Form 513 - Oklahoma Resident Fiduciary Return Of Income - 2012 Page 5
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19Line by Line Instructions
Instructions for Column B (continued)...
Line 7 - Rents, Royalties, Partnerships,
Line 3 - State and Municipal Interest:
other estates and trusts, etc.:
Amounts included should be net amounts from real and
If you received income on bonds issued by any state or
tangible personal property located in Oklahoma. The ad-
political subdivision thereof, exempt from Federal taxation
ditional Oklahoma depletion may be taken on line 17 - other
but not exempt from taxation by the laws of the State
deductions. Include Oklahoma partnership income and estate
of Oklahoma, add the total of such income to arrive at
and trust income applicable to Oklahoma. Passive losses are
Oklahoma income.
allowed in Oklahoma during the same tax year utilized on the
1) Income from all bonds, notes or other obligations
Federal return.
issued by the State of Oklahoma, the Oklahoma
Capital Improvement Authority, the Oklahoma
Line 8 - Farm Income or (loss):
Municipal Power Authority, the Oklahoma Student
Include income from farming carried on in Oklahoma.
Loan Authority, and the Oklahoma Transportation
Authority (formerly Turnpike Authority) is exempt from
Line 9 - Ordinary Gain or (loss):
Oklahoma income tax. The profit from the sale of
Resident trusts and estates should include all gains or losses
such bond, note or other obligation shall be free from
except those from real property located outside of Oklahoma.
taxation.
2) Income from local Oklahoma governmental
Line 10 - Other Income:
obligations issued after July 1, 2001, other than
Include all other income unless specifically exempt by Okla-
those provided for in 1, is exempt from Oklahoma
homa Statutes.
income tax. The exceptions are those obligations
issued for the purpose of providing financing
To compute Oklahoma taxable income, a captive real estate
for projects for nonprofit corporations. Local
investment trust must add back the dividends-paid deduction
governmental obligations shall include bonds or
which was allowed on the federal return.
notes issued by, or on behalf of, or for the benefit
of Oklahoma educational institutions, cities, towns,
Rents and interest expense paid to a captive real estate
or counties or by public trusts of which any of the
investment trust and deducted on your Federal return must be
foregoing is a beneficiary.
added back to compute Oklahoma taxable income. Such add-
back is not required if the captive real estate investment trust
3) Income from Oklahoma State and Municipal Bonds
is subject to the add-back for the dividends-paid deduction.
issued prior to July 2, 2001, other than those
provided for in 1, is exempt from Oklahoma income
Line 11 - Total Income:
tax only if so provided by the statute authorizing their
Add lines 1 through 10 to arrive at total Oklahoma income.
issuance.
4) Income on bonds issued by another state or political
Lines 12-17 - Deductions:
subdivision thereof (non-Oklahoma), exempt from
For income amounts retained by the fiduciary, the deductions
Federal taxation, is taxable for Oklahoma income tax.
will be prorated by the ratio of Oklahoma income to Federal
Enclose a schedule of all municipal interest received by
income (except for the tax deduction). Divide total Oklahoma
source and amount. If the interest is from a mutual fund which
income (Line 11, Column B) by total Federal income (Line 11,
invests in state and local government obligations, enclose
Column A) (limited to 100%). Multiply the result by the amount
in the Federal column.
documentation from the mutual fund to substantiate the
percentage of income derived from obligations exempt from
Oklahoma tax.
Where the Federal deductions are limited due to municipal
income which is taxed by Oklahoma, the denominator in the
Note: If the interest is exempt, the capital gain/loss from the
above equation is the sum of total Federal income plus Fed-
sale of the bond may also be exempt. The gain/loss from sale
eral tax exempt income. Multiply the result (limited to 100%)
of a state or municipal bond, other than those provided for in
by the total allowable deductions (the amount before Federal
1, is exempt only if so provided by the statute authorizing its
limitation). Use this equation only for deductions limited by
issuance.
Federal for municipal income.
Line 4 - Dividends:
Enter amount for resident trusts and estates. Follow instruc-
Line 12 - Interest:
tions for line 2 if dividends include interest from U.S. Govern-
Interest paid to the Internal Revenue Service on estate tax
ment obligations.
liabilities (from Federal Form 706) is not deductible against
income on Oklahoma fiduciary tax returns unless claimed on
Line 5 - Business Income or (loss):
Federal fiduciary tax return. Generally, the allowable Federal
Include amounts from a trade or business conducted in Okla-
interest deduction will be prorated based on Oklahoma to
homa. If income is from Oklahoma oil and gas, any additional
Federal income (limited to 100%).
Oklahoma depletion will be shown on Line 17, Column B.
(Enclose schedule)
Line 13 - Taxes:
Fiduciaries are not allowed a deduction for any Federal
Line 6 - Capital Gain or (loss):
income tax paid. The tax deduction claimed on the Federal
Resident trusts and estates should include all gains or losses
return will be applied on a direct allocation basis only. The
except those from real property located outside of Oklahoma.
taxes paid to Oklahoma (income, property, etc.) will be shown
Any Oklahoma loss is limited to the amount allowed and
in Column B.
utilized on the Federal return.
(continued on page 6)
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