Privilege Taxation of Financial Institution
Issued By The Kansas Department Of Revenue
Privilege Taxation of Financial Institutions and KSA 79-1106 et seq.
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
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