Form 561 Draft - Oklahoma Capital Gain Deduction For Residents

Draft

Barcode

State of Oklahoma

Placeholder

6/13/13

Oklahoma Capital Gain Deduction

561

for Residents Filing Form 511

(Qualifying Assets Held for the Applicable 2 or 5 Year Period)

Name(s) as Shown on Return

Social Security Number

1. List qualifying Oklahoma capital gains and losses, not included on lines 2 through 5 below.

A1. Description of Property

B. Date

C. Date Sold

D. Proceeds

E. Cost or

F. Gain or (Loss)

Other Basis minus

Acquired

or Disposed

(Sales Price)

Combine Columns

A2. Oklahoma Location/Address

Adjustments to

(mm/dd/yy)

(D) and (E)

Gain or Loss

or Federal ID Number

(See instructions)

A1)

A2)

A1)

A2)

A1)

A2)

A1)

A2)

Qualifying Oklahoma capital gain from installment sales reported on Federal Schedule D,

line 11. Enclose a copy of Federal Form 6252 ....................................................................................

Qualifying Oklahoma net capital gain from sale of business property reported on Federal Schedule D,

line 11. Enclose a copy of Federal Form 4797. (If gain/loss is from a Federal K-1, complete the

worksheet on page 2 and enclose a copy of the Federal Schedule K-1) .........................................

Other qualifying Oklahoma net capital gain or (loss) reported on Federal Schedule D, line 11, not

included in lines 2 and 3 above. Enclose a copy of the applicable Federal form(s) .........................

Qualifying Oklahoma net capital gain or (loss) from partnerships, S corporations, estates

or trusts reported on Federal Schedule D, line 12. (Complete the worksheet on page 2 and enclose

a copy of the Federal Schedule K-1) ...................................................................................................

Add amounts in Column F on line 1 and lines 2 through 5......................................................................

Qualifying Oklahoma capital loss carryover reported on Federal Schedule D, line 14.

(See instructions) ...................................................................................................................................

Qualifying Oklahoma net capital gain. Subtract line 7 from line 6.

(If zero or less, enter “0”) .........................................................................................................................

Oklahoma net capital gain included in Federal adjusted gross income.

See instructions and worksheet. (If zero or less, enter “0”) ....................................................................

10. Oklahoma Capital Gain Deduction. Enter the smaller of lines 8 or 9 here and on Form 511,

Schedule 511-A, line 12. (Do not enter less than zero) ..........................................................................

Enclose Federal Form 1040, Schedule D and Form(s) 8949