Form 561p - Oklahoma Capital Gain Deduction - 2012 Page 3
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32012 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. In
Column A, line 1A enter the description of the property as shown in Federal Form 8949 Column a. 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. 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. 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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