Oklahoma Corporation Income Tax Forms And Instructions Booklet - 2014 Page 6
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20Line by Line Instructions
Page Two - Schedule A
Page Two - Schedule A
Schedule A, Column A is to be completed by all corporations. All corporations start with Schedule A.
Schedule A, Column B is to be used by all corporations domesticated in Oklahoma deriving all of their income
within Oklahoma or by corporations whose business within and without Oklahoma is oil and gas production, min-
ing, farming, or rental. This should be completed using the direct accounting method.
Income (loss) shall be allocated in accordance with the situs of such property. Overhead expense shall be allo-
cated on the basis of direct expense in Oklahoma to the total direct expense everywhere.
Line 5 - Interest on U.S. Government Obligations
Line 6b - State and Municipal Interest (continued)
If you report interest on bonds, notes, and other obliga-
2) Income from local Oklahoma governmental
tions of the U.S. on your federal return, it may be exclud-
obligations issued after July 1, 2001, other
ed from your Oklahoma income if a detailed schedule is
than those provided for in 1, is exempt from
furnished, accompanied with 1099s showing the amount
Oklahoma income tax. The exceptions are those
of interest income and the name of the obligation from
obligations issued for the purpose of providing
which the interest is earned. If the income is from a mu-
financing for projects for nonprofit corporations.
tual fund which invests in U.S. Government obligations,
Local governmental obligations shall include
enclose documentation from the mutual fund to substan-
bonds or notes issued by, or on behalf of, or for
tiate the percentage of income derived from obligations
the benefit of Oklahoma educational institutions,
exempt from Oklahoma tax. Interest from entities such
cities, towns, or counties or by public trusts of
which any of the foregoing is a beneficiary.
as FNMA & GNMA does not qualify.
3) Income from Oklahoma State and Municipal
Line 6a - Other Interest
Bonds issued prior to July 2, 2001, other
Accounts receivable interest income and interest income
than those provided for in 1, is exempt from
from investments held to generate working capital shall
Oklahoma income tax only if so provided by the
be allocated to Oklahoma on the basis of direct expense.
statute authorizing their issuance.
All other intangible income (loss) shall be allocated in
4) Income on bonds issued by another state or
accordance with the situs of the corporation.
political subdivision thereof (non-Oklahoma),
exempt from federal taxation, is taxable for
Line 6b - State and Municipal Interest
Corporations domiciled in Oklahoma that receive income
Oklahoma income tax.
on bonds issued by any state or political subdivision
Enclose a schedule of all municipal interest received by
thereof, exempt from federal taxation but not exempt
source and amount. If the income is from a mutual fund
from taxation by the laws of the State of Oklahoma,
which invests in state and local government obligations,
shall add the total of such income to arrive at Oklahoma
enclose documentation from the mutual fund to
income.
substantiate the percentage of income derived from
obligations exempt from Oklahoma tax.
1) Income from all bonds, notes or other obligations
issued by the State of Oklahoma, the Oklahoma
Note: If the interest is exempt, the capital gain/loss from
Capital Improvement Authority, the Oklahoma
the sale of the bond may also be exempt. The gain/loss
Municipal Power Authority, the Oklahoma
from sale of a state or municipal bond, other than those
Student Loan Authority, and the Oklahoma
provided for in 1, is exempt only if so provided by the
Transportation Authority (formerly Turnpike
statute authorizing its issuance.
Authority) is exempt from Oklahoma income tax.
The profit from the sale of such bond, note or
Line 7 and 8 - Rents and Royalties
other obligations shall be free from taxation.
Income from real or tangible personal property, lease
royalty or bonus shall be allocated in accordance with
Tax Tips:
the situs of the property.
Line 9 - Gains or Losses
√ Check your calculations carefully.
Gains or losses from the sale of leases and gains or
√ Don’t forget to sign your tax returns.
losses from the sale of real and tangible personal prop-
erty, shall be allocated in accordance with the situs of
√ Always copy your return for your records.
the property.
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