Instructions For Form 512 - Oklahoma Corporation Income Tax

General Filing Information

Oklahoma Net Operating Loss

Adjustments by Internal Revenue

Deduction...

Service...

Taxpayers who file “consents” extending the

Notice: The amount of any net operating loss

time for making Federal adjustments automati-

claimed on Schedule A, line 29a or Schedule B,

line 6d, must also be entered on the front of

cally extend the time for making state adjust-

Form 512 in the space provided at the top of the

ments. The taxpayer is also required to file an

form.

amended return reporting all Internal Revenue

Service adjustments. A copy of the finalized

The amount of any Federal net operating loss

RAR must be furnished.

deduction shall be adjusted as follows:

Amended Returns...

For carryovers and carrybacks to taxable

years beginning after December 31, 1980, the

Use Form 512X for all amended returns.

amount of any net operating loss deduction

Enclose federal Forms 1120X or 1139 and

allowed for the taxable year shall be an

proof of disposition by the Internal Revenue

amount equal to the aggregate of the

Service when applicable.

Oklahoma net operating loss carryovers and

carrybacks to such year. Oklahoma net

An overpayment on an amended return may

operating losses shall be separately

not be credited to estimated tax, but will be

determined by reference to Section 172 of the

refunded. The amount applied to estimated tax

Internal Revenue Code as modified by the

on the original return cannot be adjusted.

Oklahoma Income Tax Act and shall be

allowed without regard to the existence of a

Banks and Credit Unions...

Federal net operating loss. For tax years 1996-

2000, net operating losses may not be carried

State and national banks and state credit

back but may be carried forward for a period of

unions are subject to an “In Lieu” tax. See

time not to exceed 15 years. For tax years

Title 68 O.S. Section 2370 and Title 68 O.S.

2001 and subsequent, net operating losses

Section 1201 et seq. (Franchise Tax). When

may be carried forward and back in

reporting income on Schedule A, line(s) 5 and/

accordance with Section 172 of the Internal

or 6b, please furnish a detailed schedule of

Revenue Code. Title 68 O.S. Section 2358

the interest income by source and amount.

(A)(3).

Expense deductions claimed in arriving at

taxable income shall be reduced by an amount

A detailed schedule must be furnished for any

equal to 50% of excluded interest income on

net operating loss carried forward to the cur-

obligations of the United States government or

rent tax year.

agencies thereof and obligations of the State

An election may be made to forego the

of Oklahoma or political subdivisions thereof.

carryback period. A written statement of the

election must be part of the the original timely

Credit Card Payments

filed Oklahoma loss-year return. If the corpo-

ration timely filed its return for the loss-year

You can pay the balance due by credit card. Payments can

without making the election, it may make the

be made for any tax year. Estimated income tax payments

election on an amended return filed within 6

are also accepted.

months of the due date of the loss year return

• Log on to our website at

(excluding extensions). Attach the election to

Click on the “Payment Options” link to pay online.

the amended return. Once made, the election

• You may also make a payment by credit card by

is irrevocable.

phone at: 1-800-2PAY-TAX (1-800-272-9829)*.

*Note: If you live outside of Oklahoma, you will need to

enter the jurisdiction code “4600” if paying by phone.

Please keep in mind that there is a convenience fee of 2.5%

for utilizing this service based on the amount charged.

Instructions For Form 512 - Oklahoma Corporation Income Tax - 2006 Page 4

Related Articles

Related forms

Related Categories