Form 561p - Oklahoma Capital Gain Deduction - 2014 Page 3
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32014 Form 561P - Page 3
Oklahoma Capital Gain Deduction for the Nonresident Partner
Included in the Composite Return (Form 514, Part 1)
68 OS Sec. 2358 and Rule 710:50-15-48
Specific Instructions - continued
In Column G “Oklahoma Amount” enter the portion of the gain/loss from the Federal Amount column which was allocated
or apportioned to Oklahoma. Line 5 is the qualifying Oklahoma net capital gain which is such nonresident partner’s share of
the long-term gains from qualifying Oklahoma property minus the long-term losses from qualifying Oklahoma property. Line 6
is the nonresident partner’s share of the net capital gain. Column F “Federal Amount” is the excess of the net long-term capital
gain over the net short-term capital loss of the nonresident partner whose income is reported on Form 514-PT. Column G
“Oklahoma Amount” is the net long-term capital gain over the net short-term capital loss allocated or apportioned to Oklahoma
for such nonresident partner. For each column: the Oklahoma Capital Gain Deduction cannot exceed this amount.
Note for Column G “Oklahoma Amount”: If less than 100% of the capital gain or loss has been apportioned to Oklahoma,
include only such portion in Column G. For example: on Form 514, Part 4, a Partnership apportions 43% of a qualifying capital
gain/loss to Oklahoma (based on the apportionment formula). Include 43% of the gain/loss attributable to the nonresident
partner whose income is reported on Form 514-PT and who has met the holding period. However, if 100% of the gain was
allocated to Oklahoma, then include in the Oklahoma Amount column 100% of the gain entered in the Federal Amount
column.
Line 1:
List the nonresident partner’s share of the qualifying Oklahoma capital gains and losses from Federal Form 8949, Part II or
from Federal Schedule D, line 8a. Enclose a copy of Form(s) 1099-B if the qualifying Oklahoma capital gain or loss is reported
on Federal Schedule D, line 8a. In Column A, line 1A enter the description of the property as shown on Federal Form 8949
Column a or on Form 1099-B. On line A2 enter either the Oklahoma location/address of the real or tangible personal property
sold or the Federal Identification Number of the company, limited liability company or partnership whose stock or ownership
interest was sold. Complete Columns B through E using the information from the corresponding columns of the Federal
Form 8949, Columns b through g or from Form 1099-B. In Column F enter the nonresident partner’s share of the qualifying
Oklahoma capital gain or loss reported on the Federal Form 8949, Column h or Federal Schedule D, Line 8a, column h.
In Column G enter the portion of the qualifying Oklahoma capital gain or loss reported in Column F which was allocated or
apportioned to Oklahoma. Do not include gains and losses reported on Form 561P lines 2 through 4.
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 nonresident partner’s share of the current year’s taxable portion
of the installment payment. In Column G enter the portion of the capital gain from an installment sale of eligible property
reported in Column F which was allocated or apportioned to Oklahoma. Enclose Federal Form 6252. Capital gain from an
installment sale is eligible for the Oklahoma capital gain deduction provided the property was held by the partnership for the
appropriate holding period as of the date sold. The nonresident partner must also have been a partner in the partnership for
the appropriate holding period as of the date sold.
Line 3:
In Column F enter the nonresident partner’s share of the qualifying Oklahoma net capital gain or loss reported on Federal
Schedule D, line 12. In Column G enter the portion of the capital gain or loss reported in Column F which was allocated or
apportioned to Oklahoma. Enclose a copy of the Federal Form 8824.
Line 4:
In Column F enter the nonresident partner’s share of the qualifying Oklahoma net capital gain or loss reported on Federal
Schedule D, line 9. In Column G enter the portion of the capital gain or loss reported in Column F which was allocated or
apportioned to Oklahoma. Complete the worksheet on page 2 and enclose a copy of the Federal Schedule K-1 or other
information supplied by the other partnership, estate or trust.
Line 6:
In Column F the Oklahoma capital gain deduction may not exceed the nonresident partner’s share of the net capital gain
included on Federal Schedule K. In Column G the Oklahoma capital gain deduction may not exceed the nonresident partner’s
share of the portion of the net capital gain apportioned and/or allocated to Oklahoma. 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. If there is a net capital loss,
enter zero.
Line 7:
In Column F enter the smaller of line 5 or 6 here and use the deduction when computing the nonresident partner’s Oklahoma
Additions and Subtractions on Form 514-PT, Column 5. (Nonresident corporate partners do not enter an amount on Form
514-PT, Column 5) In Column G enter the smaller of line 5 or 6 here and use the deduction when computing the nonresident
partner’s Oklahoma Distributive Income on Form 514-PT, Column 10.
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