Form 561 - Oklahoma Capital Gain Deduction For Residents

Barcode Placement

State of Oklahoma

Oklahoma Capital Gain Deduction

561

for Residents Filing Form 511

(Qualifying Assets Held for the Applicable 2 or 5 Year Period)

Name(s) as Shown on Return

Social Security Number

1. List qualifying Oklahoma capital gains and losses, not included on lines 2 through 5 below.

A1. Description of Property

B. Date

C. Date Sold

D. Sales Price

E. Cost or

F. Gain or (loss)

Acquired

(mm/dd/yy)

Other Basis

A2. Oklahoma Location/Address

(mm/dd/yy)

or Federal ID Number

(See instructions)

A1)

A2)

A1)

A2)

A1)

A2)

A1)

A2)

Qualifying Oklahoma capital gain from installment sales reported on Federal Schedule D,

line 11. Enclose a copy of Federal Form 6252 ....................................................................................

Qualifying Oklahoma net capital gain from sale of business property reported on Federal Schedule D,

line 11. Enclose a copy of Federal Form 4797. (If gain/loss is from a Federal K-1, complete the

worksheet on page 2 of Form 561 and enclose a copy of the Federal Schedule K-1)....................

Other qualifying Oklahoma net capital gain or (loss) reported on Federal Schedule D, line 11, not

included in lines 2 and 3 above. Enclose a copy of the applicable Federal form(s) .........................

Qualifying Oklahoma net capital gain or (loss) from partnerships, S corporations, estates

or trusts reported on Federal Schedule D, line 12. (Complete the worksheet on page 2 of Form 561

and enclose a copy of the Federal Schedule K-1)..............................................................................

Add amounts in Column F on line 1 and lines 2 through 5......................................................................

Qualifying Oklahoma capital loss carryover reported on Federal Schedule D, line 14.

(See instructions) ...................................................................................................................................

Qualifying Oklahoma net capital gain. Subtract line 7 from line 6.

(If zero or less, enter “0”) .........................................................................................................................

Oklahoma net capital gain included in Federal adjusted gross income.

See instructions and worksheet. (If zero or less, enter “0”) ....................................................................

10. Oklahoma Capital Gain Deduction. Enter the smaller of lines 8 or 9 here and on Form 511,

Schedule 511-A, line 12. (Do not enter less than zero) ..........................................................................

Enclose Federal Form 1040, Schedule D