Why do destination sales or involvement in interstate commerce make my corporation liable for franchise tax, even though my corporation may be exempt with the Secretary of States Office?
All domestic corporations and all foreign corporations engaged in business (such as having destination sales) or likewise qualified to do business (registered with the Secretary of State’s Office) must file and/or pay franchise tax. For corporations having assets employed both within and without Missouri, Missouri destination sales are reported as accounts receivable on Schedule MO-FT. If exact figures for Missouri receivables are not kept in the books and records of the taxpayer, the taxpayer may multiply its Missouri destination sales percentage by its total accounts receivable.
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