Form 561nr-F - Capital Gain Deduction For Trusts And Estates - 2007 Page 3
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3Form 561NR-F
Oklahoma 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 capi-
tal 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 loca-
tion 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 member 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 9: 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”.
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