Form 520 - Oklahoma Agricultural Producer Credit
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11998
Oklahoma Tax Commission
form
Oklahoma Agricultural Producer Credit
520
For Oklahoma agricultural producers who invest in Oklahoma agricultural
processing or marketing ventures.
68 O.S. Section 2357.25
Name as shown on return (investor)
Social Security Number or Federal
Identification Number
Provide the location(s) and the type of agricultural commodities being produced by the investor.
Name of the agricultural processing cooperative, venture or marketing association
Federal Employees Identification Number
Provide the location(s) and the type of agricultural commodities being produced, processed or marketed. Also provide a
detailed description of activity.
Credit Computation
1. Total Amount of Direct Investment
$
............................
2. Rate
30%
........................................................................
3. Total Credit Allowable
$
................................................
4. Amount of Credit Used in 1998 (carry to form 511CR)
$
...
5. Amount of Unused Credit
$
.........................................
CREDIT CARRYOVER-The credit not used may be carried over, in order, to each of the six (6) years following the year in which
the investment was originally made. If any of the investment is sold or otherwise disposed of in a year prior to the credit being
used, the credit, available for carryover, must be reduced. See below for computation.
1999
2000
2001
2002
2003
2004
Tax Year
Unused Credit from Previous Year
Amount of Credit Used
Unused Credit Available for Carryover
Disposition of Investment
DISPOSING OF THE INVESTMENT-For the taxable year during which the investment, or any portion thereof is sold or
otherwise disposed of, the amount of the credit allowed in prior years or being allowed in the current year shall be added to
Federal Adjusted Gross Income to arrive at Oklahoma Adjusted Gross Income. Any unused carryover credit will be reduced to
account for the sale or disposition.
DOLLAR AMOUNT
1. Total Amount of Original Investment 1998
1.
00
................................................................
2. Less: Amount of Investment Sold or Disposed of
2.
00
.....................................................
3. Net Investment Remaining after Sale or Disposition
3.
00
..................................................
4. Rate
4.
30%
.......................................................................................................................
5. Revised Credit Allowable
5.
00
........................................................................................
6. Less: Credit used in previous or current tax year(s) and not previously recaptured
6.
00
.....
Subtract the amount on line 6 from the amount on line 5, if the result is a
negative number enter amount on line 7. If the result is a positive number
enter amount on line 8.
7. Credit to be recaptured and included in income. Enter amount as a positive number on
the other income or other additions line of the Oklahoma tax return.
7.
00
..........................
8. Revised credit available for carryover to tax year _____
8.
00
..............................................
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