Notice Number:Information Bulletin
Tax Type:Privilege
Brief Description:Privilege Taxation of Financial Institution

Issued By The Kansas Department Of Revenue

RE: Privilege Taxation of Financial Institutions and KSA 79-1106 et seq.

Consolidated Returns.

Privilege filers which file a consolidated federal return and which have all of their business in Kansas may file a consolidated privilege tax return. Application of NOL carry-forwards to consolidated income shall be limited in accordance with the Internal Revenue Code. A corporation which is not a state bank, a national banking association, a trust company, or savings and loan association must be excluded from the consolidation and must file under the corporate income tax statutes.

Short Taxable Years.

If a merger, consolidation, or other event creates short taxable years for a privilege filer, returns must be filed and taxes paid for each of the short taxable years pursuant to KSA 79-1110.

Dated: _______________ _________________________________
Harley T. Duncan
Secretary of Revenue
Kansas Department of Revenue

Date Composed: 10/06/1997 Date Modified: 10/10/2001