Form 561 - Oklahoma Capital Gain Deduction For Residents - 2012 Page 2
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22012 Form 561 - Page 2
Oklahoma Capital Gain Deduction
for Residents Filing Form 511
68 Oklahoma Statutes (OS) Sec. 2358 and Rule 710:50-15-48
Worksheets -
(Enclose with Form 561)
Name(s) as Shown on Return
Social Security Number
Form 561 Worksheet for (check one):
Line 3
or
Line 5
Complete a separate worksheet for each piece of property sold. Enclose a copy of the Federal Schedule K-1.
Name of pass-through entity: _____________________________________________________________________
Description of property sold: ______________________________________________________________________
Location of property: ____________________________________________________________________________
Date acquired: ______________________________________ Date sold: __________________________________
Date(s) you acquired ownership in the pass-through entity: ______________________________________________
Form 561 Worksheet for Line 9
Refer to the instructions for Form 511, line 4 and Form 511, Schedule 511-B, line 2 to determine
what gains and losses are considered “out-of-state”. (Generally, sale of an intangible, such as stock, is
not considered out-of-state.)
A
Net Short-Term Capital Gain (or loss) from Federal Schedule D, line 7
+
B
Add Out-of-State Capital Losses included in line A above
-
C
Subtract Out-of-State Capital Gains included in line A above
D
Net Oklahoma Short-Term Capital Loss
(if greater than zero, enter “0”)
E
Net Long-Term Capital Gain (or loss) from Federal Schedule D, line 15
F
+
Add Out-of-State Capital Losses included in line E above
G
Subtract Out-of-State Capital Gains included in line E above
-
H
Net Oklahoma Long-Term Capital Gains
(if less than zero, enter “0”)
I
Oklahoma Net Capital Gain - Enter on the front of form on line 9
(combine lines H and D)
(if less than zero, enter “0”)
Note: For U.S. Government and municipal bonds, which are exempt from Oklahoma tax, include any capital gain on the
Out-of-State Capital Gains line (Line C or G) and any capital loss on the Out-of-State Capital Losses line (Line B or F).
General Information
Individual taxpayers can deduct qualifying gains receiving capital gain treatment which are included in Federal adjusted
gross income. “Qualifying gains receiving capital treatment” means the amount of net capital gains, as defined under
Internal Revenue Code Section 1222(11). The qualifying gain must result from:
1. the sale of real or tangible personal property located within Oklahoma that has been owned for at least five
uninterrupted years prior to the date of the transaction that gave rise to the capital gain;
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