Form 561nr - Oklahoma Capital Gain Deduction For Part-Year And Nonresidents

Form 561NR

Oklahoma Capital Gain Deduction for

Part-Year and Nonresidents Filing Form 511NR

Title 68 O.S. Section 2358 and Rule 710:50-15-48

Specific Instructions - continued

Line 3:

Column F: Enter the qualifying Oklahoma net capital gain from the Federal Form 4797 which was reported on Federal

Schedule D. Enclose a copy of the Federal Form 4797.

In Column G enter the other qualifying Oklahoma capital gain from Federal Form 4797 reported in Column F which was

sourced to Oklahoma on Form 511NR, line 7 “Oklahoma Amount” column.

Line 4:

Column F: Enter other qualifying Oklahoma capital gains reported on Federal Schedule D, line 11. 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.

In Column G enter the other qualifying Oklahoma capital gains reported in Column F which were sourced to Oklahoma on

Form 511NR, line 7 “Oklahoma Amount” column.

Line 5:

Column F: Enter qualifying Oklahoma net capital gain or loss from partnerships, S corporations, trusts and estates.

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 individual has been a member of the pass-through entity.

In Column G enter the qualifying Oklahoma net capital gain or loss from flow-through entities reported in Column F which

was sourced to Oklahoma on Form 511NR, line 7 “Oklahoma Amount” column.

Line 7:

Column F: Enter the total qualifying Oklahoma capital loss carryover from the prior year’s return.

In Column G enter the qualifying Oklahoma capital loss carryover reported in Column F which was sourced to Oklahoma

on Form 511NR, line 7 “Oklahoma Amount” column.

Line 9:

Column F: The Oklahoma capital gain deduction, in the “Federal Amount” column, may not exceed the net capital gain in-

cluded in Federal adjusted gross income. The term “net capital gain” means the excess of the net long-term capital gains

for the taxable year over the net short-term capital loss for such year. If a capital loss, enter “0”.

Column G: The Oklahoma capital gain deduction, in the “Oklahoma Amount” column, may not exceed the portion of the

net capital gain sourced to Oklahoma. This is the net capital gain from Form 511NR, line 7 “Oklahoma Amount” column. If

there is no net capital gain, enter “0”.

Note: The net capital gain must be decreased for any capital gain or increased for any capital loss from the sale of state

and municipal bonds exempt from Oklahoma income tax.

Line 10:

Column F: Compare lines 8 and 9. Enter the smaller amount here and on Form 511NR, Schedule 511NR-B, line 13

“Federal Amount” column.

Column G: Compare lines 8 and 9. Enter the smaller amount here and on Form 511NR, Schedule 511NR-B, line 13

“Oklahoma Amount” column.

Form 561nr - Oklahoma Capital Gain Deduction For Part-Year And Nonresidents - 2007 Page 3