Form 512-S - Oklahoma Small Business Corporation Income Tax Return - 2012 Page 7
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17Line by Line Instructions for Determining Oklahoma Net Distributable Income
Part 4
Part 5
Part 4 is to be used by S corporations conducting a busi-
All S corporations must complete Part 5.
ness of unitary nature. A unitary business is one whose
If your business is either wholly Oklahoma or of an al-
income is derived from the conduct in more than one state
locable nature, complete Part 5 after you complete Part
of a single business enterprise, all the factors of which
3. If your business is of a unitary nature, complete Part 5
are essential to the realization of an ultimate gain derived
from the enterprise as a whole, and not from its compo-
after you complete Part 4.
nent parts which are too closely connected and necessary
Shareholder’s Pro Rata Share of Income
to each other to justify division or separate allocation.
Enter the names, Social Security Numbers or Federal
Generally, the resulting amount is apportioned to Okla-
Employer Identification Numbers and addresses of the
homa based on the 3-factor formula. The basis of the
shareholders, and write in the applicable column each
apportionment is the average of three factors consisting
shareholder’s pro rata share of net income, whether
of property, payroll and sales. If less than 3 factors are
distributed or not.
present, the resulting amount is apportioned to Okla-
homa on a 2-factor or single factor formula consisting of
Notice:
the arithmetical average of the factors present. A factor
The amount shown on Part 5 may not be the amount to
is considered present if there is a denominator. Each
be entered on the shareholder’s Oklahoma income tax
factor is a ratio of the total within Oklahoma to the total
return. This amount includes all allowable S corporation
everywhere. To the income apportioned to Oklahoma
income, losses and deductions; however, some of these
there is to be added all income separately allocated
items may be limited on the Federal individual return. If
to Oklahoma with the result being Oklahoma taxable
these items are allowed in full or in part on your Federal
income. 68 OS Sec. 2358.
income tax return, they will be allowed to the same ex-
tent on your Oklahoma return.
Line 1 - Enter net distributable income from Page 2, Part
3, Column A, line 18.
Corporations Please Note:
Nonresident shareholders must enclose Form 512-
Line 2 - Deductions relating to income which is sepa-
SA indicating that an income tax form will be filed with
rately allocable shall not be allowed as apportionable
Oklahoma reporting their income or loss. This agreement
and will be entered here.
must be enclosed with the original S corporation
Rents and interest expenses paid to a captive real estate
income tax return, Form 512-S, for each nonresident
investment trust and deducted on your Federal return
shareholder, otherwise the corporation shall be taxed on
must be added back to compute Oklahoma distributable
that part of the corporation’s net income allocable to the
income. Such add-back is not required if the captive real
shares of stock owned by the nonresident shareholder.
estate investment trust is subject to the add-back for
the dividends-paid deduction, see “Captive Real Estate
Once the agreement has been signed, it is irrevocable
Investment Trusts” on page 5.
for this tax year. If a signed agreement is not submitted
with the original filed return, the tax on the corporation is
Line 3 - Income from U.S. obligations (see Part 3, line
binding. Shareholder’s social security number or Federal
4c instructions) and net income separately allocated (oil
identification number must be shown for the agreement
and gas production, mining, farming, or rentals and other
to be valid.
Corporation income or loss) will be entered here. Gains
or losses from sale of intangible personal property which
Depletion
is directly allocated should also be entered here.
Enter each shareholder’s allowable depletion. Enclose a
detailed schedule.
Line 4 - Total apportionable income.
Line 5 - Apportionment Factor from Apportionment Schedule.
Withholding
Oklahoma income tax is withheld from oil and gas
Line 6 - Income separately allocated to Oklahoma
royalties paid to nonresident S corporations. Enter each
should be entered here (interest income from state obli-
shareholder’s portion of such withholding. The S corpo-
gations or political subdivisions, oil and gas production,
ration must enclose its Form 500-A, Form 1099-MISC,
mining, farming or rentals, etc.).
Form K-1 or other documentation to substantiate any
Oklahoma withholding passing through to its shareholders.
S corporations incurring expenses to provide child care
Note: If you have any nonresident shareholders who
services for children of their employees should refer to
have not filed a withholding exemption affidavit (Form
the “Employers Providing Child Care Programs for their
OW-15), Oklahoma income tax should have been with-
Employees” on page 5.
held on any distribution of Oklahoma taxable income.
Line 7 - Oklahoma net distributable income. Place this
Such withholding is not reported here, instead you
figure on Page 2, Part 3, Column B, line 18. Then com-
should have issued a Form 500-B to your nonresident
plete Part 5.
shareholder.
(continued on page 8)
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