Form 512 - Corporation Income Tax Return - 2012 Page 3
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21General Filing Information
Consolidated Returns...
Declaration of Estimated Tax...
If a Federal consolidated return is filed, an
Corporations must make estimated tax payments
Oklahoma consolidated return may be required or
when the tax liability for the current year can
permitted under certain circumstances.
reasonably be expected to be $500 or more. The
estimated tax payments shall be the lesser of 70%
An election to file a separate or consolidated return
of your current year’s tax liability or 100% of the
is made with the timely filing of the return. If an af-
tax liability shown on your return for the preceding
filiated group of corporations elects to file a consoli-
taxable year of 12 months.
dated Oklahoma income tax return, such election
shall be binding. The affiliated group of corporations
The estimated tax payments shall be paid in four
shall be required to file a consolidated Oklahoma
equal* installments of:
income tax return for all future tax years unless the
• one-quarter on or before the 15th day of
OTC releases the affiliated group of corporations
the fourth month of the taxable year;
from such election.
• one-quarter on or before the 15th day of
the sixth month of the taxable year;
In filing a Consolidated Income Tax Return for
• one-quarter on or before the 15th day of
Oklahoma, the Oklahoma taxable income for each
the ninth month of the taxable year;
corporation is computed separately on its own
• one-quarter on or before the 15th day of
factors and then combined for one total income
the first month of the succeeding
upon which the tax is computed. Complete Form
taxable year.
512-TI “Computation of Oklahoma Consolidated
Amended declarations may be filed on any of
Taxable Income” to determine the combined
the payment dates. Form OW-8-ESC, for filing
taxable income to report on page 1, line 1 of
estimated payments, can be obtained from our
Form 512. Submit a separate Schedule A and
website at
Schedule B, if applicable, for each company
within the consolidation.
*For purposes of determining the amount of tax
Enclose a copy of the Federal consolidated return
due on any of the respective dates, taxpayers may
with an income statement, balance sheet, M-1,
compute the tax by placing taxable income on an
M-2, M-3 and supporting schedules for each mem-
annualized basis as prescribed in Rule 710:50-13-9.
ber of the consolidated group. 68 Oklahoma Stat-
utes (OS) Sec. 2367.
Estimated payments can be made electronically
through the OTC website. Visit the “Online Servic-
es” page on the web at for further
Special Instructions Regarding
information.
Form 512, Page 4...
Complete Page 4 or attach a copy of the
There is no provision in the present law for tentative
Federal Form 1120 Schedules L, M-1 and M-2.
returns.
Corporations that are not required to complete
Federal Form 1120 Schedules L, M-1 and M-2 are
Amended Returns...
still required to complete the Oklahoma Form 512,
Use Form 512X for all amended returns. Enclose
Page 4 - Balance Sheets, Reconciliation of Income
Federal Forms 1120X or 1139 and proof of
per Books with Income per Return (OK M-1) and
disposition by the Internal Revenue Service when
Analysis of Unappropriated Retained Earnings per
applicable.
Books (OK M-2).
An overpayment on an amended return may not
Corporations that are not required to complete
be credited to estimated tax, but will be refunded.
Federal Form 1120 Schedule M-1 due to the
The amount applied to estimated tax on the original
requirement to complete Schedule M-3 must either
return cannot be adjusted.
complete the Oklahoma Schedule M-1 or enclose a
copy of the Federal Schedule M-3.
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