Form 561nr-F - Oklahoma Capital Gain Deduction - 2006 Page 3
Download a blank fillable Form 561nr-F - Oklahoma Capital Gain Deduction - 2006 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form 561nr-F - Oklahoma Capital Gain Deduction - 2006 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3Oklahoma Capital Gain Deduction for Trusts and Estates Filing Form 513NR
Title 68 O.S. Section 2358 and Rule 710:50-15-48
Specific Instructions - continued
Line 2: If Federal Form 6252 was used to report the installment method for gain on the sale of eligible property
on the Federal return, in Column F compute the capital gain deduction using the current year's taxable portion
of the installment payment included on Form 513NR, Column A, line 4 but not included in the income distribu-
tion deduction on line 16. In Column G enter the portion of the capital gain reported in Column F which was
sourced to Oklahoma on Form 513NR, Column B, line 4 but not included in the income distribution deduction
on line 16. Enclose Federal Form 6252. Capital gain from an installment sale is eligible for the Oklahoma
capital gain deduction provided the property was held for the appropriate holding period as of the date sold.
Line 3: In Column F enter other qualifying Oklahoma capital gains and losses reported on Federal Schedule D,
line 7 included on Form 513NR, Column A, line 4 but not included in the income distribution deduction on line
16. In Column G enter the portion of the capital gains or losses reported in Column F which was sourced to
Oklahoma on Form 513NR, Column B, line 4 but not included in the income distribution deduction on line 16.
Enclose the applicable Federal form(s). If not shown on the Federal form, enclose a schedule identifying the
type and location of the property sold, the date of the sale, and the uninterrupted holding period of the property.
Line 4: In Column F enter qualifying Oklahoma net capital gain or loss from partnerships, S corporations, and
other trusts or estates included on Form 513NR, Column A, line 4 but not included in the income distribution
deduction on line 16. In Column G enter the portion of the net capital gain or loss reported in Column F which
was sourced to Oklahoma on Form 513NR, Column B, line 4 but not included in the income distribution deduc-
tion on line 16. Enclose a copy of the Federal Schedule K-1. Enclose a schedule identifying the type and
location of the property sold, the date of sale, the uninterrupted holding period of the property by the pass-
through entity as of the date of sale, and the uninterrupted period of time the estate or trust has been a mem-
ber of the pass-through entity.
Line 5: In Column F enter the qualifying Oklahoma net capital gain from the Federal Form 4797, reported on
Federal Schedule D included on Form 513NR, Column A, line 4 but not included in the income distribution
deduction on line 16. In Column G enter the portion of the net capital gain reported in Column F which was
sourced to Oklahoma on Form 513NR, Column B, line 4 but not included in the income distribution deduction
on line 16. Enclose a copy of the Federal Form 4797.
Line 7: In Column F enter the total qualifying Oklahoma capital loss carryover from the prior year's return
included on Form 513NR, Column A, line 4 but not included in the income distribution deduction on line 16. In
Column G enter the portion of the capital loss reported in Column F which was sourced to Oklahoma on Form
513NR, Column B, line 4 but not included in the income distribution deduction on line 16.
Line 8: In Column F the Oklahoma capital gain deduction may not exceed the portion of the net capital gain
included on Form 513NR, Column A, line 4 but not included in the income distribution deduction on line 16. In
Column G the Oklahoma capital gain deduction may not exceed the portion of the net capital gain included on
Form 513NR, Column B, line 4 but not included in the income distribution deduction on line 16. The term “net
capital gain” means the excess of the net long-term capital gain for the taxable year over the net short-term
capital loss for such year. If there is a net capital loss, enter zero.
Line 10: In Column F compare lines 8 and 9; enter the smaller amount here and on Form 513NR, Federal
Amount column, line 15. In Column G compare lines 8 and 9; enter the smaller amount here and on Form
513NR, Oklahoma Amount column, line 15.
Note: Do not enter any portion of the Oklahoma Capital Gain Deduction on Part 2 “Beneficiaries’ Share of
Income and Deductions”.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial