Form 513nr - Oklahoma Nonresident Fiduciary Return Of Income - 2011 Page 6
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20Line by Line Instructions
Line 15 - Additional Oklahoma Depletion:
Line 10 - State and Municipal Bond Interest
(continued)...
Federal Amount column:
Oklahoma Amount column:
Depletion on oil and gas well production, at the option of
the taxpayer, may be computed at 22% of gross income
Enter that part of the “Federal Amount” column received
from a business, partnership or sub-s corporation doing
derived from each property (regardless where located) dur-
ing the taxable year. Any depletion deduction allowable is
business in Oklahoma.
the amount so computed minus Federal depletion claimed.
Line 11 - Other Additions
If Oklahoma options are exercised the Federal
Federal Amount column:
depletion not used due to the 65% limit may not be carried
Lump sum distributions not included in the Federal total
over. A complete schedule by property must be furnished.
income (except any amount excluded on Federal Schedule
D) shall be added to the Federal total income on line 11 of
Note: Taxpayers whose tax year ends after December 31, 2011 and
Form 513NR. Rollovers are taxed in the same year as on
major oil companies, as defined in 52 OS Sec. 288.2, when computing
Oklahoma depletion shall be limited to 50% of the net income (computed
the Federal return. Enclose a copy of Forms 1099, and a
without the allowance for depletion) from each property.
complete copy of the Federal return.
Lease bonus received is considered income subject to
If depletion is claimed on lease bonus and no income is
depletion. If depletion is claimed on a lease bonus and no
received as a result of non-producing properties, upon
income is received as a result of non-producing proper-
expiration of the lease such depletion must be restored on
ties, upon expiration of the lease, such depletion must
line 11, in the year the lease expires. A complete schedule
be restored on Form 513NR line 11, in the year the lease
by property must be furnished.
expires.
To compute Oklahoma taxable income, a captive real
Oklahoma Amount column:
estate investment trust must add back the dividends-paid
Enter that part of the “Federal Amount” column that rep-
deduction which was allowed on the federal return.
resents additional depletion only from Oklahoma proper-
Rents and interest expense paid to a captive real estate
ties, the net income of which is included in the “Oklahoma
investment trust and deducted on your Federal return must
Amount” column above.
be added back to compute Oklahoma taxable income.
Such add-back is not required if the captive real estate in-
Oklahoma Capital Gain Deduction
vestment trust is subject to the add-back for the dividends-
Federal Amount column:
paid deduction.
Taxpayers can deduct qualifying gains receiving capital
treatment which are included in Federal taxable income.
Federal net operating loss:
“Qualifying gains receiving capital treatment” means the
Enter that part of the carryover(s) included on the Federal
amount of the net capital gains, as defined under IRC
Form 1041 and also on the Federal amount column on this
Section 1222(11). The qualifying gain must:
form.
Oklahoma Amount column:
1) be earned on real or tangible personal property
Enter the part of the “Federal Amount” column that repre-
located within Oklahoma that you have owned for
sents Oklahoma source income.
at least five uninterrupted years prior to the date of
the sale.
Line 13 - Interest on U.S. Obligations
Federal Amount column:
2) be earned on the sale of stock or ownership
If you report interest on bonds, notes and other obligations
interest in an Oklahoma headquartered company,
of the U.S. on your Federal return, this income may be
limited liability company, or partnership where
excluded, if a detailed schedule is furnished, accompanied
such stock or ownership interest has been owned
with 1099s showing the amount of interest income and the
by you for at least three uninterrupted years (two
name of the obligation from which the interest is earned.
for individuals) prior to the date of the sale.
If the interest is from a mutual fund which invests in U.S.
3) Be earned on the sale of real property, tangible
government obligations, enclose documentation from the
personal property or intangible personal property
mutual fund to substantiate the percentage of income
located within Oklahoma as part of the sale of all
derived from obligations exempt from Oklahoma tax. Inter-
est from entities such as FNMA & GNMA and repurchase
or substantially all of the assets of an Oklahoma
agreements does not qualify.
company, limited liability company, or partnership
where such property has been directly or indirectly
Oklahoma Amount column:
owned by such entity or owned by the owners of
Enter that part of the “Federal Amount” column that repre-
such entity, and used in or derived from such entity
sents U.S. Government interest included on line 1 in the
for a period of at least three uninterrupted years
“Oklahoma Amount” column.
(two for individuals) prior to the date of the sale.
Line 14 - Other Year Net Operating Loss
Form 561NR-F is used to determine the Oklahoma Capital
Oklahoma Amount column:
Gain Deduction. Enter the amount from Form 561NR-F,
Enclose a detailed schedule showing origin and NOL
Line 10, Federal Amount column. Enclose Form 561NR-F
computation. Also enclose a copy of any Federal NOL
computation.
and a copy of the Federal Schedule D.
(continued on page 7)
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