must be completed
The 2014 Savings and Loan Return
(Form
If any association operates more than one office or branch in
and filed by April 15, 2015. The tax is based upon the taxpayer’s net
Missouri, the association shall file one return. The association
income for the 2014 calendar year. An extension of time for filing
must complete the Financial Institution Tax Schedule B
(Form
2331), listing the address of each office or branch and showing the
this return may be granted by the Director of Revenue. When an
extension is granted, the taxpayer is required to pay, as part of any
total dollar amount of savings accounts, deposits and repurchase
tax due, interest thereon at the rate determined by
Section 32.065,
agreements of each office or branch and the total for the association.
RSMo, from the day when such return should have been filed, if no
If an association has an office or offices outside Missouri, the total
such extension had been granted. Visit the Department’s website
of the dollar amount of deposits and accounts at an office or offices
at
to obtain the annual interest rate.
outside Missouri shall be excluded in determining the total deposits
12 CSR
10-10.070, an extension of time may
Pursuant to Regulation
and accounts of the taxpayer. Schedule B must be completed and
not exceed 180 days from the due date of April 15.
submitted with the Savings and Loan Tax Return.
Review the state law prior to the completion of this tax return, since
All savings and loan associations must complete this tax return
the Internal Revenue Code and the state law differ in the accounting
reflecting their total business activities from all sources. Savings
for various transactions. A copy of your Federal Form 1120 or 1120S
and loan associations conducting business in multiple states should
must be attached to the Missouri Savings & Loan Tax Return.
refer to the instructions for Line 16.
Instructions
County Code - Enter your three digit county code of the principal
Line 8
Enter deductions claimed on the federal return which
place of your institution from the list provided at the end of these
are not allowable on this return and income not included on the
federal return which is required to be included on this return. Attach a
instructions.
detailed schedule.
Part I
Line 1
Enter the amount of taxable income (loss) from Federal
Line 9
Enter the total of Lines 1 through 8.
Form 1120, Line 28, before any net operating loss deduction or
Part II
special deduction is applied, or Federal Form 1120S, Line 21.
Line 10 Enter the amount of actual bad debt charge offs.
Line 2
Enter all income received from state and political
Line 11 Enter the current year deduction for federal income taxes.
subdivision obligations excluded on the federal return. Explain if
The current year deduction will be the amount actually accrued
different from tax-exempt interest shown on the federal return.
(if an accrual basis taxpayer) or paid (if a cash basis taxpayer)
Line 3
Enter all income received from federal government
during the year. Accrual basis taxpayers that are members of an
se cur i ties excluded from the federal return.
affiliated group filing a consolidated federal income tax return shall
allocate its consolidated federal tax liability among the members
Line 4
Enter the bad debt claimed on the federal return or any
of the group for the year by using the method elected to allocate
additions to a bad debt reserve claimed as a de duc tion on the
earnings and profits by the group under Internal Revenue Code
federal return. (The reserve method is not a permissible method on
Section 1552, without regard to any additional allocations under
this return.) In the appropriate box, indicate the bad debt method
Treasury Regulation 1.1502-33(d). If no election was made, the
used on the federal return.
taxpayer shall allocate according to Section 1552(a)(1), IRC.
Line 5
Enter the excess, if any, of recoveries of bad debts
Cash basis taxpayers that are members of an affiliated group
previously charged off over current year’s charge offs. Attach
filing a consolidated federal income tax return shall allocate the
schedule of bad debt computation.
consolidated tax paid or refunded during the year by using the method
Line 6
Enter the amount of Missouri Savings and Loan tax
elected to allocate earnings and profits by the group under Internal
(imposed by Chapter 148, RSMo) deducted on the federal return.
Rev e nue Code Section 1552 for the applicable year without
regard to any additional allocations under Treasury Regulation
Line 7
Enter the total credits from Schedule A of this return. The
1.1502-33(d). If no election was made, the taxpayer shall allocate
amount of taxes claimed as a deduction on the federal return but
according to Section 1552(1)(1), IRC.
claimed as a credit on Line 17 of this return includes all taxes paid
directly to the State of Missouri or any political subdivision thereof,
Line 12 Enter the amount of charitable contributions actually made
except taxes on tangible personal property owned by the taxpayer
in excess of the amount allowed, if any, on the federal return. Attach
and held for lease or rental to others, contributions paid pursuant to
a schedule of charitable con tri bu tions if not included with the federal
the unemployment compensation law of Missouri, real estate taxes,
return.
social security taxes, sales and use taxes and taxes imposed by
Line 13 Enter the total amount of any deduction claimed on this
this law. Explain the difference, if any, between the amount shown
return and not included on the federal return. These deductions
on Line 7 of this return and the federal return. Please submit the
must be itemized on a schedule attached to this return.
schedule of taxes deducted on the federal return for verification
purposes. The savings and loan assessment fee is not an allowable
Line 14 Enter the total amount of Lines 10, 11, 12, and 13.
credit. The annual registration fee is not an allowable credit because
Line 15 Subtract Line 14 from Line 9 and enter net amount. If
it is not a tax.
“loss”, indicate by brackets “( )” and enter “none” on Line 16.
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