Oklahoma Nonresident Fiduciary Income Tax Forms And Instructions

Line by Line Instructions

allowable is the amount so computed minus Federal

Federal Amount column:

depletion claimed. If Oklahoma options are exercised

Enter the Federal distribution deduction, less amounts

the Federal depletion not used due to 65% limit may not

attributed to interest on U.S. obligations and Oklahoma

be carried over. A complete schedule by property must

depletion. Add to the distribution deduction amounts

be furnished.

attributed to state and municipal bond interest or other

additions.

Note: Major oil companies, as defined in Title 52 O.S. Section 288.2,

when computing Oklahoma depletion shall be limited to 50% of the

Oklahoma Amount column:

net income (computed without the allowance for depletion) from each

property.

Enter the net amount of Oklahoma income distributed.

Lease bonus received is considered income subject to

Complete page 2, part 2 for all Oklahoma resident

depletion. If depletion is claimed on a lease bonus and

beneficiaries and for those nonresident beneficiaries for

no income is received as a result of non-producing

whom the tax is not being paid at the trust level.

properties, upon expiration of the lease, such depletion

must be restored on Form 513NR line 11, in the year

Line 19 - Oklahoma Income Percentage

the lease expires.

Divide line 18 by 18a, but do not enter more than 100%,

to arrive at the applicable percentage that Oklahoma

Oklahoma Amount column:

adjusted total income represents of all Federal total

Enter that part of the “Federal Amount” column that

income received by the taxpayer in the tax year. The

represents additional depletion only from Oklahoma

Oklahoma Income Percentage shall be multiplied by the

properties, the net income of which is included in the

amount of tax from the tax table in order to determine

“Oklahoma Amount” column above.

the amount of income tax which must be paid to the

State of Oklahoma.

Oklahoma Capital Gain Deduction

Federal Amount column:

Line 20 - Interest, Taxes, Fiduciary Fees,

Taxpayers can deduct qualifying gains receiving capital

Attorney, Accountant and Return Preparer Fees:

treatment which are included in Federal taxable income.

Enter the amount claimed on the Federal return less the

“Qualifying gains receiving capital treatment” means the

amounts applicable to interest on U.S. obligations. Add

amount of the net capital gains, as defined under the

to the deductions amounts attributed to state and

Internal Revenue Code Section 1222(11). The qualifying

municipal bond interest or other additions. Use the

gain must:

fiduciary, attorney, accountant and return preparer fees

1) Be earned on real or tangible personal property

so computed minus any amounts used on the Okla-

located within Oklahoma that you have owned

homa Estate Tax Return, Form 454. On estates, furnish

for at least five uninterrupted years prior to the

a waiver stating that fees were not deducted on the

date of the sale.

Oklahoma Estate Tax Form 454.

2) Be earned on the sale of stock or ownership

interest in an Oklahoma company, limited

Line 21 - Federal Estate Tax Deductions,

liability company, or partnership where such

Charitable Income Distribution & Other Deductions:

stock or ownership interest has been owned by

Enter the amount claimed on Federal return less the

you for at least three (two for individuals)

amounts applicable to interest on U.S. obligations. Add

uninterrupted years prior to the date of the sale.

to the deduction amounts attributed to state and munici-

Form 561NR-F is used to determine the Oklahoma

pal bond interest or other additions.

Capital Gain Deduction. Enter the amount from Form

561NR-F, Line 10, Federal Amount column. Enclose

Line 22 - Exemption:

Form 561NR-F and a copy of the Federal Schedule D.

Enter the Federal exemption claimed on the Federal

return.

Oklahoma Amount column:

Enter the amount from Form 561NR-F, Line 10

Line 25 - Tax:

Oklahoma Amount column.

Using line 24, find your tax in the Fiduciary Tax Table.

Line 16 - Income Distribution Deduction

Line 28 - Credits:

For those nonresident beneficiaries, for whom the trust

Oklahoma Investment/New Jobs Credit:

is paying the tax, do not show an income distribution in

Taxpayers engaged in manufacturing or that are a web

either the Federal Amount or Oklahoma Amount

search portal who are entitled to Oklahoma Investment/

columns.

New Jobs Credit see Form 506. (This has no relation-

ship to your Federal investment credits.)

(continued on page 8)

Oklahoma Nonresident Fiduciary Income Tax Forms And Instructions - 2006 Page 7

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