Instructions For Form 512 - Oklahoma Corporation Income Tax - 2006 Page 8
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16Line by Line Instructions
Page Two - Schedule A
Page Two - Schedule A
Page Two - Schedule A
Page Two - Schedule A
Page Two - Schedule A
Schedule A, Column A is to be completed by
Line 6b - State and Municipal Interest
all corporations. All corporations start with
Corporations domiciled in Oklahoma that
Schedule A.
receive income on bonds issued by any state
or political subdivision thereof, exempt from
Schedule A, Column B is to be used by all
Federal taxation but not exempt from taxation
corporations domesticated in Oklahoma deriv-
by the laws of the State of Oklahoma, shall
ing all of their income within Oklahoma or by
add the total of such income to arrive at
corporations whose business within and with-
Oklahoma income.
out Oklahoma is oil and gas production, min-
ing, farming, or rental. This should be com-
1) Income from all bonds, notes or other
pleted using the direct accounting method.
obligations issued by the State of
Oklahoma, the Oklahoma Capital
Income (loss) shall be allocated in accordance
Improvement Authority, the Oklahoma
with the situs of such property. Overhead
Municipal Power Authority, the
expense shall be allocated on the basis of
Oklahoma Student Loan Authority, and
direct expense in Oklahoma to the total direct
the Oklahoma Transportation Authority
expense everywhere.
(formerly Turnpike Authority) is exempt
from Oklahoma income tax. The profit
Line 5 -
from the sale of such bond, note or
Interest on U.S. Government Obligations
other obligations shall be free from
If you report interest on bonds, notes, and
taxation.
other obligations of the U.S. on your Federal
return, it may be excluded from your Okla-
2) Income from local Oklahoma
homa income if a detailed schedule is fur-
governmental obligations issued after
nished, accompanied with 1099s showing the
July 1, 2001, other than those provided
amount of interest income and the name of the
for in 1, is exempt from Oklahoma
obligation from which the interest is earned. If
income tax. The exceptions are those
the interest is from a mutual fund which in-
obligations issued for the purpose of
vests in government obligations, enclose a
providing financing for projects for
detailed schedule from the mutual fund show-
nonprofit corporations. Local
ing the amount of monies received from each
governmental obligations shall include
obligation or the percentage of funds received
bonds or notes issued by, or on behalf
from each obligation. Interest from entities
of, or for the benefit of Oklahoma
such as FNMA & GNMA does not qualify.
educational institutions, cities, towns, or
counties or by public trusts of which any
Line 6a - Other Interest
of the foregoing are beneficiary.
Accounts receivable interest income and
interest income from investments held to
3) Income from Oklahoma State and
generate working capital shall be allocated to
Municipal Bonds issued prior to July 2,
Oklahoma on the basis of direct expense.
2001, other than those provided for in
1, is exempt from Oklahoma income tax
All other intangible income (loss) shall be
only if so provided by the statute
allocated in accordance with the situs of the
authorizing their issuance.
corporation.
4) Income on bonds issued by another
state or political subdivision thereof
(non-Oklahoma), exempt from Federal
taxation, is taxable for Oklahoma
income tax.
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