Form 561p - Oklahoma Capital Gain Deduction For The Nonresident Partner Included In The Composite Return - 2015 Page 2
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22015 Form 561P - Page 2
Oklahoma Capital Gain Deduction for the
Nonresident Partner Included in the Composite Return (Form 514, Part 1)
68 Oklahoma Statutes (OS) Sec. 2358 and Rule 710:50-15-48
Worksheet -
(Enclose with Form 561P)
Partnership Name as Shown on Return
Federal Employer Identification Number
Name of Nonresident Partner
Social Security Number/Federal Employer Identification Number
Complete a separate worksheet for each piece of property sold. Enclose a copy of the Federal Schedule K-1.
Name of pass-through entity: ________________________________________ FEIN: ______________________
Description of property sold: ______________________________________________________________________
Location of property: ____________________________________________________________________________
Date acquired: ______________________________________ Date sold: __________________________________
Date(s) you acquired ownership in the pass-through entity: ______________________________________________
General Information
Taxpayers can deduct qualifying gains receiving capital gain treatment which are included in Federal income. “Qualifying
gains receiving capital treatment” means the amount of net capital gains, as defined under Internal Revenue Code Section
1222(11). The qualifying gain must result from:
1. the sale of real or tangible personal property located within Oklahoma that has been owned for at least five
uninterrupted years prior to the date of the transaction that gave rise to the capital gain;
2. the sale of stock or an ownership interest in an Oklahoma company, limited liability company, or partnership where
such stock or ownership interest has been owned for at least three uninterrupted years (two for individuals) prior
to the date of the transaction that gave rise to the capital gain; or
3. the sale of real property, tangible personal property or intangible personal property located within Oklahoma
as part of the sale of all or substantially all of the assets of an Oklahoma company, limited liability company, or
partnership where such property has been directly or indirectly owned by such entity or owned by the owners
of such entity, and used in or derived from such entity for a period of at least three uninterrupted years (two for
individuals) prior to the date of the transaction that gave rise to the capital gain.
An Oklahoma company, limited liability company or partnership is an entity whose primary headquarters has been located
in Oklahoma for at least three uninterrupted years prior to the date of sale.
Pass-through entities...
Capital gain from qualifying property, as described above, held by a pass-through entity is eligible for the Oklahoma
capital gain deduction, provided the person has been a member of the pass-through entity for an uninterrupted period
of the applicable three (two for individuals) or five years and the pass-through entity has held the asset for not less than
the applicable three (two for individuals) or five uninterrupted years prior to the date of the transaction that created the
capital gain. The type of asset sold, as shown in 1-3 above, determines whether the applicable number of uninterrupted
years is three (two for individuals) or five. The pass-through entity must provide supplemental information to the member
identifying the pass-through of qualifying capital gains.
Installment sales...
Qualifying gains included in Federal distributable income for the current year which are derived from installment sales are
eligible for exclusion provided the appropriate holding periods are met.
Specific Instructions
Note: Complete a separate Form 561P for each nonresident partner whose income is reported on Form 514-PT.
Lines 1 - 5 are used to determine the qualifying Oklahoma net capital gain of a nonresident partner whose income is
reported on Form 514-PT. Based on the type of qualifying asset sold the nonresident must have been a partner in the
partnership for an uninterrupted period of the applicable three (two for individuals) or five years. On lines 1 - 4, Column F
“Federal Amount”, enter the nonresident partner’s share of the qualifying gain or loss included on the Federal Schedule D.
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