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The return must be filed on or before the 15th day ofthethirdmonthfollowingthecloseofthetaxableyearwiththeOklahomaTaxCommission,POBox26800,OklahomaCity,Oklahoma73126-0800.Avalid extension of time in which to file your Federal returnautomaticallyextendstheduedateofyourOklahomareturnifnoOklahomaliabilityisowed.AcopyoftheFederalextensionmustbeenclosedwithyourOklahomareturn.IfyourFederalreturnisnotextended,oranOklahomaliabilityisowed,anextension of time to file your Oklahoma return may begrantedonForm504.TheForm504mustbefiled on or before the due date of the return.90%ofthetaxliabilitymustbepaidwiththeexten-siontoavoiddelinquentpenaltyforlatepayment.100%oftaxliabilitymustbepaidwiththeextensiontoavoiddelinquentinterestforlatepayment.Inthecaseofcompleteliquidationorthedissolu-tionofacorporation,thereturnshallbemadeonorbeforethe15thdayofthefourthmonthfollowingthemonthinwhichthecorporationiscompletelyliquidated(ortheFederalduedate).
Fiscal Year and Short Period Returns...
For all fiscal year and short period returns, the beginningandendingdatesofthetaxyearmustbeshownonthetopportionofthereturnwhereindicated.Omissionofthisinformationmaycauseasignificant delay in the processing of the return and nointerestwillaccrueonanyrefundpending.
•Fiscalyeardatesareacommonproblem. If you file based on a fiscal year, please list dates ontopofformwhereindicated.
•EncloseacompletecopyofyourFederalreturn.
•Encloseallrequiredschedules.
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General Filing Information
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Consolidated Returns...If a Federal consolidated return is filed, an Oklahomaconsolidatedreturnmayberequiredorpermittedundercertaincircumstances.An election to file a separate return or consolidated return is made with the timely filing of the return. If an affiliated group of corporations elects to file aconsolidatedOklahomaincometaxreturnsuchelection shall be binding. The affiliated group of corporations shall be required to file a consolidated OklahomaincometaxreturnforallfuturetaxyearsunlesstheOklahomaTaxCommissionreleasestheaffiliated group of corporations from such election.In filing a Consolidated Income Tax Return for Oklahoma,theOklahomataxableincomeforeachcorporationiscomputedseparatelyonitsownfactorsandthencombinedforonetotalincomeuponwhichthetaxiscomputed.CompleteForm 512-TI:ComputationofOklahomaConsolidatedTaxableIncometodeterminethecombinedtaxableincometoreportonpage1,line1ofForm512.SubmitaseparateScheduleAandScheduleB,ifapplicable,foreachcompanywithintheconsolidation.EncloseacopyoftheFederalconsolidatedreturnwithanincomestatement,balancesheet,M-1,M-2,M-3andsupportingschedulesforeachmem-beroftheconsolidatedgroup.Title68O.S.Section2367.
Special Instructions Regarding Form 512, Page 4...
Declaration of Estimated Tax...Corporationsmustmakeestimatedtaxpaymentswhenthetaxliabilityforthecurrentyearcanreasonablybeexpectedtobe$500ormore.Theestimatedtaxpaymentsshallbethelesserof70%ofyourcurrentyear’staxliabilityor100%ofthetaxliabilityshownonyourreturnfortheprecedingtaxableyearof12months.
Theestimatedtaxpaymentsshallbepaidinfourequal*installmentsof: •one-quarteronorbeforethe15thdayof thefourthmonthofthetaxableyear; •one-quarteronorbeforethe15thdayof thesixthmonthofthetaxableyear; •one-quarteronorbeforethe15thdayof theninthmonthofthetaxableyear; •one-quarteronorbeforethe15thdayof the first month of the succeeding taxableyear.
Amended declarations may be filed on any of the paymentdates.The Form OW-8-ESC, for filing estimatedpayments,willbeprovideduponrequest.
TheamountofanynetoperatinglossdeductionallowedforthetaxableyearshallbeanamountequaltotheaggregateoftheOklahomanetoperatinglosscarryoversandcarrybackstosuchyear.OklahomanetoperatinglossesshallbeseparatelydeterminedbyreferencetoSection172 of the Internal Revenue Code as modified bytheOklahomaIncomeTaxActandshallbeallowedwithoutregardtotheexistenceofaFederalnetoperatingloss.Fortaxyears1996-2000,netoperatinglossesmaynotbecarriedbackbutmaybecarriedforwardforaperiodoftimenottoexceed15years.For tax years 2001 and subsequent, net operating losses may be carried forward and back in accordance with Section 172 of the Internal Revenue Code. Title68O.S.Section2358(A)(3).
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Adjustments by Internal Revenue Service...Taxpayers who file “consents” extending the time formakingFederaladjustmentsautomaticallyextendthetimeformakingstateadjustments.Thetaxpayer is also required to file an amended return reportingallInternalRevenueServiceadjustments.A copy of the finalized RAR must be furnished.
Banks and Credit Unions...Stateandnationalbanksandstatecreditunionsaresubjecttoan“InLieu”tax.SeeTitle68O.S.Section2370andTitle68O.S.Section1201etseq.(FranchiseTax).WhenreportingincomeonScheduleA,line(s)5and/or6b,pleasefurnishadetailedscheduleoftheinterestincomebysourceandamount.Expensedeductionsclaimedinar-rivingattaxableincomeshallbereducedbyanamountequalto50%ofexcludedinterestincomeonobligationsoftheUnitedStatesgovernmentoragenciesthereofandobligationsoftheStateofOklahomaorpoliticalsubdivisionsthereof.
Anelectionmaybemadetoforegothecarrybackperiod.Awrittenstatementoftheelectionmustbepart of the the original timely filed Oklahoma loss-year return. If the corporation timely filed its return fortheloss-yearwithoutmakingtheelection,itmaymake the election on an amended return filed within 6monthsoftheduedateofthelossyearreturn(excludingextensions).Attachtheelectiontotheamendedreturn.Oncemade,theelectionisirrevo-cable.
Refundable Credits...
A refundable credit is available for qualified capital expenditures,wagesandtrainingexpensesincurredbyabusinessenterprisewhoseprincipalactivityisdataprocessingservices,computersystemsdesignservicesorothercomputerrelatedservicesthat,asofJuly1,2005,maintainsanOklahomaannualpayrollofatleast$85millionandanOklahomalaborforceof1,000ormorepersons.TheComputerIndustryCreditmaybeclaimedbyfiling Form 580 at any time. Or, the credit may be claimedontheestimatedtaxlineoftheincometaxreturn,inwhichcase,Form580mustbeenclosedwiththereturn.Title68O.S.Section2357.201andRule710:50-15-100.
A refundable credit is available for qualified capital expenditures,wagesandtrainingexpensesincurredbyabusinessenterprisewhoseprincipalactivityisthemanufactureofwingcomponentsforlargecommercialaircraftandotheraerospacestructuresandcomponentsforcommercialandgovernmentaerospaceproducts.TheAerospaceIndustry Credit may be claimed by filing Form 581 atanytime.Or,thecreditmaybeclaimedontheestimatedtaxlineoftheincometaxreturn,inwhichcase,Form581mustbeenclosedwiththereturn.Title68O.S.Section2357.202andRule710:50-15-100.
Electronic Payment Options Available at
www.tax.ok.gov
If you are the Refinery -(ScheduleA,Line26,columnBorScheduleB,Line3-asadeduction)Tomaketheelectiontoexpensethecostofqualified refinery property located in Oklahoma inthetaxyearinwhichtheexpenseisincurred,deduct the cost of the property on a timely filed return,unlessasecondelectionismadebytherefinery to allocate all or a portion of the deduction toitsowners.Ifthesecondelectionismade,donotdeductsuchportiononForm512.Eachownerwillreporttheirallowableshareofthedeductionontheirownincometaxreturn;see“Theelectiontoallocateexpensetoowners”below.
If you are the Refinery -(ScheduleA,Line10,columnBorScheduleB,Line2-asanaddition)Iftheelectionwasmadetoexpensethecostofqualified refinery property located in Oklahoma on thisyear’soronapreviousyear’sOklahomareturn,thedepreciationdeductionclaimedontheFederalreturnforsuchpropertymustbeaddedbacktoarriveatOklahomataxableincome.Thisadditionmustbemaderegardlessofwhethertheexpenseisclaimedonthecorporatereturnorallocatedtoitsowners.
• The election to allocate expense to ownersThe refinery may elect to allocate all or a portion ofthedeductiontoitsowners.Theallocationforeachpersonisequaltotheratableshareofthetotalamountallocated,determinedonthebasisoftheownershipinterestoftheperson.Ifthiselectionis made, such portion of the cost of the qualified refinery property is not deducted as an expense onForm512.Eachownerreportstheirallowableshareofthedeductiononthedesignatedlineontheir own income tax return. The refinery must attach a schedule stating the qualified refinery property(ies),thedate(s)placedinservice,thetotalcostbeingexpensed,andtheportionofsuchexpenseallocatedtoeachowner,includingtheowner’s name and Federal Identification Number.
Safety Pays OSHA Consultation Service Exemption:(ScheduleA,Line26,columnBorScheduleB,Line3)AnemployerthatiseligibleforandutilizestheSafetyPaysOSHAConsultationServiceprovidedbytheOklahomaDepartmentofLaborshallreceivea$1,000exemptionforthetaxyeartheserviceisutilized.EmployersmustbeabletosubstantiatetheirparticipationintheOklahomaDepartmentofLabor’sSafetyPaysConsultationServiceuponrequest.
• The election to expense instead of depreciateA refinery may elect to treat 100% of the cost of qualified refinery property located in Oklahoma asanexpensethatisnotchargeabletoacapitalaccount.Anycostsotreatedisallowedasadeduction for the year in which the qualified refinery propertyexpenseisincurred.Oncemade,theelectionisirrevocablewithouttheconsentoftheOklahomaTaxCommission.ThedepreciationdeductedontheFederalreturnforsuchpropertymustbeaddedbackinthisandinallsubsequentyears.
Note:AreportmustbeattachedtocertifythattheprovisionsofTitle68O.S.Section2357.204(E)&(F)havebeenmet.Nodeductionallowedunderthissection will be allowed unless this certification is enclosed with the refinery’s income tax return.
General Instructions for Determining Oklahoma
Taxable Income
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Don’t forget to copy your return for your files
before mailing.
Line by Line Instructions
If you are the Owner -(ScheduleA,Line26,columnBorScheduleB,Line6-asadeduction)Deduct the portion of the cost of the qualified refinery property allocated to you as an owner in the refinery. Attach a schedule stating your corporate name and FEI number, the refinery/ company name and FEI number, the qualified refinery property(ies), the date(s) placed in service, andtheportionofcostallocatedtoyou.
Cost of complying with Sulfur Regulations: (Title68O.S.Section2357.205)A qualified refinery may make an irrevocable electiontoallocatealloraportionofthecostofcomplyingwithsulfurregulationsissuedbytheEnvironmentalProtectionAgencyasadeductionallowabletoitsowners.Theallocationforeachpersonisequaltotheratableshareofthetotalamountallocated,determinedonthebasisoftheownershipinterestoftheperson.Thetaxableincome of the refinery shall not be reduced by the reasonofanyamountallowedunderthissection.
If you are the Refinery -Tomaketheelection,attachaschedulestatingyourcorporatenameandFEInumber,alistofthecostsofcomplyingwithsulfurregulationssomeorallofwhicharebeingallocatedtoyourowners,andtheportionofsuchcostsallocatedtoeachowner,includingtheowner’snameandFederalIdentification Number. You shall also provide each ownerwithwrittennoticeoftheamountoftheallocation.ThenoticemustincludeyourcorporatenameandFEInumberandtheowner’snameandFederal Identification Number.
If you are the Owner -(ScheduleA,Line26,columnBorScheduleB,Line6)Deducttheportionofthecostofcomplyingwithsulfurregulationswhichhavebeenallocatedtoyou.Attachthewrittennoticeoftheallocationreceived from the refinery.
Oklahoma Capital Gain Deduction:(ScheduleA,Line26,columnBorScheduleB,Line6)CorporationscandeductqualifyinggainsreceivingcapitaltreatmentwhichareincludedinFederaltaxableincome.“Qualifyinggainsreceivingcapital
treatment”meanstheamountofthenetcapitalgains, as defined under the Internal Revenue Code Section1222(11).Thequalifyinggainmust:
1) BeearnedonrealortangiblepersonalpropertylocatedwithinOklahomathatyouhaveowned,eitherdirectlyorindirectly,forat least five uninterrupted years prior to the dateofthesale;
Employers Providing Child Care Programs for their Employees:(ScheduleA,Line10,columnBorScheduleB,Line6asanaddition)EmployersincurringexpensestoprovideOkla-homachildcareservicesforchildrenoftheiremployeesmaybeallowedacredit.Ifallowed,theeligibleexpensesuponwhichthecreditisbasedmustbeaddedbacktoarriveatOklahomatax-ableincome.SeeForm511CR,Number12forthecredit.Encloseascheduleofeligibleexpensesandthecomputationofthecredit.Title68O.S.Section2357.26andRule710:50-15-91.
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General Instructions for Determining Oklahoma Taxable Income, continued
Line by Line Instructions
Agricultural Commodity Processing Facility Exclusion:(ScheduleA,Line26,columnBorScheduleB,Line6)Ownersofagriculturalcommodityprocessingfacili-tiesmayexclude15%oftheirinvestmentcostsinaneworexpandedagriculturalcommodityprocess-ingfacilitylocatedwithinOklahoma.Agriculturalcommodityprocessingfacilitymeansbuilding,structures, fixtures and improvements used or oper-atedprimarilyfortheprocessingorproductionofagriculturalcommoditiestomarketableproducts.Theinvestmentisdeemedmadewhenthepropertyisplacedinservice.
First Year Bonus Depreciation:• 30% First Year Bonus Depreciation...
Federaltaxableincomeshallbeincreasedby80%ofanyamountofbonusdepreciationreceivedundertheFederalJobCreationandWorkerAs-sistanceActof2002.Anyamountaddedbackcanbe reclaimed in a later year. In the first taxable year beginningafterthebonusdepreciationwasaddedback,andforthenextthreetaxableyears,subtract25%oftheamountaddedback.
(ScheduleA,Line20,columnBorScheduleB,Line6)Ifthebonusdepreciationwasclaimedonaprevi-ousyear’sFederalreturn,subtract25%oftheamountofbonusdepreciationaddedbackinsuchyear.SubtractthedepreciationonScheduleA,Line20,columnBoronScheduleB,Line6.Forcorporations filing Schedule B in the initial year, 25%ofthebonusdepreciationthatwasappor-tionedtoOklahomainsuchinitialyearissubtract-ed.(DonotusetheamountofbonusdepreciationaddedbackonScheduleB,Line2oftheinitialyear.)
Federaltaxableincomeshallbeincreasedby80%ofanyamountofbonusdepreciationreceivedundertheFederalEconomicStimulusActof2008.Anyamountaddedbackcanbereclaimedinalateryear. In the first taxable year beginning after the bo-nusdepreciationwasaddedbackandforthenextthreetaxableyears,subtract25%oftheamountaddedback.
Ifthebonusdepreciationisclaimedonthe2008Federalreturn,enter80%ofsuchbonusdeprecia-tiononScheduleA,Line10,columnBoronSched-ule B, line 2. For corporations filing schedule B, the bonusdepreciationwillbeapportionedtodeter-minetheamountaddedbacktoOklahomataxableincome.
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TheOklahomaTaxCommission’sQuickTaxsystemisavailable for your business tax filing needs. This online systemwillacceptreturnsandpaymentsforthefollowingtaxtypes:
PaymentoptionsincludeACHdebit,ACHcredit,andcreditcard.Setupjustlikeyourpaperforms,theQuick-Taxsystemisfasterandmucheasierthanthepapermethod. Also, when you finish, you will receive a confir-mationnumber,givingyouthepeaceofmindinknowingyourreportandpaymenthavebeenreceived.
Logontoourwebsiteatwww.tax.ok.gov.Give QuickTax a try with your next business tax filing, because you didn’t go into business to file tax forms!
TMQ Tuick axBusiness Tax Filing System
Because You Didn’t Go into Business to File Tax Forms...
General Instructions for Determining Oklahoma Taxable Income, continued
Line by Line Instructions
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Ifthebonusdepreciationwasclaimedonthe2007Federalreturn,subtract25%oftheamountofbo-nusdepreciationaddedbackinsuchyear.SubtractthedepreciationonScheduleA,Line20,columnB or on Schedule B, line 6. For corporations filing scheduleBintheinitialyear,25%ofthebonusde-preciationapportionedtoOklahomaissubtracted.
Indian Employment Exclusion:(ScheduleA,Line26,columnBorScheduleB,Line3)All qualified wages equal to the federal Indian EmploymentCreditsetforthin26U.S.C.A.,Section45A,shallbedeductedfromtaxableincome.De-ductontheOklahomareturn,anamountequaltothereductionofsalariesandwagesreportedonthefederalreturnasaresultoftheForm8845“IndianEmploymentCredit”.ThedeductionallowedshallonlybepermittedforthetaxyearsinwhichtheFederalcreditisallowed,evenifnotusedinsuchyearbecauseoftaxliabilitylimitations.EncloseacopyoftheFederalreturn,Form8845andifappli-cable,Form3800.
Schedule A FilersBonusDepreciationClaimedonFederalReturn 100,000
• Log on to our website at www.tax.ok.gov. Click on the “Payment Options” link to pay online.• You may also make a payment by credit card by phone at: 1-866-289-0455.
for you?Check out Oklahoma Form 512 2-D on our website at www.tax.ok.gov.
General Instructions for Determining Oklahoma Taxable Income, continued
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Line by Line Instructions
Line 5 -Interest on U.S. Government ObligationsIfyoureportinterestonbonds,notes,andotherobligationsoftheU.S.onyourFederalreturn,itmaybeexcludedfromyourOklahomaincomeifadetailedscheduleisfurnished,accompaniedwith1099sshowingtheamountofinterestincomeandthenameoftheobligationfromwhichtheinterestisearned.IftheincomeisfromamutualfundwhichinvestsinU.S.Governmentobligations,enclosedocumentationfromthemutualfundtosubstantiatethepercentageofincomederivedfromobligationsexemptfromOklahomatax. Interest from entities such as FNMA & GNMA does not qualify.
Line 6a - Other InterestAccountsreceivableinterestincomeandinterestincomefrominvestmentsheldtogenerateworkingcapitalshallbeallocatedtoOklahomaonthebasisofdirectexpense.
Line 6b - State and Municipal InterestCorporationsdomiciledinOklahomathatreceiveincomeonbondsissuedbyanystateorpoliticalsubdivisionthereof,exemptfromFederaltaxationbutnotexemptfromtaxationbythelawsoftheStateofOklahoma,shalladdthetotalofsuchincometoarriveatOklahomaincome.
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, mining, 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 allocated on the basis of direct expense in Oklahoma to the total direct expense everywhere.
1) Incomefromallbonds,notesorotherobligationsissuedbytheStateofOklahoma,theOklahomaCapitalImprovementAuthority,theOklahomaMunicipalPowerAuthority,theOklahomaStudentLoanAuthority,andtheOklahomaTransportationAuthority(formerlyTurnpikeAuthority)isexemptfromOklahomaincometax. The profit from the sale of such bond, noteorotherobligationsshallbefreefromtaxation.
2) IncomefromlocalOklahomagovernmentalobligationsissuedafterJuly1,2001,otherthanthoseprovidedforin1,isexemptfromOklahomaincometax.Theexceptionsarethoseobligationsissuedforthepurposeof providing financing for projects for nonprofit corporations. Local governmental obligationsshallincludebondsornotesissued by, or on behalf of, or for the benefit ofOklahomaeducationalinstitutions,cities,towns,orcountiesorbypublictrustsofwhich any of the foregoing is a beneficiary.
Line 3 - Deductions IncomefromU.S.obligations(seepage9,Sched-uleAinstructions)andnetincomeseparatelyal-located(oilandgasproduction,mining,farming,orrentals)willbeenteredhere.Gainsorlossesfromsaleofintangiblepersonalpropertywhichisdirectlyallocatedshouldalsobeenteredhere.
Line 6 - Oklahoma Additions and DeductionsIncomeseparatelyallocatedtoOklahomashouldbeenteredhere.(Examples:interestincomefromstateobligationsorpoliticalsubdivisions,oilandgasproduction,mining,farmingorrentals,etc.).
Line 7 and 8 - Rents and RoyaltiesIncomefromrealortangiblepersonalproperty,leaseroyaltyorbonusshallbeallocatedinaccor-dancewiththesitusoftheproperty.
Line 9 - Gains or LossesGainsorlossesfromthesaleofleasesandgainsorlossesfromthesaleofrealandtangibleperson-alproperty,shallbeallocatedinaccordancewiththesitusoftheproperty.
Line 10 - Other Income(ColumnB)RentsandinterestexpensespaidtoacaptiverealestateinvestmenttrustanddeductedonyourFed-eralreturnmustbeaddedbacktocomputeOkla-homataxableincome.
Line 12 through 26 - ExpensesExpensesrelativetotheincomeaboveshallbeal-locateddirectlytothatincome.
you with a confirmation number and the peace of mindinknowingyourpaymentwasreceived.
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Line by Line Instructions
Line 3 - Oklahoma Investment Jobs CreditCorporationsengagedinmanufacturingorareawebsearchportal(includingpartnershiporSub-Spass-through)whoareentitledtoOklahomaInvest-ment/NewJobsCreditseeForm506.(ThiscredithasnorelationshiptoFederalInvestmentCredit.)Title68O.S.Section2357.4.
Line 4 - Gas Used in ManufacturingAcreditisavailableattherateofthreemillsperthousandcubicfeetofgasusedorconsumeddur-ingeachtaxableyearwhenusedinmanufacturing.This shall not apply to the first twenty-five thousand MCFusedorconsumed.Title68O.S.Section2357(C).
Line 5 - Credit for Biomedical Research ContributionAcreditisallowedtoanytaxpayerwhomakesadonation to a qualified independent biomedical researchinstitute.Thecreditis50%oftheamountdonated,butmaynotexceed$1,000.Anycredital-lowed,butnotused,willhaveafouryearcarryoverprovision.An“independentbiomedicalresearchinstitute”meansanorganizationwhichisexemptfromtaxationundertheInternalRevenueCode
section501(c)(3)whoseprimaryfocusisconduct-ingpeer-reviewedbasicbiomedicalresearch.Theorganizationshallhaveaboardofdirectors,beabletoacceptgrantsinitsownname,beaniden-tifiable institute that has its own employees and administrativestaff,andreceiveatleast$15millioninNationalInstituteofHealthfundingeachyear.Acopyofthecanceledcheckorreceiptmustbepro-videdasproofofthedonation.Title68O.S.Section2357.45.
Line 6 - Other CreditsTheamountofothercreditsasclaimedonForm511CRshouldbeenteredonthisline.Enterintheboxthenumberthatcorrespondswiththecredittowhichyouareentitled.Enter“99”ifentitledtomorethanonecredit.Seepage12foralistofthecreditsavailableonForm511CR.IfyouareclaiminganyofthecreditsonForm511CR,enclosetheform,andanyapplicableformsorschedules,withyourForm512return.
Line 8 - Oklahoma Accrued TaxOklahomaaccruedtaxiscomputedbydividingline7(OklahomaNetIncomebeforeOklahomaIncomeTax)bythenumber17.6667.
When filing a consolidated return, complete Form 512-TI.TheaccrualofOklahomastateincometaxmustbemadeafterthecombinationoftheincomeandlossfromallcompaniesincludedinthecombi-nation.Theaccruedtaxcannotbelessthanzero.
tionsmadebypass-throughentitiestononresi-dentmembers,unlesssuchnonresidentmem-ber has filed a withholding exemption affidavit (FormOW-15).Ifyouareanonresidentmem-ber of a pass-through entity who has not filed an affidavit, Oklahoma income tax should have beenwithheldondistributionsofOklahomatax-ableincome.EntertheOklahomaincometaxwithheldonyourdistribution.
Line 15 -You have the opportunity to make a financial gift from your refund to a variety of Oklahoma organizations. Enter the amount of your dona-tion and place the line number of the organiza-tion in the oval on line 15 of Form 512. If you give to more than one organization, put a “99” in the oval and attach a schedule showing howyou would like your donation split.
Ifyouarenotreceivingarefund,youmaystilldo-nate.Mailyourcontributionto: Wildlife Diversity Program 1801 North Lincoln Oklahoma City, OK 73105
Department of Veterans Affairs Contribution FundYoumaydonatefromyourtaxrefundtohelptheDepartmentofVeteransAffairspurchaseequip-ment,developcapitalimprovementprojectsandacquirepropertiesforexpandingorimprovingexist-ingprojects.
Ifyouarenotreceivingarefund,youmaystilldo-nate.Mailyourcontributionto: Department of Veterans Affairs PO Box 53067 Oklahoma City, OK 73152
Oklahoma Breast and Cervical Cancer FundYou may donate for the benefit of breast and cervi-calcancerearlydetection,publiceducationandresearch.Yourdonationwillbeplacedinafundtobeusedforthepurposeoffundingprogramstoincreaseknowledgeofbreastandcervicalcancerriskandpreventionandprovidemammograms,paptestsandbiopsiesforlowincomewomen.
Ifyouarenotreceivingarefund,youmaystilldo-nate.Mailyourcontributionto: Oklahoma State Department of Health Breast and Cervical Cancer Revolving Fund 1000 NE 10th St. Oklahoma City, OK 73152
Oklahoma Silver Haired Legislature and Alumni Association ProgramsYou may donate from your tax refund for the benefit ofOklahomaSilverHairedLegislatureandtheirAlumniAssociationactivities.TheOklahomaSilverHairedLegislaturewascreatedin1981asaforumtoeducateseniorcitizensinthelegislativeprocessandtohighlighttheneedsofolderpersonstotheOklahomaStateLegislature.MoniesgeneratedfromdonationswillbeusedtofundexpensesoftheSilverHairedLegislators,trainingsessions,interimstudiesandadvocacyactivities.Ifyouarenotreceivingarefund,youmaystilldo-nate.Mailyourcontributionto: Oklahoma Silver Haired Legislature and Alumni c/o Division of Aging Services 312 NE 28th Street Oklahoma City, OK 73105
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Oklahoma tax assistance available 24/7.
www.tax.ok.gov
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Line by Line Instructions
Page One, continued
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www.tax.ok.gov
The Oklahoma Tax Commission’s website is available 24/7 for all your tax needs.
For forms needs, you have the optionof downloading forms, ordering them online, or obtaining phone numbers for automated orders and taxpayer representative orders.
Support of Programs for Volunteers to Act as Court Appointed Special Advocates for Abused or Neglected ChildrenYoumaydonatefromyourtaxrefundtosupportprogramsforvolunteerstoactasCourtAppointedSpecialAdvocatesforabusedorneglectedchil-dren.DonationswillbeplacedintheIncomeTaxCheckOffRevolvingFundforCourtAppointedSpecialAdvocates.MonieswillbeexpendedbytheOffice of the Attorney General for the purpose of providingrecruitment,training,andsupervisionofthespecialadvocates.AllCourtAppointedSpecialAdvocateprogramsinthestateshallreceiveapor-tionofthismoney.
Ifyouarenotreceivingarefund,youmaystilldo-nate.Mailyourcontributionto: Oklahoma CASA Association, Inc. PO Box 54946 Oklahoma City, OK 73154
Oklahoma Pet Overpopulation FundYou may donate from your tax refund for the benefit oftheOklahomaPetOverpopulationFund.MoniesplacedinthisfundwillbeexpendedbytheDe-partmentofAgriculture,FoodandForestryforthepurposeofdevelopingeducationalprogramsonpetoverpopulationandforimplementingspay/neutereffortsinthisstate.
Ifyouarenotreceivingarefund,youmaystilldo-nate.Mailyourcontributionto: Oklahoma Department of Agriculture, Food and Forestry Animal Industry Division 2800 North Lincoln Blvd. Oklahoma City, OK 73105
Support the Retirement of Capitol Dome DebtYouhavetheopportunitytohelpretirethedebtincurredinconstructionandcompletionoftheOklahomaStateCapitolDome.AnyonemaydonatetotheOklahomaCentennialCommission’sFundtodefraythedomeconstructioncost.
Ifyouarenotreceivingarefund,youmaystilldo-nate.Mailyourcontributionto: Oklahoma Centennial Commemoration Fund, Inc. 133 W Main Street, Suite 100 Oklahoma City, OK 73102
Support of the Oklahoma National GuardYouhavetheopportunitytodonatefromyourtaxrefund for the benefit of providing financial relief to qualified members of the Oklahoma National Guard andtheirfamilies.DonationswillbeplacedintheIncomeTaxCheckOffRevolvingFundfortheSup-portoftheOklahomaNationalGuardReliefPro-gram.Monies,toassistOklahomaNationalGuardmembersandtheirfamilieswithapprovedhardshipexpenses,willbeexpendedbytheMilitaryDepart-ment.
Ifyouarenotreceivingarefund,youmaystilldo-nate.Mailyourcontributionto: Operation Homefront Task Force 3501 Military Circle Oklahoma City, OK 73111-4398
Oklahoma Leukemia and Lymphoma FundYouhavetheopportunitytodonatefromyourtaxrefund for the benefit of the Oklahoma Leukemia andLymphomaRevolvingFund.MoniesfromthefundwillbeusedbytheStateDepartmentofHealthforthepurposeofsupportingvoluntaryhealthagenciesdedicatedtocuringLeukemia,Lymphoma,Hodgkin’sDisease,andMyelomaandtoimprovingthequalityoflifeofpatientsandtheirfamilies.Ifyouarenotreceivingarefund,youmaystilldo-nate.Mailyourcontributionto: State Department of Health Oklahoma Leukemia and Lymphoma Revolving Fund - 228 PO Box 268823 Oklahoma City, OK 73152-8823
Line 19 -Underpayment of Estimated Tax InterestAllcorporationsarerequiredtomakeestimatedtaxpaymentsifthetaxliabilityis$500ormore.Toavoidthe20%UnderpaymentofEstimatedTaxInterest, timely filed estimated tax payments are requiredtobeequaltothesmallerof70%ofthecurrentyeartaxliabilityor100%ofyourprioryeartax.Thetaxliabilityisthetaxduelessallcreditsexceptamountspaidonestimatedtaxandexten-sionpayments.
Line 20 - Delinquent Penalty and InterestInterestattherateof11/4%permonthshallbepaidonthetaxduefromtheoriginalduedateuntilpaid.90%ofthetaxliabilitymustbepaidbytheoriginalduedateofthereturntoavoidadelinquentpenaltychargeof5%forlatepayment.
Line by Line Instructions
•Intheeventthatyouowetaxes,pleaseencloseacheckormoneyorderpayableto“OklahomaTaxCommission”. The taxpayer identification number andthetaxyearshouldbeonyourcheckormoneyorderforyourpaymenttobeproperlycredited.
•Pleasemailtheoriginals,alongwithanypaymentdue,to: Oklahoma Tax Commission Income Tax PO Box 26800 Oklahoma City, OK 73126-0800
Want a Form that Does the Math?
TheOklahomaTaxCommissionhasjusttheformforyou.Visitourwebsiteatwww.tax.ok.gov.Downloadthe“2-DCalculatingForm512”fromtheincometaxformsareaofthewebsite.As you fill in your form on your computer screen, this form will be doing the calculating for you. Once finished, simply printouttwocopiesbeforeclosingthedocument.Mailoneto the OTC and keep the other for your files.Byusingthisformtype,yourreturnwillhavea2-Dbarcodeatthetopandwillbeprocessedfaster.Fasterprocessingmeansafasterrefundtoyou.
10 Support of Programs for Regional Food Banks in OklahomaYoumaydonatefromyourtaxrefundfortheben-efit of the Regional Food Bank of Oklahoma and theCommunityFoodBankofEasternOklahoma(OklahomaFoodBanks).TheOklahomaFoodBanksarethelargesthunger-relieforganizationsinthestate-distributingfoodtocharitableandfaith-basedfeedingprogramsthroughoutall77countiesinOklahoma.Yourdonationwillbeusedtohelpprovidefoodtothemorethan500,000Oklahomansatriskofhungeronadailybasis.Ifyouarenotreceivingarefund,youmaystilldo-natebymailingyourcontributionto: Oklahoma Department of Human Services Revenue Processing Unit Re: Programs for OK Food Banks PO Box 53306 Oklahoma City OK 73152
Page One, continued
Oklahoma Tax CommissionIncome TaxPO Box 26800Oklahoma City, OK 73126-0800
Bulk RateU.S. Postage Paid
Oklahoma Tax Commission
16
How to Contact the Oklahoma Tax CommissionWhether you need a tax form,
have a question or need further information, there are many ways to reach us.
The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.
Give Us a Call!TheOklahomaTax
Commissioncanbereachedat(405) 521-3160.
Thein-statetollfreenumberis(800) 522-8165.
Press“0”tospeaktoarepresentative. Alsoseethebox to the left for field office
phonenumbers.
Office Locations!Oklahoma City • (405) 521-3160
2501NorthLincolnBoulevard
Tulsa • (918) 581-2399440SouthHouston,5thFloor
Ardmore • (580) 226-4636301WestMain,Suite316
Lawton • (580) 248-84401602NWLawtonAve.,SuiteB
Visit Us on the Web!You’ll find a wealth
ofinformationonourweb-site,includingdownloadable
taxforms,answerstocommonquestions,and
online filing options for both income and business taxes!
www.tax.ok.gov
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This State of Oklahoma income tax packet and form are printed on recycled papers.
State of OklahomaCorporation Income Tax Return
For the year January 1 - December 31, 2008, or other taxable year beginning , 2008 ending , .
This form must be filed on or before the 15th day of the third month after the close of the taxable year.
B. Business Code Number
A. Federal I.D. Number
Extension Type of Return Filed Separate Consolidated
Oklahoma orFederal or
If you have applied for an extension from the IRS, check here and enclose a copy.
Name of Corporation:
Street Address:
City, State and Zip:
If this is a final return, please check here:
$ .00
If the Oklahoma Tax Commission may discuss this return with your tax preparer, please check here:
Make check payable to: “Oklahoma Tax Commission”
Under penalties of perjury, I declare I have examined this return, including any accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete. If prepared by person other than the taxpayer, this declaration is based on all information of which preparer has any knowledge.
Corporate Seal
Signature of Officer Date
Title
Phone Number
Signature of Preparer Date
Preparer’s Address
Phone Number
0000
0000
0000
00000000
0000
The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.
(page 3 of instructions)
1 Oklahoma taxable income (as shown on Schedule A or B or, if consolidated, from Form 512-TI) . . . . . . . 2 Tax: 6% of line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Investment/New Jobs Credit (please enclose Form 506) . . . . . . . . . . 4 Gas Used in Manufacturing (see instructions and enclose schedule) . . . 5 Credit for Biomedical Research Contribution (see instructions) . . . 6 Other Credits (total from Form 511CR) (see instructions) 7 Total (add lines 3, 4, 5 and 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Balance of tax due (line 2 less line 7, but not less than zero) . . . . . . . . . . . . . . . . . . . . . . . . 9 Amount paid on 2008 estimate . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Amount paid with extension request . . . . . . . . . . . . . . . . . . . . . . . .11 Oklahoma withholding (enclose Form 1099, 500-A or other withholding statement)
15 Donations from your refund (total from line 15 instructions) . . . . .16 Total (add lines 14 and 15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Amount of line 13 to be refunded to you (line 13 minus line 16) . . . . . . . . . . . . . Refund18 Tax Due (line 8 minus line 12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tax Due19 Underpayment of estimated tax interest (enclose Form OW-8-P) . . . . . . . . . . . . . . . . . . . . 20 For delinquent payment add penalty of 5% $__________ plus interest of 1.25% per month $__________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 Total tax, penalty and interest (add lines 18, 19 and 20) . . . . . . . . . . . . . . Balance Due
12
78
1213
16171819
2021
3456
91011
14
15
00000000
000000
00
00
Enclose a copy of Federal return
Notice:
Line 15 instructions provide you with the opportunity to make a financial gift from your refund to a variety of Oklahoma organizations. Please place the line number of the organization from the line 15 instructions in the oval below. If you give to more than one organization, please put a “99” in the oval and attach a schedule showing how you would like your donation split.
512FO
RM 2
008
Enter the amount of net operating loss as shown on Sch. A, line 29(a) or Sch. B, line 6(d)
Less
:lin
es 3
-6
Has the Internal Revenue Service redetermined your tax liability for prior years? Yes No What years?Has the statute of limitations been extended by consent for any prior years? Yes No What years?Did you file amended returns for the years stated above? Yes NoBusiness name and principal locations in OklahomaDate of incorporation Date business began in OklahomaGive name, address and relationship of all affiliated corporations - enclose Federal Form 851
28 Taxable income before net operating loss deductions and special deductions 29 Less: (a) Net operating loss deduction (schedule) . . . . . . . . . . . . . . . . . . . . . (b) Special deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Taxable income (line 28 minus lines 29a & b) Enter Column B on line 1, page 1.
Gross Income (lines 1 through 11)1
2
3
4
5
6a
6b
7
8
9a
9b
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
30
29a
29b
Schedule A, Column B is for corporations whose income is all within Oklahoma and/or for corporations whose income is partly within and partly without Oklahoma (not unitary). Enclose a complete copy of your Federal return.
Deductions (lines 12 through 27)
Totals (lines 28 through 30)
Column AAs reported on Federal Return
Column BTotal applicable
to Oklahoma
Important: All applicable lines and schedules must be filled in.
Note: Indicate method used to allocate expenses to Oklahoma and enclose schedule of computations.Oklahoma Depletion in Lieu of Federal DepletionOklahoma depletion on oil and gas may be computed at 22 % of gross income derived from each Oklahoma property during the taxable year. Major oil companies, as defined in Title 52 O.S. Section 288.2, when computing Oklahoma depletion shall be limited to 50% of the net income (computed without the allowance for depletion) from each property. Note: Depletion schedule by property must be enclosed with return.
Form 512 - Page 2
Schedule A
Address City State Zip
Location of Principal Accounting Records
1 Value of real and tangible personal property used in the unitary business (by averaging the value at the beginning and ending of the tax period). (a) Owned property (at original cost): (I) Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . (II) Depreciable property . . . . . . . . . . . . . . . . . . . . . (III) Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (IV) Total of section “a” . . . . . . . . . . . . . . . . . . . . . . (b) Rented property (capitalize at 8 times net rental paid) (c) Total of sections “a” and “b” above . . . . . . . . . . . . . . 2 (a) Payroll . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) Less: Officer salaries . . . . . . . . . . . . . . . . . . . . . . . (c) Total (subtract officer salaries from payroll) . . . . . . . 3 Sales : (a) Sales delivered or shipped to Oklahoma purchasers: (I) Shipped from outside Oklahoma . . . . . . . . . . . . (II) Shipped from within Oklahoma . . . . . . . . . . . . . (b) Sales shipped from Oklahoma to: (I) The United States Government . . . . . . . . . . . . . (II) Purchasers in a state or country where the corporation is not taxable (i.e. under Public Law 86-272) . (c) Total all of sections “a” and “b” . . . . . . .. . . . . . . . . . 4 If Revenue, Traffic Units or Miles Traveled is used rather than Sales, indicate here: _________________________________ 5 Total percent (sum of items 1, 2 and 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Average percent (1/3 of total percent) (Carry to line 5, Schedule B) . . . . . . . . .. . . . . . . . . . . .
Form 512 - Page 3 Schedule B is for computation of Oklahoma taxable income of a unitary enterprise. [Section 2358(A) (5)] Enclose a complete copy of your Federal return.
26 Less cost of treasury stock . . . . . . . . . . . . .27 Total liabilities and stockholders equity . . . .
(A) Amount (B) Total (C) Amount (D) TotalBeginning of taxable year
( ) ( )
Schedule OK M-1: Reconciliation of Income per Books with Income per Return 1 Net income per books . . . . . . . . . . . . . . . . . 2 Federal income tax . . . . . . . . . . . . . . . . . . . 3 Excess of capital losses over capital gains . 4 Taxable income not recorded on books this year (enclose schedule) . . . . . . . . . . . . . . . 5 Expenses recorded on books this year not deducted in this return (enclose schedule) . (a) Depreciation $ ___________________ (b) Depletion $ ___________________ (c) Other ___________________________ ________________________________ (d) Total of lines 5a, 5b and 5c . . . . . . . . . . . 6 Total of lines 1 through 4 and 5d. . . . . . . . . .
7 Income recorded on books this year not included in this return (enclose schedule) (a) Tax exempt interest $________________ (b) Other $________________ (c) Total of lines 7a and 7b . . . . . . . . . . . . . . . 8 Deductions in this tax return not charged against book income this year (enclose schedule)
(a) Depreciation $_____________________ (b) Depletion $_____________________ (c) Other ____________________________ (d) Total of lines 8a, 8b and 8c . . . . . . . . . . . . . 9 Total of lines 7c and 8d . . . . . . . . . . . . . . . . . . .10 Net income: line 6 less line 9 . . . . . . . . . . . . . .
1 Balance at beginning of year . . . . . . . . . . . . 2 Net income per books . . . . . . . . . . . . . . . . 3 Other increases (enclose schedule) _____ __________________________________ __________________________________ 4 Total of lines 1, 2 and 3 . . . . . . . . . . . . . . . .