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Oklahoma Free Printable untitled for 2020 Oklahoma Corporate Income Tax Return (form and schedules)

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Corporate Income Tax Return (form and schedules)
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Print Form 512 2018 Reset Form Corporation Income and Franchise Tax Return State of Oklahoma If this is a final return, place an ‘X’ here: For the year January 1 - December 31, 2018, or other taxable year beginning: ending: Jan. 01 , 2018 Dec. 31 , 2018 AMENDED RETURN! If this is an Amended Return place an ‘X’ here See Schedule 512-X on page 10. 512-X Name of Corporation: This form has been enhanced to complete some of the calculations, and to print a two dimensional (2D) barcode. The data entered on the form will be contained in the barcode. The Oklahoma Tax Commission can read the barcode, process it immediately into our system, and eliminate the need for manual data entry. Ultimately, this will mean faster refunds for the taxpayer of Oklahoma. Please check over the form carefully and make any changes needed prior to printing the form. Changes made after printing the form will not be reflected in the barcode and may result in a delay in the processing of your return. Please mail your tax return to the following address. Oklahoma Tax Commission PO Box 269045 Oklahoma City OK 73126-9045 Street Address: City, State or Province, Country and ZIP or Foreign Postal Code: If you need assistance, please contact us at 405-521-3126 The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law. COUNTRY A. Federal Employer Identification Number B. Business Code Number State of Incorp Okla Other Extension If you have applied for an extension from the IRS, place an ‘X’ here and provide a copy. Type of Return Filed Oklahoma Federal Separate Consolidated or or (page 3 of instructions) Notice: Corporations that filed a Form 200-F electing to file a combined corporate income and franchise tax return should: • Complete Sections One, Two and Three on pages 1 and 2. • Complete the applicable income tax schedules on pages 3-5. • Complete the applicable franchise tax schedules on pages 6-9. • NOT have remitted the maximum amount of franchise tax for the preceding tax year. Corporations filing a stand-alone Oklahoma Annual Franchise Tax Return (Form 200) or who are not required to file a franchise tax return should: • Complete Sections One and Three on pages 1 and 2. • Complete the applicable income tax schedules on pages 3, 4 and 5. • NOT complete the franchise tax portion of the return. Notice: Enter the amount of Oklahoma net operating loss as shown on Part 1, line 29(a) or Part 2, line 6(e)........................Loss year(s): ........ $ 00 Section One: Income Tax 1 Oklahoma taxable income (as shown on Part 1 or 2, or if consolidated, from Form 512-TI).........................1 2 Tax: 6% of line 1 (If recapturing the Oklahoma Affordable Housing Tax Credit, add the recaptured credit here 0 00 .....2 .....3 4 Balance of tax due (line 2 minus line 3, but not less than zero).................................................4 0 00 0 00 0 00 and enter a “1” in the box. If making an Oklahoma installment payment pursuant to IRC Sec. 965(h) and 68 O.S. Sec. 2368(K), add the installment payment here and enter a “2” in the box).................... CR 3 Less: Other Credits Form (total from Form 511CR) (see instructions)...................... 5 2018 Oklahoma estimated tax payments (i.e. Form(s) OW-8-ESC)....... 5 00 6 Amount paid with extension request................................................... 6 00 7 Oklahoma withholding (provide Form 1099, 500-A or other withholding statement)........ 7 00 8 Refundable Credits from Form.................a) 577........b) 578..... 8 9 Amount paid with original return and amount paid after it was filed (amended return only)......................................................................... 9 00 10 Any refunds or overpayment applied (amended return only)............ 10 ( 00 ) 00 11 Total of lines 5 through 10........................................................................................................ 11 12 00 Tax Due (line 4 minus line 11)................................................................. Income Tax Due 13 Donation: Support the Oklahoma General Revenue Fund....................................................... 14 Underpayment of estimated tax interest.......................................................... Annualized 15 For delinquent payment add penalty of 5%............... $_________________________ . plus interest of 1.25% per month......................................... $_________________________ ......... 16 Total tax, penalty and interest (add lines 13 - 16).....................................................................Income Tax Balance Due 17 0 00 00 00 12 Overpayment (line 11 minus line 4)............................................................. Overpayment 13 14 15 16 17 0 00 0 00 0 00 2018 Form 512 - Page 2 Corporation Income and Franchise Tax Name shown on Form 512: Federal Employer Identification Number: Place an “X” here if filing a combined corporate income and franchise tax return and complete Section Two. Corporations filing a Form 200 will skip Section Two and complete Section Three. Section Two: Franchise Tax To complete lines 18 - 25, use the figures from page 6, lines 12-19 or, if consolidated, use Form 512-FT. PAGE 6 18 Tax............................................................................................................................................ 18 19 Registered Agents Fee............................................................................................................. 19 0 00 0 00 20 Interest..................................................................................................................................... 20 0 00 21 Penalty..................................................................................................................................... 21 0 00 0 00 22 Reinstatement Fee................................................................................................................... 22 23 Previous Payment.................................................................................................................... 23 ( 24 Overpayment........................................................................Franchise Tax Overpayment 24 25 Total Due...................................................................................... Franchise Tax Balance 25 0 ) 00 0 00 0 00 Section Three: Total All corporations complete Section Three. Combine Income Tax and Franchise Tax. If there is a net balance due, complete line 26. If there is a net overpayment, complete lines 27-31. Balance Due 26 Total Balance Due....................................................................................... Balance Due 26 0 00 27 Total Overpayment................................................................................................................... 27 28 Amount of line 27 to be credited to 2019 estimated income tax 00 (original return only)................................................................................. 28 00 Overpayment Line 29 youyou the opportunity to make a financial gift from your refund to from a variety of Oklahoma Line 29provides provides with the opportunity to make a financial gift your refund to organizations. Place the line number of the organization from the line 29 instructions in the box below aand variety of Oklahoma organizations. To make a donation press the green button enter the amount you are donating. If giving to more than one organization, put a “99” in the box below anda select organization to which youdonation would split. like to contribute. and attach schedulethe showing how you would like your 29 Donations from your refund..... 30 Select Type $2 $5 of Donation $_________ 00 29 Total (add lines 28 and 29)....................................................................................................................... 30 00 31 00 31 Amount of line 27 to be refunded to you (line 27 minus line 30).......................................Refund Direct Deposit Note: Is this refund going to or through an account that is located outside of the United States? All refunds must be by direct deposit. See Direct Deposit Information on page 12 of the 512 Packet for details. Deposit my refund in my: Routing Number: checking account savings account Yes No Account Number: If the Oklahoma Tax Commission may discuss this return with your tax preparer, place an ‘X’ here: 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. Signature of Officer Corporate Seal Printed Name of Officer Title Date Signature of Preparer Make check payable to the Oklahoma Tax Commission Date Printed Name of Preparer Phone Number Phone Number Preparer’s PTIN Provide a copy of Federal return - Remit to Oklahoma Tax Commission - Post Office Box 26800 - Oklahoma OK 73126-9045 73126-0800 269045, Oklahoma City, City, OK 2018 Form 512 - Page 3 Corporation Income Tax Name shown on Form 512: Part 1 Federal Employer Identification Number: Part 1, 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). Provide a complete copy of your Federal return. BACK TO PAGE 1 Important: All applicable lines and schedules must be filled in. Gross Income (lines 1 through 11) 1 2 3 4 5 6 Gross receipts or gross sales ___________________ (less: returns and allowances).................. Less: Cost of goods sold.......................................................................................... Gross profit (line 1 minus line 2)................................................................................ Dividends................................................................................................................... Interest on obligations of the United States and U.S. Instrumentalities.................... (a) Other interest...................................................................................................... (b) Municipal interest................................................................................................ 7 Gross rents................................................................................................................ 8 Gross royalties.......................................................................................................... 9 (a) Net capital gains................................................................................................. (b) Ordinary gain or [loss]......................................................................................... 10 Other income (provide schedule).............................................................................. 11 Total income (add lines 3 through 10)...................................................................... Deductions (lines 12 through 27) 12 Compensation of officers........................................................................................... 13 Salaries and wages................................................................................................... 14 Repairs...................................................................................................................... 15 Bad debts.................................................................................................................. 16 Rents......................................................................................................................... 17 Taxes......................................................................................................................... 18 Interest...................................................................................................................... 19 Charitable Contributions............................................................................................ 20 Depreciation.............................................................................................................. 21 Depletion (see instructions below)............................................................................ 22 Advertising................................................................................................................. 23 Pension, profit-sharing plans, etc.............................................................................. 24 Employee benefit programs...................................................................................... 25 Oklahoma Capital Gain Deduction (provide Form 561C).......................................... 26 Other deductions (provide schedule)........................................................................ 27 Total Deductions (add lines 12 through 26)............................................................. Totals (lines 28 through 30) 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 page 1, line 1......... Column A As reported on Federal Return Column B Total applicable to Oklahoma 1 2 0 3 4 5 6a 6b 7 8 9a 9b 10 0 0 11 0 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 0 27 0 0 28 0 29a 29b 0 30 0 Note: Indicate method used to allocate expenses to Oklahoma and provide schedule of computations. Oklahoma Depletion in Lieu of Federal Depletion - Oklahoma 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 52 Oklahoma Statutes 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. Depletion schedule by property must be provided with return. Note: General and administrative expense (computed on basis of Oklahoma direct expense to total direct expense) must be deducted before applying the 50% test. Additional Information Location of Principal Accounting Records Address City State Zip Has the Internal Revenue Service redetermined your tax liability for prior years? Yes No What years?_____________________ Did you file amended returns for the years stated above? Yes No N/A Has the statute of limitations been extended by consent for any prior years? Yes No What years?_____________________ Business name__________________________________________________ Date business began in Oklahoma_________________ Principal location(s) in Oklahoma__________________________________________________________________________________ Give name, address and relationship of all affiliated corporations - provide Federal Form 851 ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ 2018 Form 512 - Page 4 Corporation Income Tax Name shown on Form 512: Part 2 Federal Employer Identification Number: Part 2 is for computation of Oklahoma taxable income of a unitary enterprise. [Section 2358(A)(5)] Provide a comBACK TO PAGE 1 plete copy of your Federal return. 1 Net taxable income from Part 1, Column A, line 30............................................. 2 Add: (a) Taxes based on income.................................................................2a (b) Federal net operating loss deduction............................................2b (c) Unallowable deduction (provide schedule).................................... 2c (d) __________________________________ ...................................2d (e) __________________________________ ...................................2e (f) Total of lines 2a through 2e.............................................................. 3 Deduct all items separately allocated (a) __________________________________ ...................................3a (b) __________________________________ ...................................3b (c) __________________________________ ................................... 3c (d) __________________________________ ...................................3d (e) __________________________________ ...................................3e (f) Total of lines 3a through 3e.............................................................. (Note: Items listed in 2 and 3 above must be net amounts supported by schedules showing source, location, expenses, etc.) 4 Net apportionable income................................................................................... ? 0.0000% 5 Oklahoma’s portion thereof__________________ %, from schedule below...... 6 Add or deduct items separately allocated to Oklahoma (provide schedule) (a)_________________________________________ ...................................6a (b)_________________________________________ ...................................6b (c)_________________________________________ ................................... 6c (d) Oklahoma Capital Gain deduction (provide Form 561C)............................6d (e) Oklahoma net operating loss deduction......................................................6e 7 Oklahoma net income before tax (add lines 5 and 6).......................................... 8 Oklahoma accrued tax (see instructions)............................................................ 9 Oklahoma taxable income, line 7 less line 8 (enter on page 1, line 1)................ Apportionment Formula 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...................................................1ai (ii) Depreciable property.................................. 1aii (iii) Land........................................................... 1aiii (iv) Total of section “a” .................................... 1aiv (b) Rented property (capitalize at 8 times net rental paid)......1b (c) Total of sections “a” and “b” above........................ $ 2 (a) Payroll................................................................2a (b) Less: Officer salaries........................................2b (c) Total (subtract officer salaries from payroll).......... $ 3 Sales: (a) Sales delivered or shipped to Oklahoma purchasers: (i) Shipped from outside Oklahoma....................3ai (ii) Shipped from within Oklahoma.....................3aii (b) Sales shipped from Oklahoma to: (i) The United States Government......................3bi (ii) Purchasers in a state or country where the corporation is not taxable (i.e. under Public Law 86-272).3bii (c) Total all of sections “a” and “b”.............................. $ 1 $ $ 2f $ 0 3f $ 0 4 $ 5 $ 0 0 7 $ 8 $ 9 $ 0 $ $ ( ) ( ) Column A Column B Total Within Oklahoma Total Within and Without Oklahoma 0 0 Column C (A divided by B) Percent Within Oklahoma 0 0 $ 0 1c % 0.0000% 0 $ 0 2c % 0.0000% 0 $ 3c % 0.0000% 4 If Revenue, Traffic Units or Miles Traveled is used rather than Sales, indicate here:_____________________________________ 5 6 Total percent (sum of items 1, 2 and 3)......................................................................................................... 5 Average percent (1/3 of total percent) (Carry to Part 2, line 5)...................................................................... 6 % 0.0000% % 0.0000% 2018 Form 512 - Page 5 Corporation Income Tax BACK TO PAGE 1 Name shown on Form 512: Part 3 Federal Employer Identification Number: Balance Sheets 1 Cash.............................................................. 1 2 Trade notes and accounts receivable........... 2 (a) Less allowance for bad debts.................2a 3 Inventories.................................................... 3 4 Gov’t obligations: (a) U.S. and instrumentalities.......................4a (b) State, subdivision, thereof, etc...............4b 5 Other current assets (provide schedule)....... 5 6 Loans to shareholders.................................. 6 7 Mortgage and real estate loans.................... 7 8 Other investments (provide schedule).......... 8 9 Buildings and other fixed depreciable assets... 9 (a) Less accumulated depreciation..............9a 10 Depletable assets........................................10 (a) Less accumulated depletion................. 10a 11 Land (net of any amortization)..................... 11 12 Intangible assets (amortization only)...........12 (a) Less accumulated amortization............ 12a 13 Other assets (provide schedule)..................13 14 Total assets..................................................14 Beginning of taxable year (A) Amount End of taxable year (B) Total 15 Accounts payable.........................................15 16 Mtgs-notes-bonds payable in less than1 yr...16 17 Other current liabilities (provide schedule).....17 18 Loans from shareholders.............................18 19 Mtgs-notes-bonds payable in 1 yr. or more....19 20 Other liabilities (provide schedule)...............20 21 Capital stock: (a) preferred stock............. 21a (b) common stock............. 21b 22 Paid-in capital surplus (provide reconciliation)......22 23 Retained earnings-appropriated (provide sch.)...23 24 Retained earnings-unappropriated..............24 25 Adjustments to shareholders’ equity (provide sch.).. 25 26 Less cost of treasury stock..........................26 27 Total liabilities and shareholders’ equity.......27 ( (C) Amount (D) Total 0 0 0 0 0 0 0 0 0 0 0 0 ) ( 0 ) 0 Schedule OK M-1: Reconciliation of Income per Books with Income per Return 7 Income recorded on books this year not included in this return (provide schedule) (a) Tax exempt interest $_________________ (b) Other $_________________ (c) Total of lines 7a and 7b............................7c 1 Net income (loss) per books......................... 1 2 Federal income tax....................................... 2 3 Excess of capital losses over capital gains... 3 4 Taxable income not recorded on books this year (provide schedule)................................ 4 5 Expenses recorded on books this year not deducted in this return (provide schedule) (a) Depreciation $____________________ (b) Depletion $____________________ (c) Other____________________________ _________________________________ (d) Total of lines 5a, 5b and 5c.....................5d 6 Total of lines 1 through 4 and 5d................... 6 8 Deductions in this tax return not charged against book income this year (provide schedule) (a) Depreciation $______________________ (b) Depletion $______________________ (c) Other_____________________________ (d) Total of lines 8a, 8b and 8c..................... 8d 9 Total of lines 7c and 8d................................... 9 10 Net income: line 6 less line 9........................ 10 0 0 0 Schedule OK M-2: Analysis of Unappropriated Retained Earnings per Books (line 24 above) 1 Balance at beginning of year........................ 1 2 Net income (loss) per books......................... 2 3 Other increases (provide schedule) ____________________________________ ___________________________________ 3 4 Total of lines 1, 2 and 3................................. 4 5 Distributions: (a) Cash.............................. 5a (b) Stock.............................. 5b (c) Property..........................5c 6 Other decreases (provide schedule) ___________________________________ 6 7 Total of lines 5 and 6...................................... 7 8 Balance at end of year (line 4 less line 7)...... 8 0 0 0 2018 Form 512 - Page 6 Franchise Tax Worksheet A. Taxpayer FEIN B. Account Number -Office Use OnlyC. Mailing Address Change Name C. New Mailing Address Address City, State or Province, Country and Postal Code City, State or Province, Country and Postal Code BACK TO PAGE 2 COUNTRY D. Balance Sheet Date (MM/DD/YY) BALANCE SHEET Dollars Cents 1. Total Net Assets in Oklahoma (Franchise Tax Balance Sheet: Line 15, Column B)............ 1 0 00 2. Total Net Assets (Franchise Tax Balance Sheet: Line 15, Column A) If all assets are in Oklahoma, enter “0”............................................................................... 2 0 00 3. Total Current Liabilities (Franchise Tax Balance Sheet: Line 23) If line 2 is zero, complete line 4. If line 2 is not zero, complete lines 5-11................... 3 0 00 4. Capital Employed in Oklahoma (line 1 minus line 3) Round to next highest $1000. If line 4 is completed, skip to line 12............................ 4 0 00 5. Total Gross Business Done by Corporation in Oklahoma (Franchise Tax Balance Sheet: Line 34)............................................................................. 5 0 00 6. Total Value of Assets and Business Done in Oklahoma (Total of lines 1 and 5)................. 6 0 00 7. Total Gross Business Done by Corporation (Franchise Tax Balance Sheet: Line 33)........ 7 0 00 8. Total Value of Assets and Business Done (Total of lines 2 and 7)....................................... 8 0 00 Option 2........................................ 9 0.000000 % 10. Value of Capital Subject to Apportionment (Line 2 minus line 3)....................................... 10 0 1. Capital Apportioned to Oklahoma (Line 10 multiplied by line 9) 1 Round to the next highest $1000...................................................................................... 11 00 0 00 9. Percentage of Oklahoma Assets (See instructions) Check appropriate Box: Option1 Dollars 12. Tax (See instructions) (If less than $250, enter 0).......................................................... 12 = Cents 0.00 13. Registered Agents Fee ($100.00 - See instructions)..................................................... 13 + 00 14. Interest........................................................................................................................... 14 + 15. Penalty........................................................................................................................... 15 + 16. Reinstatement Fee ($150.00 - See instructions)............................................................ 16 + 00 17. Previous Payment........................................................................................................... 17 18. Overpayment..................................................................................................................18 = 19. Total Due....................................................................................................................... 19 = 0.00 2018 Form 512 - Page 7 Franchise Tax Schedule A: Current Officer Information NOTE: Inclusion of Officers Is Mandatory. Taxpayer Name FEIN Account Number Corporate Officers Effective as of __________________ Are as Follows: (Date) Schedule A: Current Officer Information The officers listed below should be those whose term was in effect as of the close of the income tax year. Be sure to include names, addresses, and Social Security Numbers. BACK TO PAGE 6 1. Name (First, MI, Last) Social Security Number Home Address (street and number) Daytime Phone (area code and number) City, State or Province, Country and Postal Code Title 2. Name (First, MI, Last) Social Security Number Home Address (street and number) Daytime Phone (area code and number) City, State or Province, Country and Postal Code Title 3. Name (First, MI, Last) Social Security Number Home Address (street and number) Daytime Phone (area code and number) City, State or Province, Country and Postal Code Title 4. Name (First, MI, Last) Social Security Number Home Address (street and number) Daytime Phone (area code and number) City, State or Province, Country and Postal Code Title Please include Social Security Numbers of officers. 710:1-3-6. Use of Federal Employer Identification Numbers and other identification numbers mandatory All returns, applications, and forms required to be filed with the Oklahoma Tax Commission in the administration of this State’s tax laws shall bear the Federal Employer’s Identification Number(s), the Taxpayer Identification Number, and/or other government issued identification number of the person, firm, or corporation filing the item and of all persons required by law or agency rule to be named or listed. [Source: Amended at 32 Ok Reg 1330, eff 8-27-15] 710:1-3-8. Confidentiality of records All Federal Employer’s Identification and/or Social Security Account Numbers are deemed to be included in the confidential records of the Commission. 2018 Form 512 - Page 8 Franchise Tax Schedules B, C and D Taxpayer Name FEIN This page contains Schedules B, C, and D for the completion of the Oklahoma Annual Franchise Tax Return. Provide additional pages if further space is needed on Schedules C and D. Schedule B General Information (to be completed in detail) BACK TO PAGE 6 If the business is not a “corporation,” list the type of business structure, the date of formation, and county in which filed. Name and address of Oklahoma “registered agent” Name of parent company if applicable: Percent of outstanding stock owned by the parent company, if applicable: In detail, please list the nature of business: • Amount of authorized capital stock or shares: (a) Common: (b) First Preferred: shares, par/book value of each share $ $ $ shares, par/book value of each share $ $ • Total capital stock or shares issued and outstanding at the end of fiscal year: (a) Common: (b) First Preferred: % shares, par/book value of each share shares, par/book value of each share $ Schedule C Related Companies: Subsidiaries and Affiliates • subsidiaries Name of Subsidiary • affiliates Name of Affiliate $ $ BACK TO PAGE 6 (Companies in which you own 15 percent or more of the outstanding stock) FEIN FEIN: Percentage Owned (%) Financial Investment ($) (Companies related other than by direct stock ownership) FEIN How related? Schedule D Details of Current Debt shown on Balance Sheet Name of Lender Original Date of Issuance Maturity Date Original Amount of Instrument BACK TO PAGE 6 Balance remaining of amounts payable within 3 years of Date of Issuance 2018 Form 512 - Page 9 Franchise Tax Balance Sheet Schedule E Taxpayer Name FEIN As of the Last Income Tax Year Ended: (MM/DD/YY) This page contains the Balance Sheet which completes the Oklahoma Annual Franchise Tax Return. Assets Column A Column B Total Everywhere as per Books of Account. If all Property is in Oklahoma, Do Not Use this Column. Total in Oklahoma as per Books of Account. Liabilities and Stockholders’ Equity 1. Cash........................................ 19. Accounts payable..................... 2. Notes and accounts receivable 20. Accrued payables..................... 3. Inventories............................... 21. Indebtedness payable issuance (see schedule D)...................... 5. Other current assets (please provide schedule)....... 22. Other current liabilities.............. 6. Total Current Assets 0 0 7. Mortgage and real estate loans 0 (a) To parent company.............. (b) To subsidiary company........ (please provide schedule)....... (c) To affiliated company........... 9. (a) Building.............................. 25. Indebtedness maturing and (b) Less accumulated payable in more than three depreciation......................... years from the date of issu- 10. (a) Fixed depreciable assets.. ance.......................................... (b) Less accumulated 26. Loans from stockholders not depreciation........................ payable within three years........ 11. (a) Depletable assets.............. 27. Other liabilities.......................... (b) Less accumulated 28. Capital Stock depletion............................. (a) Preferred stock..................... 12. Land...................................... (b) Common Stock.................... 13. (a) Intangible assets.............. 29. Paid-in or capital surplus (b) Less accumulated (provide reconciliation).............. amortization....................... 30. Retained earnings.................... 14. Other assets.......................... 0 0 16. Inter-company receivables: (a) From parent company...... 31. Other capital accounts.............. 32. Total Liabilities and Stockholders’ Equity.............. (Lines: 23-31) 33. Total gross business done everywhere (sales and service)................. (from income tax return) (b) From subsidiary company (c) From affiliated company . 17. Bank holding company stock in subsidiary bank........ 18. TOTAL ASSETS.................... (Lines: 15-17) 23. Total Current Liabilities.......... (Lines: 19-22) 24. Inter-company payables 8. Other investments 15. Net Assets............................ (Lines: 6-14) Column C Total Everywhere as per Books of Account. three years or less after 4. Government obligations and other bonds............................ (add lines 1A-5A and 1B-5B).. BACK TO PAGE 6 0 0 34. Total gross business done in Oklahoma (sales and service)................. (from income tax return) 0 2018 Form 512 - Page 10 Corporation Income and Franchise Tax Name shown on Form 512: Federal Employer Identification Number: Schedule 512-X: Amended Return Schedule A Did you file an amended Federal income tax return? Yes No BACK TO PAGE 2 Provide a copy of IRS Form 1120X or 1139 and a copy of “Statement of Adjustment”, IRS refund check or deposit slip. B If this return is being filed due to a Federal audit, furnish a complete copy of the RAR. C Explanation or Reason for Amended Return (Provide all necessary schedules): __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ Instructions for filing an Amended Return Beginning with tax year 2013, use Form 512 to file an amended return. Do not use Form 512X. Form 512X will be used to file an amended return for tax year 2012 and prior. When filing an amended return, place an “X” in the Amended Return check-box at the top of page 1. Enter any amount(s) paid with the original return plus any amount(s) paid after it was filed on line 9. Enter any refund previously received or overpayment applied on line 10. Complete the Amended Return Schedule, Schedule 512-X above. Provide Form 1120X or 1139 and proof of disposition by the Internal Revenue Service when applicable. An overpayment on an amended return may not be credited to estimated tax, but will be refunded. The amount applied to estimated tax on the original return cannot be adjusted. State of Oklahoma 511CR FORM Other Credits Form Provide this form and supporting documents with your Oklahoma tax return. Name as shown on return: 2 0 1 8 Social Security Number: -ORFederal Employer Identification Number: • Enter in Column A all unused carryover credits established in prior tax years but not used in any prior tax year. • Enter in Column B all credits established this tax year. This includes a credit generated this tax year; a credit transferred to you on a filed transfer agreement (Form 572) which may be claimed this tax year; and a credit, that once established, may be claimed over multiple years and you are claiming the subsequent years’ credit (e.g. Investment/New Jobs Credit). Attention members of pass-through entities: Enter your share of the pass-through entities’ credit on the appropriate line for the type of credit. For example: Your share of the pass-through entities’ Coal Credit would be entered on line 2. See instructions for details on qualifications and required enclosures. Reset CR BACK TO PAGE 1 A 1a Oklahoma Investment/New Jobs Credit (provide Form 506).................................................... 1b Rate (Percent of total credit allowed to offset tax)....... (This rate does not apply to fiscal year returns 00 Total Available Credit (A + B = C) Credit Established During Current Tax Year 00 1a 1b Not Applicable C B Unused Credit Carried Over from Prior Year(s) Not Applicable 0 00 X 97.6% with tax years ending in 2019.) 1c Credit Allowed (multiply Column C, line 1a by line 1b). (fiscal year returns with tax years ending in 2019, enter the amount from Column C, line 1a).................. Credits not allowed due to the percent on line 1b will carry forward to subsequent tax years. 1d Check the box to indicate the type of credit............... Not Applicable 1c Investment Credit 2 Coal Credit................................................................... Not Applicable = 0 00 New Jobs Credit 00 2 00 0 00 3 Credit for Investment in a Clean-Burning Motor Vehicle Fuel Property (provide Form 567-A) Number of Form(s) 567-A Enter the number of Form(s) 567-A provided with this return for 3a and 3b................................... (If completing multiple Forms 567-A; enter the total amounts from all Part 1, Section A, line 3.)................. 00 3a 00 0 00 3b Credit from Form 567-A, Part 4, line 4......................... 00 3b 00 0 00 00 4 00 0 00 00 5 00 6 00 7 00 8 00 0 00 00 9a 00 0 00 3a Credit from Form 567-A, Part 1, Section A, line 3. 4 5 6 7 Small Business Guaranty Fee Credit (provide Form 529).................................................... Credit for Entities in the Business of Providing Child Care Services..................................................... Credit for Tourism Development or Qualified Media Production Facility............................................ Oklahoma Local Development and Enterprise Zone Incentive Leverage Act Credit....................................... 8 Credit for Qualified Rehabilitation Expenditures ......... 9a Credit for Electricity Generated by Zero-Emission Facilities.............................................. 9b Check the box to indicate the renewable resource used to generate electricity........................................ Wind Not Applicable 0 00 Not Applicable 0 00 Not Applicable 0 00 Moving Water, Sun, or Geothermal Energy 2018 Form 511CR - Page 2 Other Credits Form Name as shown on return: Social Security/Federal Employer Identification Number: A B Unused Credit Carried Over from Prior Year(s) Credit Established During Current Tax Year 10 Credit for Financial Institutions Making Loans under the Rural Economic Development Loan Act...... 00 10 11 Credit for Manufacturers of Small Wind Turbines........ 00 11 12 Poultry Litter Credit...................................................... 13 Volunteer Firefighter Credit (provide FTAC’s Form, see instructions on page 5)........................................ 00 12 Not Applicable Not Applicable 0 00 Not Applicable Not Applicable 00 0 00 0 00 13 C Total Available Credit (A + B = C) 00 0 00 14 Credit for Breeders of Specially Trained Canines........ 15 Credit for the Construction of Energy Efficient Homes........................................................... 00 14 00 15 00 0 00 16 17 18 Credit for Railroad Modernization................................ Research and Development New Jobs Credit (provide Form 563).................................................... Credit for Stafford Loan Origination Fee (for banks & credit unions filing Form 512).................. 00 16 00 0 00 00 17 00 0 00 00 18 19 20 21 Credit for Biomedical Research Contribution.............. Credit for Employees in the Aerospace Sector (provide Form 564).................................................... Credits for Employers in the Aerospace Sector (provide Form 565).................................................... 00 19 00 0 00 00 20 00 0 00 21 00 0 00 Not Applicable 0 00 Not Applicable 0 00 22 Wire Transfer Fee Credit............................................. 00 22 Not Applicable 0 00 23 Credit for Manufacturers of Electric Vehicles............... 00 23 Not Applicable 0 00 24 Credit for Cancer Research Contribution.................... 00 24 00 0 00 25 00 0 00 00 26 00 0 00 00 27 00 0 00 00 28 00 0 00 29 00 0 00 25 26 27 28 Oklahoma Capital Investment Board Tax Credit.......... Credit for Contributions to a Scholarship-Granting Organization................................................................ Credit for Contributions to an Educational Improvement Grant Organization................................ Not Applicable Credit for Venture Capital Investment (provide Form 518-A or 518-B)................................. 29 Oklahoma Affordable Housing Tax Credit.................... 30 Total (add lines 1c through 29)..................................................................................................... 30 Enter on the applicable line of income tax return and enter the number in the box for the type of credit. If more than one credit is claimed, enter “99” in the box. 00 0 00 Notice Tax credits transferred or allocated must be reported on Oklahoma Tax Commission (OTC) Form 569. Failure to file Form 569 will result in the affected credits being denied by the OTC pursuant to 68 Oklahoma Statutes (OS) Sec. 2357.1A-2. State of Oklahoma Oklahoma Capital Gain Deduction 561C FORM for Corporations Filing Form 512 (Qualifying Assets Held for the Applicable 3 or 5 Year Period) 2 0 1 8 Federal Employer Identification Number Name as Shown on Return 1. List qualifying Oklahoma capital gains and losses, not included on lines 2 through 4 below. A1. Description of Property: A2. Oklahoma Location/Address or Federal ID Number: B. Date Acquired (mm/dd/yy) C. Date Sold or Disposed (mm/dd/yy) D. Proceeds (Sales Price) E. Cost or Other F. Gain or (loss) Basis Minus Allocated/ Adjustments Apportioned to to Gain or Loss Oklahoma B. Date Acquired (mm/dd/yy) C. Date Sold or Disposed (mm/dd/yy) D. Proceeds (Sales Price) E. Cost or Other F. Gain or (loss) Basis Minus Allocated/ Adjustments Apportioned to to Gain or Loss Oklahoma B. Date Acquired (mm/dd/yy) C. Date Sold or Disposed (mm/dd/yy) D. Proceeds (Sales Price) E. Cost or Other F. Gain or (loss) Basis Minus Allocated/ Adjustments Apportioned to to Gain or Loss Oklahoma A3. Type of property sold: (see instructions) A1. Description of Property: A2. Oklahoma Location/Address or Federal ID Number: A3. Type of property sold: (see instructions) A1. Description of Property: A2. Oklahoma Location/Address or Federal ID Number: A3. Type of property sold: (see instructions) 2. Qualifying Oklahoma net capital gain from sale of business property reported on Federal Schedule D, line 11. (Provide Federal Form 4797) Type of property sold (See instructions)............. ...... 2 ...... 3 ...... 4 5. Add amounts in column F on line 1 and lines 2 through 4............................................................................ 5 6. Qualifying Oklahoma capital loss carryover reported on Federal Schedule D, line 6 (See instructions).......................................................................................................................................... 6 3. Qualifying Oklahoma capital gain from installment sales reported on Federal Schedule D, line 12. (Provide Federal Form 6252) Type of property sold (See instructions)............. 4. Qualifying Oklahoma net capital gain or (loss) from like-kind exchanges reported on Federal Schedule D, line 13. (Provide Federal Form 8824) Type of property sold (See instructions)............. 7. Qualifying Oklahoma net capital gain. Subtract line 6 from line 5. (If zero or less, enter “0”)............................................................................................................................... 7 8. Net capital gain apportioned and allocated to Oklahoma.............................................................................. 8 9. Oklahoma Capital Gain Deduction. Enter the smaller of lines 7 or 8 here and on Form 512, Part 1, column B, line 25 or on Part 2, line 6d. (Do not enter less than zero)........................................................... 9 Provide Federal Form 1120, Schedule D and Form(s) 8949 0 0 0 2018 Form 561C - Page 2 Oklahoma Capital Gain Deduction for Corporations Filing Form 512 68 Oklahoma Statutes (OS) Sec. 2358 and Rule 710:50-15-48 General Information Corporate taxpayers can deduct qualifying gains receiving capital gain treatment which are included in Federal taxable 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 be earned: 1. by the corporation on 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; 2. on 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 three uninterrupted years prior to the date of the transaction that gave rise to the capital gain; or 3. on the sale of real property, tangible personal property or intangible personal property located within Oklahoma as part of the sale of all or substantially all of the assets of an Oklahoma company, limited liability company, or partnership where such property has been directly or indirectly owned by such entity or owned by the owners of such entity, and used in or derived from such entity for a period of at least three uninterrupted years prior to the date of the transaction that gave rise to the capital gain. 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 corporation has been a member of the pass-through entity for an uninterrupted period of the applicable three or five years and the pass-through entity has held the asset for not less than the applicable three or five uninterrupted years prior to the date of the transaction that created the capital gain. The type of asset sold, as shown in 1-3 above, determines whether the applicable number of uninterrupted years is three or five. The pass-through entity must provide supplemental information to the corporation identifying the pass-through of qualifying capital gains. Installment sales... Qualifying gains included in a corporate taxpayer’s Federal taxable income for the current year, which are derived from installment sales, are eligible for exclusion provided the appropriate holding periods are met. Specific Instructions Lines 1-4: Type of Property Sold Enter the number in the box which corresponds to the type of property sold: 1. The sale of stock in a qualified Oklahoma corporation. 2. The sale of an ownership interest in a qualified Oklahoma company, limited liability company, or partnership. 3. The sale of qualified real property located within Oklahoma. 4. The sale of qualified tangible personal property located within Oklahoma. 5. The sale of qualified intangible personal property located within Oklahoma as part of the sale of all or substantially all of the assets of an Oklahoma company, limited liability company or partnership. 99. For lines 2-4, enter a 99 if the net gain/loss is from the sale of more than one type of property. Lines 1 - 7 are used to determine the qualifying Oklahoma net capital gain. The qualifying Oklahoma net capital gain is the long-term gains from qualifying Oklahoma property minus long-term losses from qualifying Oklahoma property which were allocated or apportioned to Oklahoma. Line 8 is the net capital gain. Net capital gain is the excess of the net longterm capital gain over the net short-term capital loss allocated or apportioned to Oklahoma. The Oklahoma Capital Gain Deduction cannot exceed this amount. Note: If less than 100% of a capital gain or loss has been apportioned to Oklahoma, include only such portion in Column F. For example: on Form 512, Part 2, a corporation apportions 43% of the capital gain/loss to Oklahoma (based on the apportionment formula), it would then include 43% of the gain/loss. However, if 100% of the gain/loss was allocated to Oklahoma, then include 100% of such gain/loss. 2018 Form 561C - Page 3 Oklahoma Capital Gain Deduction for Corporations Filing Form 512 68 Oklahoma Statutes (OS) Sec. 2358 and Rule 710:50-15-48 Specific Instructions - continued Line 1: List qualifying Oklahoma capital gains and losses from the Federal Form(s) 8949, Part II or from Federal Schedule D, line 8a. Provide a copy of Form(s) 1099-B if the qualifying Oklahoma capital gain or loss is reported on Federal Schedule D, line 8a. In Column A, line A1 enter the description of the property as shown on Federal Form 8949, Column a or on Form 1099-B. 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 E using the information from Federal Form 8949, Columns b through g or from Form 1099-B. In Column F enter the qualifying Oklahoma capital gain or loss allocated or apportioned to Oklahoma. Do not include gains and losses reported on Form 561C lines 2 through 4. Line 2: Enter the qualifying Oklahoma net capital gain allocated or apportioned to Oklahoma which was reported on Federal Schedule D, from the Federal Form 4797. Provide a copy of the Federal Form 4797. Line 3: 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 which was allocated or apportioned to Oklahoma. Provide 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. Line 4: Enter the qualifying Oklahoma net capital gain or loss allocated or apportioned to Oklahoma which was reported on Federal Schedule D, line 13. Provide a copy of the Federal Form 8824. Line 6: Enter the total qualifying Oklahoma capital loss, carried over/back from another year’s return, allocated or apportioned to Oklahoma which was reported on Federal Schedule D, line 6. Line 8: The Oklahoma capital gain deduction may not exceed the portion of the net capital gain allocated or apportioned to Oklahoma. The term “net capital gain” means the excess of the net long-term capital gain for the taxable year over the net short-term capital loss for such year. If there is a net capital loss, enter zero.
Extracted from PDF file 2018-oklahoma-form-512.pdf, last modified December 2006

More about the Oklahoma Form 512 Corporate Income Tax Tax Return

We last updated the Corporate Income Tax Return (form and schedules) in January 2019, and the latest form we have available is for tax year 2018. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Oklahoma Tax Commission. You can print other Oklahoma tax forms here.


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Related Oklahoma Corporate Income Tax Forms:

TaxFormFinder has an additional 54 Oklahoma income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Oklahoma Form 512.

Form Code Form Name
512-Pckt Corporate Income Tax Return Packet (form and instructions)
512S-Pckt Small Business Corporate Tax Return Packet (form and instructions)
Form 512E Return of Organization Exempt from Income Tax

Download all OK tax forms View all 55 Oklahoma Income Tax Forms


Form Sources:

Oklahoma usually releases forms for the current tax year between January and April. We last updated Oklahoma Form 512 from the Tax Commission in January 2019.

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Form 512 is an Oklahoma Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Oklahoma Form 512

We have a total of six past-year versions of Form 512 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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