Form 512 - Corporation Income Tax Return - 2012 Page 10
Download a blank fillable Form 512 - 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 - 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
17
18
19
20
21Line by Line Instructions
Page Three - Schedule B, continued
Line 2 - Additions
Line 8 - Oklahoma Accrued Tax
Deductions relating to income which is separately
Oklahoma accrued tax is computed by dividing line
allocated shall not be allowed and will be entered
7 (Oklahoma Net Income before Oklahoma Income
here.
Tax) by the number 17.6667.
When filing a consolidated return, complete Form
Rents and interest expenses paid to a captive
512-TI. The accrual of Oklahoma state income tax
real estate investment trust and deducted on your
must be made after the combination of the income
Federal return must be added back to compute
and loss from all companies included in the combi-
Oklahoma taxable income. Such add-back is not
nation. The accrued tax cannot be less than zero.
required if the captive real estate investment trust
is subject to the add-back for the dividends-paid
When credits are allowed, the accrual of Oklahoma
deduction. See “Captive Real Estate Investment
tax will not be allowed on the amount of Oklahoma
Trusts” on page 8.
taxable income that is covered by the credit. Tax
accrual is allowed on the amount of income for
Line 3 - Deductions
which tax is actually paid. The following example
Income from U.S. obligations (see page 8, Sched-
shows how the accrual should be calculated. A
ule A instructions) and net income separately al-
schedule, such as the example below, should be
located (oil and gas production, mining, farming, or
enclosed and submitted with Form 512.
rentals) will be entered here. Gains or losses from
sale of intangible personal property which is directly
Computation of Tax Accrual
allocated should also be entered here.
When Tax Credits Are Allowable
1. Oklahoma income before tax accrual
100,000
Line 6 - Oklahoma Additions and Deductions
2. Allowable Oklahoma credits
2,000
Income separately allocated to Oklahoma should
be entered here. (Examples: interest income from
Computation of accrued tax allowed
state obligations or political subdivisions, oil and
A. Oklahoma income (Line 1 above)
100,000
B. Line 2 above divided by 6%
33,333
gas production, mining, farming or rentals, etc.).
C. Subtract Line B from Line A
66,667
D. Divide Line C by 17.6667
3,774
The Oklahoma Tax Commission’s
(If Line D is less than 0, enter 0)
QuickTax program offers businesses
3. Subtract Line D from Line 1 above.
96,226
the opportunity to file and pay many Oklahoma
business taxes online.
(Enter Line 3 above on Page 1, Line 1 of your
Oklahoma corporation income tax Form 512)
Visit our website to learn
Total tax due
5,774
more about QuickTax!
Tax accrual allowed
3,774
Tax credit allowed
2,000
Page One
Line 3 - Other Credits
Line 3 - Other Credits (continued)
The amount of other credits as claimed on Form
Tax credits transferred or allocated must be re-
511CR should be entered on this line. Enter in the
ported on OTC Form 569. Failure to file Form 569
box the number that corresponds with the credit to
will result in the affected credits being denied by the
which you are entitled. Enter “99” if entitled to more
OTC pursuant to 68 OS Sec. 2357.1A-2.
than one credit. See page 11 for a list of the credits
(continued on page 11)
available on Form 511CR. If you are claiming any
Electronic Payment Options
of the credits on Form 511CR, enclose the form,
and any applicable forms or schedules, with your
Available at
Form 512 return.
The Form 511CR can be obtained from our website
at .
10
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial