Form 561 - Oklahoma Capital Gain Deduction For Residents - 2007 Page 2
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3Form 561
Oklahoma Capital Gain Deduction for Residents Filing Form 511
Title 68 Section 2358 and Rule 710:50-15-48
General Information
Individual taxpayers can deduct qualifying gains receiving capital gain treatment which are included
in Federal adjusted gross income. “Qualifying gains receiving capital treatment” means the amount of
net capital gains, as defined under Internal Revenue Code Section 1222(11). The qualifying gain must
result from:
1.
the sale of real or tangible personal property located within Oklahoma that has been
owned for at least five uninterrupted years prior to the date of the transaction that gave
rise to the capital gain; or
2.
the sale of stock or an ownership interest in an Oklahoma company, limited liability
company, or partnership where such stock or ownership interest has been owned for at
least two uninterrupted years prior to the date of the sale.
An Oklahoma company, limited liability company or partnership is an entity whose
primary headquarters has been located in Oklahoma for at least three uninterrupted
years prior to the date of sale.
A capital loss carryover from qualified property reduces the current year gains from eligible property.
Pass-through entities...
Capital gain from qualifying property, as described above, held by a pass-through entity is eligible for
the Oklahoma capital gain deduction, provided the individual has been a member of the pass-through
entity for an uninterrupted period of the applicable two or five years and the pass-through entity has
held the asset for not less than the applicable two or five uninterrupted years prior to the date of the
transaction that created the capital gain. The type of asset sold, as shown in 1 and 2 above, deter-
mines whether the applicable number of uninterrupted years is two or five. The pass-through entity
must provide supplemental information to the individual identifying the pass-through of qualifying
capital gains.
Installment sales...
Qualifying gains included in an individual taxpayer’s Federal adjusted gross income for the current
year which are derived from installment sales are eligible for exclusion, provided the appropriate hold-
ing periods are met.
Specific Instructions
Line 1: List qualifying Oklahoma capital gains and losses from Federal Schedule D, line 8 or from
Federal Schedule D-1, line 8. In Column A, line A1 enter the description of the property as shown
in Federal Column A. On line A2 enter either the Oklahoma location/address of the real or tangible
personal property sold or the Federal Identification Number of the company, limited liability company
or partnership whose stock or ownership interest was sold. Complete Columns B through F using the
information from the corresponding columns of the Federal Schedule D or D-1. Do not include gains
and losses reported on Form 561 lines 2 through 5.
Line 2: If Federal Form 6252 was used to report the installment method for gain on the sale of eligible
property on the Federal return, compute the capital gain deduction using the current year’s taxable
portion of the installment payment. Enclose Federal Form 6252. Capital gain from an installment sale
is eligible for the Oklahoma capital gain deduction provided the property was held for the appropriate
holding period as of the date sold.
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