Oklahoma Corporation Income Tax Forms And Instructions Booklet - 2014 Page 4
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20General Filing Information
Oklahoma Net Operating Loss Deduction (continued)
Real Estate Investment Trusts…
A real estate investment trust that does not become reg-
The amount of any net operating loss deduction
allowed for the taxable year shall be an amount equal
ularly traded on an established securities market within
one year of the date on which it first becomes a real es-
to the aggregate of the Oklahoma net operating loss
tate investment trust shall be deemed not to have been
carryovers and carrybacks to such year. Oklahoma
net operating losses shall be separately determined
regularly traded on an established securities market,
retroactive to the date it first became a real estate invest-
by reference to IRC Section 172 as modified by the
Oklahoma Income Tax Act and shall be allowed without
ment trust. An amended return shall be filed reflecting
such retroactive designation for any tax year or part year
regard to the existence of a federal net operating loss.
occurring during its initial year of status as a real estate
For tax years 1996-2000, net operating losses may not be
carried back but may be carried forward for a period of time
investment trust. For purposes of this paragraph, a real
estate investment trust becomes a real estate invest-
not to exceed 15 years. For tax years 2001 – 2007 and tax
ment trust on the first day it has met the requirements of
years 2009 and subsequent, the years to which such
Section 856 of the Internal Revenue Code (IRC) and has
losses may be carried shall be determined solely by
elected to be treated as a real estate investment trust
reference to IRC Section 172. For tax year 2008, years
pursuant to IRC Section 856(c)(1). 68 OS Sec. 2358.
to which such losses may be carried back shall be
limited to two years. 68 OS Sec. 2358 (A)(3).
Oklahoma Net Operating Loss Deduction...
A detailed schedule must be furnished for any net oper-
ating loss carried forward to the current tax year.
Notice: The amount of any net operating loss
deduction claimed on Schedule A, line 29a or Schedule
An election may be made to forego the carryback period. A
B, line 6d, must also be entered on the front of Form
written statement of the election must be part of the origi-
512 in the space provided at the top of the form. There
nal timely filed Oklahoma loss-year return. If the corpora-
is also a space provided to enter the loss year(s).
tion timely filed its return for the loss-year without making
the election, it may make the election on an amended
return filed within 6 months of the due date of the loss year
The amount of any federal net operating loss deduction
shall be adjusted as follows:
return (excluding extensions). Attach the election to the
amended return. Once made, the election is irrevocable.
Line by Line Instructions
General Instructions for Determining Oklahoma Taxable Income
Income Computation...
Safety Pays OSHA Consultation Service
Beginning with federal taxable income, proper adjust-
Exemption:
ments are to be made to arrive at Oklahoma taxable
(Schedule A, Line 26, column B or Schedule B, Line 3)
income. Some of the adjustments may be to add interest
An employer that is eligible for and utilizes the
income from obligations of state and political sub-divi-
Safety Pays OSHA Consultation Service provided
sions thereof, and to deduct interest from U.S. obliga-
by the Oklahoma Department of Labor shall receive
tions. Oil and mining production or royalties and gain or
a $1,000 exemption for the tax year the service is
loss from disposition of such property shall be allocated
utilized. Employers must be able to substantiate their
according to their situs. General and administrative
participation in the Oklahoma Department of Labor’s
expenses, such as interest expense, etc., will ordinarily
Safety Pays Consultation Service upon request.
be allocated on the basis of Oklahoma direct expense to
total direct expense.
Qualified Refinery Property:
(Schedule A, Line 10, column B or Schedule B, Line 2)
If the election was made to expense the cost of qualified
Looking for a form that will
Oklahoma refinery property placed in service before Jan-
uary 1, 2012 on a previous year’s Oklahoma return, the
do the math for you?
depreciation deduction claimed on the federal return for
such property must be added back to arrive at Oklahoma
Check out Oklahoma Form 512 2-D on
taxable income. This addition must be made regardless
of whether the expense was claimed on the corporate
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return or allocated to its owners. 68 OS Sec. 2357.204
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