Form 512-S - Oklahoma Small Business Corporation Income Tax Return - 2012 Page 6
Download a blank fillable Form 512-S - Oklahoma Small Business Corporation Income Tax Return - 2012 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 512-S - Oklahoma Small Business Corporation Income Tax Return - 2012 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
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17Line by Line Instructions for Determining Oklahoma Net Distributable Income
Part 3, continued...
State and Municipal Bond Interest: (continued)
Note: If the interest is exempt, the capital gain/loss from
the sale of the bond may also be exempt. The gain/loss
Line 4 -
Accounts receivable interest income and interest income
from sale of a state or municipal bond, other than those
from investments held to generate working capital shall
provided for in line 1, is exempt only if so provided by the
be allocated to Oklahoma on the basis of direct expense.
statute authorizing its issuance.
See Part 3, Line 1.
Line 4c - Interest on U.S. Government Obligations:
If you report interest on bonds, notes, and other obli-
All other intangible income (loss) shall be allocated in
gations of the U.S. on your Federal return, it may be
accordance with the situs of the S corporation. Gains or
excluded from your Oklahoma income if a detailed
losses from the sale of leases and gains or losses from
schedule is furnished, accompanied with 1099s show-
the sale of real and tangible personal property, shall be
ing the amount of interest income and the name of the
allocated in accordance with the situs of the property.
obligation from which the interest is earned. If the income
is from a mutual fund which invests in U.S. Government
Line 4b -
obligations enclose documentation from the mutual fund
State and Municipal Bond Interest:
to substantiate the percentage of income derived from
S Corporations domiciled in Oklahoma that receive
obligations exempt from Oklahoma tax. Interest from
income on bonds issued by any state or political
entities such as FNMA & GNMA does not qualify.
subdivision thereof, exempt from Federal taxation but
not exempt from taxation by the laws of the State of
Lines 7 through 9 -
Oklahoma, shall add the total of such income to arrive at
Gains or losses from the sale of the following shall be al-
Oklahoma income.
located in accordance with the situs of the property:
• real or tangible personal property,
1) Income from all bonds, notes or other obligations
• lease, royalty or bonus income from oil and gas
issued by the State of Oklahoma, the Oklahoma
properties.
Capital Improvement Authority, the Oklahoma
Municipal Power Authority, the Oklahoma Student
Line 10 -
The gain on property, for which a section 179 expense
Loan Authority, and the Oklahoma Transportation
deduction was passed through to shareholders and
Authority (formerly Turnpike Authority) is exempt
which is reported as Supplemental Information on
from Oklahoma income tax. The profit from the
the Federal K-1, is to be reported on this line for Okla-
sale of such bonds, notes or other obligations shall
homa purposes. Enclose the following: description of
be free from taxation.
the property, date the property was acquired, date the
2) Income from local Oklahoma governmental
property was sold, gross sales price, cost or other basis
obligations issued after July 1, 2001, other than
plus expense of sale (including the S corporation’s basis
those provided for in line 1, is exempt from
reduction in the property due to the section 179 expense
Oklahoma income tax. The exceptions are those
deduction), depreciation allowed or allowable (not includ-
obligations issued for the purpose of providing
ing the section 179 expense deduction), and amount of
financing for projects for nonprofit corporations.
section 179 expense deduction (if any) passed through
Local governmental obligations shall include
to each shareholder for the property and the S corpo-
bonds or notes issued by, or on behalf of, or for
ration’s tax year(s) in which the amount was passed
the benefit of Oklahoma educational institutions,
through.
cities, towns, or counties or by public trusts of
Lines 12 through 17 -
which any of the foregoing is a beneficiary.
Expenses relative to the income above shall be allocated
directly to that income.
3) Income from Oklahoma State and Municipal
Bonds issued prior to July 2, 2001, other than
Make Your Payments
those provided for in line 1, is exempt from
Oklahoma income tax only if so provided by the
by Credit Card...
statute authorizing their issuance.
You can pay the balance due by credit card. Payments
4) Income on bonds issued by another state or
can be made for any tax year. Estimated income tax
political subdivision thereof (non-Oklahoma),
payments are also accepted.
exempt from Federal taxation, is taxable for
Oklahoma income tax.
Log on to our website at Click on
the “Online Services” link to pay online.
Enclose a schedule of all municipal interest received
by source and amount. If the income is from a mutual
fund which invests in state and local government
obligations, enclose documentation from the mutual fund
A convenience fee will be added to credit and debit card transac-
to substantiate the percentage of income derived from
tions. For more information regarding this service, please visit our
obligations exempt from Oklahoma tax.
website at or call our Taxpayer Assistance Office at
(405) 521-3160.
6
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial