Section 45IAC17-4-1. Resident state chartered credit unions

   (a) State chartered credit unions incorporated in Indiana are subject to the FIT. (See 45 IAC 7-2.) For purposes of computing the adjusted gross income of the credit union, adjusted gross income equals the total transfers to undivided earnings, minus dividends for that taxable year after statutory reserves are set aside under IC 28-7-1-24. In other words, adjusted gross income can be defined as net transfers to undivided earnings. No other deductions are permitted.

  (b) A resident taxpayer's income is not apportioned to other states. Therefore, the taxpayer's adjusted gross income equals all of the taxpayer's adjusted gross income from whatever source derived.

  (c) For purposes of computing the FIT liability, the adjusted gross income of the credit union is multiplied by the FIT rate.

  (d) A copy of the Year End Call Report submitted to the National Credit Union Association must be included when filing the annual tax return. (Department of State Revenue; 45 IAC 17-4-1; filed Jan 22, 1991, 4:55 p.m.: 14 IR 1220)