Form 561f - Oklahoma Capital Gain Deduction For Trusts And Estates Filing Form 513 - 2012 Page 3
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32012 Form 561F - Page 3
Oklahoma Capital Gain Deduction for Trusts and Estates Filing Form 513
68 OS Sec 2358 and Rule 710:50-15-48
Specific Instructions
Complete this form using the Capital Gains and Losses included on Form 513, Column B “Total applicable
to Oklahoma” that have not been distributed to the beneficiary(ies). Do not include any portion of the capital
gain or loss included in the income distribution deduction on Form 513. The beneficiary will compute the capital gain
deduction on their own income tax return.
Line 1: List qualifying Oklahoma capital gains and losses from the Federal Schedule D, line 6. In Column A, line A1,
enter the description of the property as shown in Federal Column A. On line A2 enter either the Oklahoma location/
address of the real or tangible personal property sold or the Federal Identification Number of the company, limited
liability company or partnership whose stock or ownership interest was sold. Complete Columns B through E us-
ing the information from the corresponding columns of the Federal Schedule D. In Column B, enter the date the
property was acquired. If you entered “VARIOUS” or “INHERITED” on your Federal Schedule D, enter the date
you actually acquired the property. In Column F enter the portion of the capital gain or loss included on Form 513,
Column B, line 6 but not included in the income distribution deduction on line 18. Do not include gains and losses
reported on Form 561F lines 2 through 5.
Line 2: If Federal Form 6252 was used to report the installment method for gain on the sale of eligible property on
the Federal return, compute the capital gain deduction using the current year’s taxable portion of the installment
payment included on Form 513, Column B, line 6 but not included in the income distribution deduction on line 18.
Enclose Federal Form 6252. Capital gain from an installment sale is eligible for the Oklahoma capital gain deduction
provided the property was held for the appropriate holding period as of the date sold.
Line 3: Enter other qualifying Oklahoma capital gains and losses reported on Federal Schedule D, line 7 included
on Form 513, Column B, line 6 but not included in the income distribution deduction on line 18. Enclose the appli-
cable Federal form(s). If not shown on the Federal form, enclose a schedule identifying the type and location of the
property sold, the date of the sale, and the date the property was acquired.
Line 4: Enter qualifying Oklahoma net capital gain or loss from partnerships, S corporations, and other trusts or
estates included on Form 513, Column B, line 6 but not included in the income distribution deduction on line 18.
Complete the worksheet on page 2 and enclose a copy of the Federal Schedule K-1.
Line 5: Enter the qualifying Oklahoma net capital gain from the Federal Form 4797, reported on Federal Schedule
D included on Form 513, Column B, line 6 but not included in the income distribution deduction on line 18. Enclose
a copy of the Federal Form 4797. If reporting a gain/loss from a Federal Schedule K-1, complete the worksheet on
page 2 and enclose a copy of the Federal Schedule K-1.
Line 7: Enter the total qualifying Oklahoma capital loss carryover from the prior year’s return included on Form 513,
Column B, line 6 but not included in the income distribution deduction on line 18.
Line 9: The Oklahoma capital gain deduction may not exceed the portion of the net capital gain included on Form
513, Column B, line 6 but not included in the income distribution deduction on line 18. The term “net capital gain”
means the excess of the net long-term capital gain for the taxable year over the net short-term capital loss for such
year. If there is a net capital loss, enter zero.
Note: Do not enter any portion of the Oklahoma Capital Gain Deduction on Part 2 “Beneficiaries’ Share of Income
and Deductions”.
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