Mo. Code Regs. Ann. tit. 12, § 10-10.180 – Interest Earned by Banking Institutions From the Resolution Funding Corporation and the Financial Corporation

PURPOSE: This rule clarifies the taxability of interest earned by banking institutions from Resolution Funding Corporation and the Financial Corporation.

(1) Interest earned by banking institutions from the Resolution Funding Corporation and the Financial Corporation must be included as gross income pursuant to section 148.040.2., RSMo.
(2) The interest earned from the Resolution Funding Corporation and the Financial Corporation shall be reported during the relevant income period in which the interest is earned.
(3) The interest earned by banking institutions from the Resolution Funding and the Financial Corporations shall be reported as income pursuant to section 148.030.2(2), RSMo.

AUTHORITY: section 148.100, RSMo 1986*. Original rule filed April 1, 1992, effective Sept. 6, 1992.

*Original authority: 148.100, RSMo 1945.