Form 561nr-F - Capital Gain Deduction For Trusts And Estates - 2015 Page 2
Download a blank fillable Form 561nr-F - Capital Gain Deduction For Trusts And Estates - 2015 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form 561nr-F - Capital Gain Deduction For Trusts And Estates - 2015 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
32015 Form 561NR-F - Page 2
Oklahoma Capital Gain Deduction
for Trusts and Estates Filing Form 513NR
68 Oklahoma Statutes (OS) Sec. 2358 and Rule 710:50-15-48
Worksheet -
(Enclose with Form 561NR-F)
Name(s) as Shown on Return
Federal Employer Identification Number
Form 561NR-F Worksheet for (check one): Line 4
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: ________________________________________ FEIN: ______________________
Description of property sold: ______________________________________________________________________
Location of property: ____________________________________________________________________________
Date acquired: ______________________________________ Date sold: __________________________________
Date(s) you acquired ownership in the pass-through entity: ______________________________________________
General Information
Taxpayers can deduct qualifying gains receiving capital gain treatment which are included in Federal taxable 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 unin-
terrupted years prior to the date of the transaction that gave rise to the capital gain;
2. the sale of stock or an ownership interest in an Oklahoma company, limited liability company, or partnership
where such stock or ownership interest has been owned for at least three uninterrupted years (two for individuals)
prior to the date of the transaction that gave rise to the capital gain; or
3. the sale of real property, tangible personal property or intangible personal property located within Oklahoma as
part of the sale of all or substantially all of the assets of an Oklahoma company, limited liability company, or part-
nership where such property has been directly or indirectly owned by such entity or owned by the owners of such
entity, and used in or derived from such entity for a period of at least three uninterrupted years (two for individuals)
prior to the date of the transaction that gave rise to the capital gain.
An Oklahoma company, limited liability company or partnership is an entity whose primary headquarters has been located
in Oklahoma for at least three uninterrupted years prior to the date of sale.
A capital loss carryover from qualified property reduces the current year gains from eligible property.
Pass-through entities...
Capital gain from qualifying property, as described above, held by a pass-through entity is eligible for the Oklahoma
capital gain deduction, provided the person has been a member of the pass-through entity for an uninterrupted period of
the applicable three (two for individuals) or five years and the pass-through entity has held the asset for not less than the
applicable three (two for individuals) or five uninterrupted years prior to the date of the transaction that created the capital
gain. The type of asset sold, as shown in 1-3 above, determines whether the applicable number of uninterrupted years is
three (two for individuals) or five. The pass-through entity must provide supplemental information to the person identifying
the pass-through of qualifying capital gains.
Installment sales...
Qualifying gains included in Federal taxable income for the current year, which are derived from installment sales are
eligible for exclusion provided the appropriate holding periods are met.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial