Form 573 - Farm Income Averaging - State Of Oklahoma - 2012 Page 2
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32012 Form 573 - Page 2
Farm Income Averaging
Instructions
Use Form 573 to elect to figure your 2012 tax by averaging, over the previous 3 years (base years), all or part
of your 2012 taxable income from your trade or business of farming. Making this election may give you a lower
tax if your 2012 income from farming is high and your taxable income for one or more of the 3 prior years was
low.
Line 2: Your “elected farm income” is the amount of your taxable income from your farming business, as
defined in IRC Section 263A(e)(4), that you elect to include on line 2. You do not have to include all of your
taxable income from farming on line 2.
A gain from the sale or other disposition of property, other than land, regularly used by you in your farming
business for a substantial period shall be treated as attributable to such farming business.
Lines 5, 9, and 13: If your deductions exceed your gross income for any year that is a base year for 2012
(2009, 2010 or 2011), your taxable income for farm income averaging purposes for such year may be a nega-
tive amount. However, when you enter your taxable income,
•
do not include such year’s Net Operating Loss (NOL). The amount of the NOL, from your 511-NOL
Schedule A or your 511NR-NOL Schedule A “Federal Amount Column”, that is being carried to another
year should be added back to arrive at the amount of the taxable income to enter.
•
do not include any of an NOL carryover or carryback that was not used (absorbed) in such year. The
amount of the NOL, from your 511-NOL Schedule B or your 511NR-NOL Schedule B “Federal Amount
Column”, that is being carried over to the following year should be added back to arrive at the amount
of the taxable income to enter.
Line 22: Enter your tax on Form 511, line 14 or Form 511NR, line 32 and enter a “1” in the box for “Farm In-
come Averaging”.
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