Form 512-S - Oklahoma Small Business Corporation Income Tax Return - 2012 Page 4
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17General Filing Information
Underpayment of Estimated Tax
Adjustments by Internal
Interest
Revenue Service
All S corporations, which are paying tax at the corporate
Taxpayers who file “consents” extending the time for
making Federal adjustments automatically extend the
level, are required to make estimated tax payments
time for making State adjustments. The taxpayer is also
when the tax for the taxable year can reasonably
required to file an amended return reporting all Internal
be expected to be $500 or more. The estimated tax
Revenue Service adjustments. A copy of the finalized
payments shall not be less than 70% of the amount of
RAR must be furnished.
tax due (tax liability less all credits except amounts paid
on estimated tax and extension payments), or 100% of
the prior year’s tax liability. Should deficiencies occur,
Banks and Credit Unions
the amount of underpayment shall be subject to interest
at an annual rate of 20%, or fraction thereof, for the
State and national banks and state credit unions, mak-
period of underpayment. Enclose Form OW-8-P.
ing a Federal Subchapter S election, shall not pay an “In
Lieu” tax of 6% per 68 OS Sec. 2370. The income or loss
Note: No underpayment of estimated tax interest shall
of that entity shall be reported at the shareholder level.
be imposed if the tax liability shown on the return is less
than $1,000.
Real Estate Investment Trusts
Amended Returns
A real estate investment trust that does not become
regularly traded on an established securities market
The Form 512-S is used for amended returns also. If this
within one year of the date on which it first becomes a
is an amended return, place an ‘X’ in the box located in
real estate investment trust, shall be deemed not to have
the upper left section of Form 512-S, page 1. Enclose
been regularly traded on an established securities mar-
Federal Amended Form 1120-S when applicable.
ket, retroactive to the date it first became a real estate
investment trust. An amended return shall be filed reflect-
When amending Form 512-S for S corporations which
ing such retroactive designation for any tax year or part
year occurring during its initial year of status as a real
are paying tax at the corporate level, line 5 (tax paid on
estate investment trust. For purposes of this paragraph,
estimate) must be adjusted by subtracting previous over-
a real estate investment trust becomes a real estate
payments or adding tax previously paid. An overpayment
investment trust on the first day it has met the require-
on an amended return may not be credited to estimated
ments of IRC Section 856 and has elected to be treated
tax, but will be refunded. The amount applied to estimat-
as a real estate investment trust pursuant to IRC Section
ed tax on the original return cannot be adjusted.
856(c)(1). 68 OS Sec. 2358.
Line by Line Instructions for Determining Oklahoma Net Distributable Income
Computation of Allocable and/or
Safety Pays OSHA Consultation Service
Exemption:
Apportionable Income
(Part 2, Column B, line 19 or Part 4, line 3)
Part 2, Column A and Part 3, Column A are to be
An employer that is eligible for and utilizes the Safety
completed by all S corporations. All S corporations start
Pays OSHA Consultation Service provided by the
with Part 2.
Oklahoma Department of Labor shall receive a $1,000
exemption for the tax year the service is utilized. Employ-
Part 2, Column B and Part 3, Column B, are to be
ers must be able to substantiate their participation in the
completed by S corporations deriving all of their income
Oklahoma Department of Labor’s Safety Pays Consulta-
from within Oklahoma or by S corporations whose busi-
tion Service upon request.
ness within and without Oklahoma is oil and gas produc-
tion, mining, farming, or rental. This should be completed
Qualified Refinery Property:
using the direct accounting method.
(Part 2, Column B, Line 5 or Part 4, Line 2)
If the election was made to expense the cost of qualified
Oklahoma refinery property placed in service before
Part 4 is to be completed by S corporations conducting
a business of a unitary nature. A unitary business is
January 1, 2012 on a previous year’s Oklahoma return,
one whose income is derived from the conduct in more
the depreciation deduction claimed on the Federal
than one state of a single business enterprise, all the
return for such property must be added back to arrive at
factors of which are essential to the realization of an
Oklahoma taxable income. This addition must be made
ultimate gain derived from the enterprise as a whole,
regardless of whether the expense was claimed on the
and not from its component parts which are too closely
corporate return or allocated to its owners. 68 OS Sec.
connected and necessary to each other to justify division
2357.204.
or separate allocation.
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