Form 512 - Corporation Income Tax Return - 2012 Page 5
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21Line by Line Instructions
Cost of complying with Sulfur
General Instructions
(68 OS Sec. 2357.205)
Regulations:
for Determining Oklahoma
A qualified refinery may make an irrevocable
Taxable Income
election to allocate all or a portion of the cost of
complying with sulfur regulations issued by the
Environmental Protection Agency as a deduction
Income Computation...
allowable to its owners. The allocation for each
Beginning with Federal taxable income, proper
person is equal to the ratable share of the total
adjustments are to be made to arrive at Oklahoma
amount allocated, determined on the basis of the
taxable income. Some of the adjustments may be
ownership interest of the person. The taxable
to add interest income from obligations of state and
income of the refinery shall not be reduced by the
political sub-divisions thereof, and to deduct inter-
reason of any amount allowed under this section.
est from U.S. obligations. Oil and mining produc-
tion or royalties and gain or loss from disposition of
If you are the Refinery -
such property shall be allocated according to their
To make the election, attach a schedule stating
situs. General and administrative expenses, such
your corporate name and Federal Employer
as interest expense, etc., will ordinarily be allocated
Identification Number, a list of the costs of
on the basis of Oklahoma direct expense to total
complying with sulfur regulations some or all
direct expense.
of which are being allocated to your owners,
and the portion of such costs allocated to each
Safety Pays OSHA Consultation Service
owner, including the owner’s name and Federal
Exemption:
identification number. You shall also provide each
(Schedule A, Line 26, column B or Schedule B,
owner with written notice of the amount of the
Line 3)
allocation. The notice must include your corporate
An employer that is eligible for and utilizes the
name and Federal Employer Identification Number
Safety Pays OSHA Consultation Service provided
and the owner’s name and Federal identification
by the Oklahoma Department of Labor shall receive
number.
a $1,000 exemption for the tax year the service is
utilized. Employers must be able to substantiate
If you are the Owner -
their participation in the Oklahoma Department of
(Schedule A, Line 26, column B or Schedule B,
Labor’s Safety Pays Consultation Service upon
Line 6)
request.
Deduct the portion of the cost of complying with
Qualified Refinery Property:
sulfur regulations which have been allocated to
(Schedule A, Line 10, column B or Schedule B,
you. Attach the written notice of the allocation
Line 2)
received from the refinery.
If the election was made to expense the cost of
Want a Form
qualified Oklahoma refinery property placed in
service before January 1, 2012 on a previous
that Does the Math?
year’s Oklahoma return, the depreciation deduc-
tion claimed on the Federal return for such property
must be added back to arrive at Oklahoma taxable
The Oklahoma Tax Commission has just the form for
income. This addition must be made regardless of
you. Visit our website at Down-
whether the expense was claimed on the corpo-
load the “2-D Calculating Form 512” from the income
rate return or allocated to its owners. 68 OS Sec.
tax forms area of the website.
2357.204
As you fill in your form on your computer screen, this
form will be doing the calculating for you. Once fin-
Don’t forget to copy
ished, simply print out two copies before closing the
document. Mail one to the OTC and keep the other
for your files.
your return for your files
By using this form type, your return will have a 2-D
before mailing.
barcode at the top and will be processed faster.
Faster processing means a faster refund to you.
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