Form 561 - Oklahoma Capital Gain Deduction For Residents - 2007 Page 3
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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
Specific Instructions - continued
Line 3: Enter the qualifying Oklahoma net capital gain, reported on Federal Schedule D, from the
Federal Form 4797. Enclose a copy of the Federal Form 4797.
Line 4: Enter other qualifying Oklahoma capital gains reported on Federal Schedule D, line 11. En-
close the applicable Federal form(s). If not shown on the Federal form, enclose a schedule identifying
the type and location of the property sold, the date of the sale, and the uninterrupted holding period of
the property.
Line 5: Enter qualifying Oklahoma net capital gain or loss from partnerships, S corporations, trusts
and estates. Enclose a copy of the Federal Schedule K-1. Enclose a schedule identifying the type
and location of the property sold, the date of sale, the uninterrupted holding period of the property by
the pass-through entity as of the date of sale, and the uninterrupted period of time the individual has
been a member of the pass-through entity.
Line 7: Enter the total qualifying Oklahoma capital loss carryover from the prior year’s return.
Line 9: The Oklahoma capital gain deduction may not exceed the Oklahoma net capital gain included
in Federal adjusted gross income. To determine the Oklahoma net capital gain, complete the following
worksheet:
Refer to the instructions for Form 511, line 4 and Form 511, Schedule 511-B, line 2 to deter-
mine what gains and losses are considered “out-of-state”. (Generally, sale of an intangible,
such as stock, is not considered out-of-state.)
A
Net Short-Term Capital Gain (or loss) from Federal Schedule D, line 7
B
+
Add Out-of-State Capital Losses included in line A above
C
-
Subtract Out-of-State Capital Gains included in line A above
D
Net Oklahoma Short-Term Capital Loss
(if greater than zero, enter “0”)
E
Net Long-Term Capital Gain (or loss) from Federal Schedule D, line 15
F
+
Add Out-of-State Capital Losses included in line E above
G
-
Subtract Out-of-State Capital Gains included in line E above
H
Net Oklahoma Long-Term Capital Gains
(if less than zero, enter “0”)
I
Oklahoma Net Capital Gain - Enter on the front of form on line 9
(combine lines H and D)
(if less than zero, enter “0”)
Note: For U.S. Government and municipal bonds, which are exempt from Oklahoma tax, include any
capital gain on the Out-of-State Capital Gains line (Line C or G) and any capital loss on the Out-of-
State Capital Losses line (Line B or F).
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