Oklahoma Corporate Income Tax Return (form and schedules)

Corporate Income Tax Return (form and schedules)
2025 Form 512 Oklahoma Corporation Income Tax Return Packet & Instructions
2025 Oklahoma
Corporation
Income
Tax Forms and
Instructions
This packet contains:
	 •	 Instructions for Completing Form 512
	 •	 Computation of Oklahoma Consolidated Taxable Income Form 512-TI
	 •	 Supplemental Schedule Form 512-TI-SUP for Form 512-TI
Filing date:
	 •	Your Oklahoma return is due 30 days after the due date of your federal return.
For assistance:
	
•	See page 12 for methods of contacting the Oklahoma Tax Commission (OTC).
NOTE:
	
•	Pursuant to Rule 710:50-17-1, the Oklahoma Corporation Income Tax Return must
be filed electronically.

2025 OKLAHOMA CORPORATION TAX PACKET
TABLE OF CONTENTS

General Filing Information...................................................................................................................................................3-5
Estimated Income Tax Information......................................................................................................................................... 4
Amended Returns.................................................................................................................................................................. 4
Line by Line/General Instructions for Determining Oklahoma Taxable Income................................................................... 5-7
Part 1 Instructions...............................................................................................................................................................7-8
Part 2 Instructions...............................................................................................................................................................8-9
Form 512, Section One Instructions.................................................................................................................................. 9-10
Form 512, Section Two Instructions..................................................................................................................................... 11
Form 512, Section Three and Four...................................................................................................................................... 11
When You Are Finished........................................................................................................................................................ 12
Direct Deposit Information.................................................................................................................................................... 12
How to Contact OTC............................................................................................................................................................ 12

COMMON ABBREVIATIONS FOUND IN THIS PACKET
FEIN -	 Federal Employer Identification Number
IRC	 -	 Internal Revenue Code
IRS	 -	 Internal Revenue Service
NOL	 -	 Net Operating Loss
OS	 -	 Oklahoma Statutes
OTC	-	 Oklahoma Tax Commission
PTE	 -	 Pass-Through Entity
Sec.	-	 Section(s)

HELPFUL HINTS

• 	Refunds must be made by direct deposit. Failure to supply direct deposit information will delay the processing of the
refund.
•	 Check your FEIN on all forms and schedules.
•	 The request for your FEIN is authorized by Title 42, Sec. 405 of the United States Code (U.S.C.) You must provide this
information. It will be used to establish your identity for tax purposes only. Important: If you do not have a FEIN, you
may obtain one online at irs.gov or by calling 800.829.4933. If you would prefer to file a paper application, contact the
IRS and request Form SS-4.
•	 Check your calculations carefully.
• 	Fiscal year dates are a common problem. If you file based on a fiscal year, list the dates on the top of the form where
indicated.
• 	Provide a complete copy of your federal return and all required schedules. Failure to do so can slow down the
processing of your return.
•	 When complete, make copies of all the documents for your records.
•	 Do not forget to sign your tax returns.
•	 The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.

BEFORE YOU BEGIN

You must complete your federal income tax return before beginning your Oklahoma income tax return. You will use the
information entered on your federal return to complete your Oklahoma return.
When completing your Oklahoma tax return, round all amounts to the nearest whole dollar on your return and schedules.
Drop amounts under 50 cents to the lower dollar and round amounts from 50 to 99 cents up to the next dollar. For
example, $1.39 becomes $1 and $2.50 becomes $3. When you need to add two or more amounts to calculate a line entry,
include cents when adding the amounts and round only the final total to the nearest whole dollar.
Remember, when completing your Oklahoma return, round all amounts to the nearest dollar.
	
	
	

Example:	

$2.01 to $2.49 - round down to $2
$2.50 to $2.99 - round up to $3

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WHAT’S NEW IN THE 2025 OKLAHOMA TAX PACKET?
• New lines have been added to report the Oklahoma bonus depreciation. See instructions for details.
• A new checkbox has been added to page 1 of Form 512 to allow taxpayers to elect to forego the Oklahoma NOL
carryback. This election is available only if a carryback is permitted under federal or Oklahoma law (e.g., certain farming
or insurance company losses). The election must be made timely and is irrevocable once made. For additional details,
refer to the instructions.
• The New Poll Worker Leave Exemption was added for tax year 2025. See instructions for details.
• The Credit for Electric Vehicle Charging Taxes was added to Form 511-CR. Form 511-CR can be downloaded from our
website at tax.ok.gov.
• A new checkbox has been added to the top of page 1 of Form 512 to indicate the type of tax year (fiscal year, short year,
or 52/53-week year). Omission of this information may cause a significant delay in processing the return, and no interest
will accrue on any refund pending.

WHO MUST FILE

GENERAL FILING INFORMATION

Any corporation doing business within or deriving income from sources within Oklahoma is required to file an Oklahoma
Corporation Income Tax Return, whether or not a tax is due.
Note: Small Business Corporations (Subchapter S) must use Form 512-S.

TIME AND PLACE FOR FILING

Corporate returns shall be due no later than 30 days after the due date established under the Internal Revenue Code. In
the case of complete liquidation or the dissolution of a corporation, the return shall be made on or before the 15th day of
the fourth month following the month in which the corporation is completely liquidated. When the last date for filing any
document or performing any act required by the OTC falls on a day when the offices are not open for business, the filing
of the document or performance of the act shall be considered timely if it is performed by the end of the next business day.
If no Oklahoma liability is owed, an approved federal filing extension automatically extends the due date for your
Oklahoma return. A copy of the federal extension must be provided with your Oklahoma return. If your federal return is
not extended, or an Oklahoma liability is owed, an extension of time to file your Oklahoma return may be granted on
Form 504-C. The Form 504-C must be filed on or before the due date of the return. To avoid a delinquent penalty for late
payment of income tax, 90% of the income tax liability must be paid with the extension. To avoid delinquent interest for
late payment of income tax, 100% of the income tax liability must be paid with the extension.
Electronic filing is required pursuant to Rule 710:50-17-1.

FISCAL YEAR AND SHORT PERIOD RETURNS

For all fiscal year and short period returns, the beginning and ending dates of the tax year must be shown on the top
portion of the return where indicated. If you are not a calendar year taxpayer, be sure to check the appropriate type of tax
year box at the top of the return. Omission of this information may cause a significant delay in the processing of the return
and no interest will accrue on any refund pending.

CONSOLIDATED RETURNS

If a federal consolidated return is filed, an Oklahoma consolidated return may be required or permitted under certain
circumstances.
An election to file a separate or consolidated return is made with the timely filing of the original return. This election
cannot be changed with the filing of an amended return. If an affiliated group of corporations elects to file a consolidated
Oklahoma income tax return, such election shall be binding. The affiliated group of corporations shall be required to
file a consolidated Oklahoma income tax return for all future tax years unless the OTC releases the affiliated group of
corporations from such election.
If filing a Consolidated Income Tax Return for Oklahoma, the Oklahoma taxable income for each corporation is computed
separately on its own factors and then combined for one total income upon which the tax is computed. Complete Form
512-TI (Computation of Oklahoma Consolidated Taxable Income) to determine the combined taxable income
to report on Form 512, page 1, line 1. Submit a separate Form 512, pages 3-8 for each company within the
consolidation.
Provide a copy of the federal consolidated return with an income statement, balance sheet, schedules M-1, M-2, M-3,
and supporting schedules for each member of the consolidated group. 68 OS Sec. 2367.

	

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2025 OKLAHOMA CORPORATION TAX PACKET
SPECIAL INSTRUCTIONS REGARDING FORM 512, PAGES 7 AND 8

Complete pages 7 and 8 or attach a copy of the Federal Form 1120 Schedules L, M-1, and M-2. Corporations that are not
required to complete Federal Form 1120 Schedules L, M-1, and M-2 are still required to complete the Oklahoma Form
512, pages 7 and 8, Part 3: Balance Sheets, Schedule OK M-1: Reconciliation of Income per Books with Income per
Return, and Schedule OK M-2: Analysis of Unappropriated Retained Earnings per Books.
Corporations that are not required to complete Federal Form 1120 Schedule M-1 due to the requirement to complete
Schedule M-3 must either complete the Oklahoma Schedule M-1 or provide a copy of the Federal Schedule M-3.

DECLARATION OF ESTIMATED TAX

Corporations must make estimated tax payments when the tax liability for the current year can reasonably be expected to
be $500 or more. The estimated tax payments shall be the lesser of 70% of your current year’s tax liability or 100% of the
tax liability shown on your return for the preceding taxable year of 12 months.
The estimated tax payments shall be paid in four equal* installments of:
	
•	 One-quarter on or before the 15th day of the fourth month of the taxable year;
	
• 	 One-quarter on or before the 15th day of the sixth month of the taxable year;
	
• 	 One-quarter on or before the 15th day of the ninth month of the taxable year; and
	
• 	 One-quarter on or before the 15th day of the first month of the succeeding taxable year.
*For purposes of determining the amount of tax due on any of the respective dates, taxpayers may compute the tax by
placing taxable income on an annualized basis as prescribed in Rule 710:50-13-9.
Amended declarations may be filed on any of the payment dates. Corporations filing estimated payments use Form OW8-ESC, which can be downloaded at tax.ok.gov.
Estimated payments can be made electronically through the OTC’s website. Visit OkTAP at oktap.tax.ok.gov, and select
the Make a Payment link.
There is no provision in the present law for tentative returns.

AMENDED RETURNS

Beginning with tax year 2013, the Form 512 will be used to file an amended return. See Form 512, page 9 for complete
instructions. Overpayments cannot be applied to next year’s estimated tax. Line 13 cannot be amended or
changed once the original return has been processed. See 68 OS Sec. 2373 for the statute of limitations for refunds.

ADJUSTMENTS BY THE IRS

Taxpayers who file “consents” extending the time for making federal adjustments automatically extend the time for making
state adjustments. The taxpayer is also required to file an amended return reporting all IRS adjustments. A copy of the
finalized Revenue Agent’s Report must be provided with each return.

BANKS AND CREDIT UNIONS

State and national banks and state credit unions are subject to an “In Lieu” tax. See 68 OS Sec. 2370. When reporting
income on Part 1, line(s) 5 and/or 6b, provide a detailed schedule of the interest income by source and amount. Expense
deductions used to calculate taxable income must be reduced by 50% of interest income excluded from taxation. This
applies to obligations of the United States or its agencies, as well as obligations of the State of Oklahoma and its political
subdivisions.

REAL ESTATE INVESTMENT TRUSTS

A real estate investment trust that does not become regularly traded on an established securities market within one year
of the date on which it first becomes a real estate investment trust shall be deemed not to have been regularly traded on
an established securities market, retroactive to the date it first became a real estate investment trust. An amended return
shall be filed reflecting such retroactive designation for any tax year or part year occurring during its initial year of status
as a real estate investment trust. For purposes of this paragraph, a real estate investment trust becomes a real estate
investment trust on the first day it has met the requirements of IRC Sec. 856 and has elected to be treated as a real estate
investment trust pursuant to IRC Sec. 856(c)(1). 68 OS Sec. 2358.

	

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2025 OKLAHOMA CORPORATION TAX PACKET
OKLAHOMA NOL DEDUCTION

Note: The amount of any NOL deduction claimed on Part 1, line 31(a) or Part 2, line 7(e), must also be entered on the
front of Form 512 in the space provided at the top of the form. There is also a space provided to enter the loss year(s).
The amount of any federal NOL deduction shall be adjusted as follows:
Oklahoma NOLs are computed independently, referencing IRC Sec. 172. Effective from 2018 onward, the Tax Cuts and
Jobs Act (TCJA) eliminated the two-year carryback provision for NOLs, except for specific farm losses and insurance
companies (other than life insurance companies). The TCJA also introduced an unlimited carryforward period for NOLs
and established an 80% limitation on the amount allowed as a “net operating loss deduction” for NOLs arising after
December 31, 2017. Additionally, losses attributable to federally declared disasters can be carried back up to 5 years and
certain specified liability losses, such as those from product liability and workers’ compensation claims, may be carried
back for 10 years, contingent upon meeting the requirements outlined in IRC Sec. 172(f).
Provide a detailed schedule for any NOL carried forward to the current tax year.
When a net operating loss carryback is required by IRC Sec. 172, a taxpayer may elect to forego the carryback period
by checking the designated box at the top of page 1 of the return. To be considered timely, the election must be made on
the original Oklahoma return for the loss year filed by the due date (including extensions), or on an amended return filed
within six months of the original due date, excluding extensions. Once made, the election is irrevocable.

LINE BY LINE INSTRUCTIONS
GENERAL INSTRUCTIONS FOR DETERMINING OKLAHOMA TAXABLE INCOME
INCOME COMPUTATION

Beginning with federal taxable income, proper adjustments are to be made to arrive at Oklahoma taxable income. Some
of the adjustments may be to add interest income from obligations of state and political sub-divisions thereof, and to
deduct interest from U.S. obligations. Oil and mining production or royalties and gain or loss from disposition of such
property shall be allocated according to their situs. General and administrative expenses, such as interest expense, etc.,
will ordinarily be allocated on the basis of Oklahoma direct expense to total direct expense.

SAFETY PAYS OSHA CONSULTATION SERVICE EXEMPTION

(Part 1, Column B, line 27 or Part 2, line 4)
An employer that is eligible for and utilizes the Safety Pays Occupational Safety and Health Administration (OSHA)
Consultation Service provided by the Oklahoma Department of Labor shall receive a $1,000 exemption for the tax year the
service is utilized. Employers must be able to substantiate their participation in the Oklahoma Department of Labor’s Safety
Pays OSHA Consultation Service upon request.

POLL WORKER LEAVE EXEMPTION

(Part 1, Column B, line 27 or Part 2, line 4)
An employer that provides paid leave to an employee for the purpose of volunteering as a poll worker with a county election
board in Oklahoma is eligible to receive an exemption of $100 for each day of leave provided during the tax year. Employers
must be able to substantiate the employee’s service with documentation from the applicable county election board upon
request of the Oklahoma Tax Commission. 68 OS Sec. 2358(A)(12).

QUALIFIED REFINERY PROPERTY

(Part 1, Column B, line 10 or Part 2, line 3)
If the election was made to expense the cost of qualified Oklahoma refinery property placed in service before January 1,
2012 on a previous year’s Oklahoma return, the depreciation deduction claimed on the federal return for such property
must be added back to arrive at Oklahoma taxable income. This addition must be made regardless of whether the
expense was claimed on the corporate return or allocated to its owners. 68 OS Sec. 2357.204.

COST OF COMPLYING WITH SULFUR REGULATIONS

A qualified refinery may make an irrevocable election to allocate all or a portion of the cost of complying with sulfur
regulations issued by the Environmental Protection Agency as a deduction allowable to its owners. The allocation for each
person is equal to the ratable share of the total amount allocated, determined on the basis of the ownership interest of the
person. The taxable income of the refinery shall not be reduced by the reason of any amount allowed under this section.
68 OS Sec. 2357.205.

	

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2025 OKLAHOMA CORPORATION TAX PACKET
COST OF COMPLYING WITH SULFUR REGULATIONS (CONTINUED)

If You Are the Refinery:
To make the election, attach a schedule stating your corporate name and FEIN, a list of the costs of complying with sulfur
regulations, some or all of which are being allocated to your owners, and the portion of such costs allocated to each
owner, including the owner’s name and FEIN. You shall also provide each owner with written notice of the amount of the
allocation. The notice must include your corporate name and FEIN and the owner’s name and FEIN.
If You Are the Owner:
(Part 1, Column B, line 27 or Part 2, line 7)
Deduct the portion of the cost of complying with sulfur regulations that have been allocated to you. Attach the written
notice of the allocation received from the refinery.

OKLAHOMA CAPITAL GAIN DEDUCTION

(Part 1, Column B, line 26 or Part 2, line 7(d)
Corporations can deduct qualifying gains receiving capital treatment that are included in federal taxable income.
“Qualifying gains receiving capital treatment” means the amount of the net capital gains, as defined under IRC Sec.
1222(11). The qualifying gain must:
	

1)	 Be earned on real or tangible personal property located within Oklahoma that you have owned, either directly or
indirectly, for at least five uninterrupted years prior to the date of the sale;

	

2)	 Be earned on the sale of stock or ownership interest in an Oklahoma headquartered company, limited liability
company, or partnership where such stock or ownership interest has been owned, either directly or indirectly, by
you for at least three uninterrupted years prior to the date of the sale; or

	

3)	 Be earned 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 on 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 sale.

Provide Form 561-C, a copy of your Federal Schedule D, and Form 8949 or 4797, when applicable.

AGRICULTURAL COMMODITY PROCESSING FACILITY EXCLUSION

(Part 1, Column B, line 27 or Part 2, line 7)
Owners of agricultural commodity processing facilities may exclude 15% of their investment costs in a new or expanded
agricultural commodity processing facility located within Oklahoma. Agricultural commodity processing facility means
building, structures, fixtures, and improvements used or operated primarily for the processing or production of agricultural
commodities to marketable products. The investment is deemed made when the property is placed in service.
Under no circumstances shall this exclusion lower your taxable income below zero. In the event the exclusion does
exceed taxable income, any unused portion may be carried over for a period not to exceed six years. A schedule must be
provided showing the type of investment(s), the cost of the investment, and the date placed in service.

CAPTIVE REAL ESTATE INVESTMENT TRUSTS

(Part 1, Column B, line 10 or Part 2, line 3)
A captive real estate investment trust, which is subject to federal income tax, is required to add back the dividends-paid
deduction otherwise allowed by federal law in computing net income. 68 OS Sec. 2358.

INDIAN EMPLOYMENT EXCLUSION:

(Part 1, Column B, line 27 or Part 2, line 4)
All qualified wages equal to the Federal Indian Employment Credit set forth in 26 U.S.C., Sec. 45A, shall be deducted
from taxable income. Deduct on the Oklahoma return, an amount equal to the reduction of salaries and wages reported on
the federal return as a result of the Form 8845 (Indian Employment Credit). The deduction allowed shall only be permitted
for the tax years in which the federal credit is allowed, even if not used in such year because of tax liability limitations.
Provide a copy of the federal return, Form 8845, and if applicable, Form 3800.

DEDUCTION FOR QUALIFIED EQUITY INVESTMENTS

(Part 1, Column B, line 27 or Part 2, line 4)
Corporations may deduct qualified equity investments in an eligible Oklahoma venture capital company. The deduction
may not exceed $25 million by an accredited investor during a taxable year and may not reduce Oklahoma taxable
income below zero. 68 OS Sec. 2358.110. Provide Form 582-I (available at tax.ok.gov).
	

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2025 OKLAHOMA CORPORATION TAX PACKET
OKLAHOMA BONUS DEPRECIATION ADJUSTMENTS

(68 O.S. Sec. 2358.6a)
Taxpayers may elect 100% Oklahoma bonus depreciation for qualified property and qualified improvement property
placed in service during the year. Use the following lines to report the adjustments:
(Part 1, Column B, line 11 or Part 2, line 2a) - Federal Depreciation Add-Back
Enter the federal depreciation or expensing deduction for the asset in the year it is placed in service and in each
subsequent year of the federal recovery period. This add-back prevents duplication with Oklahoma bonus depreciation.
(Part 1, Column B, line 28 or Part 2, line 2b) - Oklahoma Bonus Depreciation Subtraction
In the year the property is placed in service, enter 100% of the Oklahoma bonus depreciation for qualified property.
This subtraction is not allowed if 100% federal bonus depreciation was claimed or if the asset was fully depreciated for
Oklahoma in a prior year.
Federal depreciation must be added back in full and Oklahoma bonus depreciation must be subtracted in full. Do not net
these amounts.
Note: Oklahoma bonus depreciation adjustments under 68 OS Sec. 2358.6a do not affect the basis used to compute gain
or loss. The Oklahoma basis remains the same as the federal basis and add-back adjustments should continue as if the
asset were still held. This treatment ensures consistent basis rules and prevents distortion in gain or loss calculations.

PART 1 INSTRUCTIONS
Part 1, Column A is to be completed by all corporations. All corporations start with Part 1.
Part 1, 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, income from PTEs, 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.
Line 5 - Interest on U.S. Government Obligations
If you report interest on bonds, notes, and other obligations of the U.S. on your federal return, it may be excluded from
your Oklahoma income if a detailed schedule is furnished, accompanied with 1099s showing the amount of interest
income and the name of the obligation from which the interest is earned. If the income is from a mutual fund that invests
in U.S. Government obligations, provide documentation from the mutual fund to substantiate the percentage of income
derived from obligations exempt from Oklahoma tax. Interest from entities such as the Federal National Mortgage
Association (FNMA) and Government National Mortgage Association (GNMA) does not qualify.
Line 6a - Other Interest
Accounts receivable interest income and interest income from investments held to generate working capital shall be
allocated to Oklahoma on the basis of direct expense.
All other intangible income (loss) shall be allocated in accordance with the situs of the corporation.
Line 6b - State and Municipal Interest
Corporations domiciled in Oklahoma that receive income on bonds issued by any state or political subdivision thereof,
exempt from federal taxation but not exempt from taxation by the laws of the State of Oklahoma, shall add the total of
such income to arrive at Oklahoma income.
	

1)	 Income from all bonds, notes, or other obligations issued by the State of Oklahoma, the Oklahoma Capital
Improvement Authority, the Oklahoma Municipal Power Authority, the Oklahoma Student Loan Authority, and the
Oklahoma Transportation Authority (formerly Turnpike Authority) is exempt from Oklahoma income tax. The profit
from the sale of such bond, note, or other obligations shall be free from taxation.

	

2)	 Income from local Oklahoma governmental obligations issued after July 1, 2001, other than those provided for in
1, is exempt from Oklahoma income tax. The exceptions are those obligations issued for the purpose of providing
financing for projects for nonprofit corporations. Local governmental obligations shall include bonds or notes
issued by, on behalf of, or for the benefit of Oklahoma educational institutions, cities, towns, counties, or by public
trusts, of which any of the foregoing is a beneficiary.

	

3)	 Income from Oklahoma state and municipal bonds issued prior to July 2, 2001, other than those provided for in 1,
is exempt from Oklahoma income tax only if so provided by the statute authorizing their issuance.

	

4)	 Income on bonds issued by another state or political subdivision thereof (non-Oklahoma) exempt from federal
taxation is taxable for Oklahoma income tax.

	

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2025 OKLAHOMA CORPORATION TAX PACKET
Line 6b - State and Municipal Interest (continued)
Provide a schedule of all municipal interest received by source and amount. If the income is from a mutual fund that
invests in state and local government obligations, provide documentation from the mutual fund to substantiate the
percentage of income derived from obligations exempt from Oklahoma tax.
Note: If the interest is exempt, the capital gain/loss from the sale of the bond may also be exempt. The gain/loss from sale of a
state or municipal bond, other than those provided for in 1, is exempt only if so provided by the statute authorizing its issuance.
Line 7 and 8 - Rents and Royalties
Income from real or tangible personal property, lease royalty, or bonus shall be allocated in accordance with the situs of
the property.
Line 9 - Gains or Losses
Gains or losses from the sale of leases and gains or losses from the sale of real and tangible personal property shall be
allocated in accordance with the situs of the property.
Line 10 - Other Income (Column B)
Rents and interest expenses paid to a captive real estate investment trust and deducted on your federal return must be
added back to compute Oklahoma taxable income. Such add-back is not required if the captive real estate investment
trust is subject to the add-back for the dividends-paid deduction. See “Captive Real Estate Investment Trusts” on page 6.
If you are a member, either directly or indirectly, of an electing PTE, provide a schedule listing the electing PTE, FEIN,
federal taxable income (loss), and Oklahoma taxable income (loss) ­that is covered by the election pursuant to the
provisions of the Pass-Through Entity Tax Equity Act of 2019. 68 OS Sec. 2355.1P-4
Line 13 through 28 - Expenses
Expenses relative to the income above shall be allocated directly to that income.

PART 2 INSTRUCTIONS
Part 2 is to be used by corporations conducting a business of a unitary nature. A unitary business is one whose income
is derived from the conduct in more than one state of a single business enterprise, all the factors of which are essential to
the realization of an ultimate gain derived from the enterprise as a whole, and not from its component parts, which are too
closely connected and necessary to each other to justify division or separate allocation.
Generally, the resulting amount is apportioned to Oklahoma based on the three-factor formula. The basis of the
apportionment is the arithmetical average of three factors consisting of property, payroll, and sales. If fewer than three
factors are present, the resulting amount is apportioned to Oklahoma on a two-factor or single-factor formula consisting of
the arithmetical average of the factors present. A factor is considered present if there is a denominator.
Note: Factors are not computed from the consolidated totals. Each factor is a ratio of the total within Oklahoma to the total
everywhere. For income apportioned to Oklahoma, there is to be added all income separately allocated to Oklahoma with
the result being Oklahoma taxable income. 68 OS Sec. 2358
Line 1 - Federal Taxable Income
Enter net taxable income from Part 1, line 32, Column A.
Line 2 - Oklahoma Bonus Depreciation
Adjustments are entered here.
Line 3 - Additions
Deductions relating to income that is separately allocated shall not be allowed and will be entered here.
Rents and interest expenses paid to a captive real estate investment trust and deducted on your federal return must be
added back to compute Oklahoma taxable income. Such add-back is not required if the captive real estate investment
trust is subject to the add-back for the dividends-paid deduction. See “Captive Real Estate Investment Trusts” on page 6.
Line 4 - Deductions
Income from U.S. obligations (see page 7, Part 1 instructions) and net income separately allocated (oil and gas
production, mining, farming, PTEs, or rentals) will be entered here. Gains or losses from the sale of intangible personal
property that is directly allocated should also be entered here.

	

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2025 OKLAHOMA CORPORATION TAX PACKET
Line 7 - Oklahoma Additions and Deductions
Income separately allocated to Oklahoma should be entered here. (Examples: Interest income from state obligations or
political subdivisions, oil and gas production, mining, farming, rentals, the Oklahoma distributable income from PTEs, etc.)
If you are a member, either directly or indirectly, of an electing PTE, provide a schedule listing the PTE, FEIN, federal
taxable income (loss), and Oklahoma taxable income (loss) in line 1 that is covered by the election pursuant to the
provisions of the Pass-Through Entity Tax Equity Act of 2019 (68 OS Sec. 2355.1P-4).
Line 9 - Oklahoma Accrued Tax
Oklahoma accrued tax is computed by dividing line 8 (Oklahoma net income before Oklahoma income tax) by 26.
When filing a consolidated return, complete Form 512-TI. The accrual of Oklahoma state income tax must be made after the
combination of income and loss from all companies included in the combination. The accrued tax cannot be less than zero.
When credits are allowed, the accrual of Oklahoma tax will not be allowed on the amount of Oklahoma taxable income
that is covered by the credit. Tax accrual is allowed on the amount of income for which tax is actually paid. The following
example shows how the accrual should be calculated. A schedule, like the example, should be provided and submitted
with Form 512.

Computation of Tax Accrual When Tax Credits Are Allowable
1. Oklahoma income before tax accrual	
2. Allowable Oklahoma credits	

100,000
3,000

Computation of accrued tax allowed
	 A. Oklahoma income (line 1 above)	
	 B. Line 2 above divided by 4%
	
	 C. Subtract line B from line A	
	 D. Divide line C by 26	
	 (If line D is less than zero, enter “0”)

100,000
75,000
25,000
962

3. Subtract line D from line 1 above	

99,038

(Enter line 3 above on Page 1, line 1 of your O
	 klahoma Corporation Income Tax Form 512)
	
	
	

Total tax due	
Tax accrual allowed	
Tax credit allowed	

3,962
962
3,000

SECTION ONE INSTRUCTIONS
Line 2 - Tax
The income tax rate is 4%.
Recapture of Oklahoma Affordable Housing Tax Credit
If under IRC Sec. 42, a portion of any federal low-income housing credits taken on a qualified project is required to be
recaptured during the first 10 years after a project is placed in service, the taxpayer claiming Oklahoma Affordable Housing
Tax Credits with respect to such project shall also be required to recapture a portion of such credits. The amount of
Oklahoma Affordable Housing Tax Credits subject to recapture is proportionally equal to the amount of federal low-income
housing credits subject to recapture. Add the recaptured credit to the Oklahoma income tax and enter a “1” in the box.
Making an Oklahoma Installment Payment Pursuant to IRC Sec. 965(h)
If a taxpayer elected to make installment payments of tax due pursuant to the provisions of subsection (h) of IRC Sec.
965, such election may also apply to the payment of Oklahoma income tax, attributable to the income upon which such
installment payments are based. Add the installment payment to the Oklahoma income tax and enter a “2” in the box.
Provide a schedule of the tax computation. 68 OS Sec. 2368(K)
Line 3 - Other Credits
The amount of other credits as claimed on Form 511-CR should be entered on this line. Enter in the box the number that
corresponds with the credit to which you are entitled. Enter “99” if entitled to more than one credit. See below for a list of
the credits available on Form 511-CR. Form 511-CR can be downloaded from our website at tax.ok.gov.
If you are claiming any of the credits on Form 511-CR, provide the form and any applicable forms or schedules with your
Form 512 return.
Tax credits transferred or allocated must be reported on Form 569. Failure to file Form 569 will result in the affected
credits being denied by the OTC pursuant to 68 OS Sec. 2357.1A-2.
	

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9

2025 OKLAHOMA CORPORATION TAX PACKET
Line 3 - Other Credits (continued)
• 	 Oklahoma Investment/New Jobs Credit
	 Provide Form 506.
	 68 OS Sec. 2357.4 and Rule 710:50-15-74.
• 	 Credit for Verified Blood Donation
	 68 OS Sec. 2357.406.
• 	 Credit for Investment in a Clean-Burning Motor Vehicle Fuel Property
	 Provide Form 567-A.
	 68 OS Sec. 2357.22 and Rule 710:50-15-81.
• 	 Small Business Guaranty Fee Credit (for Banks and Credit Unions)
	 Provide Form 529.
	 68 OS Sec. 2370.1.
• 	 Credit for Qualified Rehabilitation Expenditures
	 68 OS Sec. 2357.41 and Rule 710:50-15-108.
• 	 Credit for Electricity Generated by Zero-Emission Facilities
	 Provide Form 578
	 68 OS Sec. 2357.32A.
• 	 Credit for Strategic Industrial Development Enhancement (SIDE) Projects
	 68 OS Sec. 2357.105.
• 	 Credit for Railroad Modernization
	 68 OS Sec. 2357.104 and Rule 710:50-15-103.
• 	 Credit for Biomedical Research Contribution
	 68 OS Sec. 2357.45 and Rule 710:50-15-113.
• 	 Credit for Employers in the Aerospace Sector
	 Provide Form 565.
	 68 OS Sec. 2357.301, 2357.302, 2357.303, and Rule 710:50-15-109.
•	 Credit for Cancer Research Contribution
	 68 OS Sec. 2357.45 and Rule 710:50-15-113.
•	 Oklahoma Capital Investment Board Tax Credit
	 74 OS Sec. 5085.7.
•	 Credit for Contributions to a Scholarship-Granting Organization
	 68 OS Sec. 2357.206 and Rule 710:50-15-114.
•	 Credit for Contributions to an Educational Improvement Grant Organization
	 68 OS Sec. 2357.206 and Rule 710:50-15-115.
•	 Credit for Venture Capital Investment
	 Provide Form 518-A or 518-B.
	 68 OS Sec. 2357.7 and 8, and Rule 710:50-15-77 and 78.
•	 Oklahoma Affordable Housing Tax Credit
	 68 OS Sec. 2357.403.
•	 Credits for Employers in the Vehicle Manufacturing Industry
	 Provide Form 585.
	 68 OS Sec. 2357.404 and Rule 710:50-15-116.
•	 Credit for Oklahoma Rural Jobs
	 68 OS Sec. 3930 - 3937.
•	 Credits for Contributions to an Eligible Public School Foundation or Public School District
	 68 OS Sec. 2357.206 and Rule 710:50-15-115.
•	 Electric Vehicle Charging Tax Credit
	 Provide Form 579.
	 68 OS Sec. 6510.

	

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10

2025 OKLAHOMA CORPORATION TAX PACKET
SECTION TWO INSTRUCTIONS
Line 7 - Oklahoma Withholding
	
1.	 Enter the Oklahoma income tax withheld from your royalty payments.
	

2.	 Oklahoma income tax is withheld from distributions made by PTEs to nonresident members, unless such
nonresident member has filed a withholding exemption affidavit (Form OW-15). If you are a nonresident member
of a PTE who has not filed an affidavit, Oklahoma income tax should have been withheld on distributions of
Oklahoma taxable income. Enter the Oklahoma income tax withheld on your distribution.

Provide Form 500-A, Form 1099-MISC, Form 500-B, Form K-1, or other documentation to substantiate Oklahoma withholding.
Line 8 - Refundable Credits From Form 578
If claiming the Refundable Credit for Electricity Generated by Zero-Emission Facilities, provide Form 578. Credits
earned, but not used, based on electricity generated during the tax year may be refunded to the taxpayer at 85% of the
face amount of the credits. A PTE that does not file a claim for a direct refund may allocate the credit to one or more of its
shareholders, partners, or members.

SECTION THREE INSTRUCTIONS
Line 14 - Donations
You have the opportunity to make a financial gift from your refund to a variety of Oklahoma organizations. Enter the
amount of your donation and place the number of the organization in the box on line 14 of Form 512. If you give to more
than one organization, put a “99” in the box and attach a schedule showing how you would like your donation split.
1	 Support of Programs for Volunteers to Act as Court Appointed Special Advocates for Abused or Neglected Children
You may donate from your tax refund to support programs for volunteers to act as Court Appointed Special Advocates for
abused or neglected children. Donations will be placed in the Income Tax Checkoff Revolving Fund for Court Appointed
Special Advocates. Monies will be expended by the Office of the Attorney General for the purpose of providing grants
to the Oklahoma CASA Association. If you are not receiving a refund, you may still donate. Mail your contribution to:
Oklahoma CASA Association, Inc., PO Box 54946, Oklahoma City, OK 73154.
	 2 Support the Wildlife Diversity Fund
You may donate from your tax refund to help conserve rare or declining fish and wildlife along with common species not
hunted or fished. Donations to the Oklahoma Department of Wildlife Conservation’s Wildlife Diversity Program supports
field surveys of animals considered to be of greatest conservation need, as well as educational wildlife programs for all
Oklahomans. Tax deductible donations to the Wildlife Diversity Fund also can be made at wildlifedepartment.com or
by mail: Oklahoma Department of Wildlife Conservation, Re: Wildlife Diversity Fund, PO Box 53465, Oklahoma City, OK
73152.
Line 16 - Refund
Complete the direct deposit section on the tax return to have the refund deposited into your account at a bank or other
financial institution. See “Direct Deposit Information” on page 12 for details.

SECTION FOUR INSTRUCTIONS
Line 18 - Underpayment of Estimated Tax Interest
All corporations are required to make estimated tax payments if the tax liability is $500 or more. To avoid the 20%
Underpayment of Estimated Tax Interest, timely filed estimated tax payments are required to be equal to the smaller of
70% of the current year tax liability or 100% of your prior year tax. The tax liability is the tax due less all credits except
amounts paid on estimated tax and extension payments.
Place an ‘X’ in the box if the underpayment of estimated tax was computed using the annualized income installment method.
Note: No Underpayment of Estimated Tax Interest shall be imposed if the tax liability shown on the return is less than
$1,000. Provide Form OW-8-P.
If an amended return is filed before the due date for filing the original return, including any extension, the tax shown on
the amended return is used to determine the amount of underpayment. If the amended return is filed after the due date,
including extension, the tax shown on the amended return will not be used to compute the amount of underpayment.
Line 19a and 19b - Delinquent Penalty and Interest
To avoid a delinquent penalty charge of 5% for late payment, 90% of the tax liability must be paid by the original due date
of the return. Interest at the rate of 1.25% per month shall be paid on the tax due from the original due date until paid.
Enter the penalty amount on line 19a, and enter the interest amount on line 19b.
	

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11

2025 OKLAHOMA CORPORATION TAX PACKET
WHEN YOU ARE FINISHED
Payments may be made online using OkTAP at oktap.tax.ok.gov, by check, or money order payable to the “Oklahoma
Tax Commission.” For proper account application, provide a tax payment voucher (Form EF-V) or an estimated tax
coupon (Form OW-8-ESC) with your check or money order. Estimated income tax payments should be made separately.
Do not include a copy of your return with your mailed payment.
Mailed payments should be sent to: 	
	
	

Oklahoma Tax Commission
PO Box 26890
Oklahoma City, OK 73126-0890

2025 OKLAHOMA CORPORATION TAX PACKET
GET YOUR REFUND FASTER. USE DIRECT DEPOSIT!
Complete the direct deposit section on the tax return to have the refund directly deposited into your account at a
bank or financial institution. Refunds, with limited exceptions, must be made by direct deposit.

	
	
	

1
2
3

Place an ‘X’ in the appropriate box as to whether the refund will be going into a checking or savings
account. Keep in mind you will not receive notification of the deposit.
Enter your routing number. The routing number must be nine digits. Using the sample check shown
below, the routing number is 120120012. If the first two digits are not 01 through 12 or 21 through
32, the direct deposit will fail to process.
Enter your account number. The account number can be up to 17 characters (both numbers and 	
letters). Include hyphens but omit spaces and special symbols. Enter the number from left to right.
On the sample check shown below, the account number is 	2020268620.

Note: The OTC is not responsible if a financial institution refused a direct deposit. If a direct deposit is refused, a check
will be issued to the address shown on the tax return.
WARNING! Due to electronic banking rules, the OTC will not allow direct deposits to or through foreign financial
institutions. If you use a foreign financial institution, you will be issued a paper check.

1234

JOE SMITH
SUSIE SMITH
123 Main Street
Anyplace, OK 00000

Routing
Number

PAY TO THE
ORDER OF

15-0000/0000

SAMPLE

$

Account
Number

DOLLARS
ANYPLACE BANK
Anyplace, OK 00000
For

:120120012 : 2020268620

SAMPLE
1234

Note: The routing
and account numbers
may appear in
different places on
your check.

THE OKLAHOMA TAX COMMISSION IS JUST ONE CLICK AWAY
FOR YOUR CONVENIENCE, 24/7

tax.ok.gov
Location

Oklahoma City: 300 North Broadway Ave.
Monday - Friday, 7:30 a.m. - 4:30 p.m.

Taxpayer Resource Center

Stay Connected

Monday - Friday, 7:30 a.m. - 4:30 p.m.
405.521.3160
	

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12

Form 512
2025

Oklahoma Corporation Income Tax Return

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
2025

For the year January 1 - December 31, 2025, or other taxable year beginning:		
Type of Tax Year (If not calendar year):	

Fiscal Year	

Short Year	

Name of Corporation

ending:	

52/53 Week Year

Federal Employer Identification Number

Street Address

City

Foreign Country (If not in U.S.)

County in Which Located

,	

Business Code Number

State or Province

ZIP or Foreign Postal Code:

TYPE OF RETURN FILED
STATE OF INCORPORATION

SEPARATE

CONSOLIDATED

(page 3 of
instructions)

Oklahoma	or
Oklahoma

Place an ‘X’ if: 	

(1)	

Other

Initial Return	

Extension - If you have applied for an extension

from the IRS, place an ‘X’ here and provide a copy.

Federal	or

(2)	

Final Return	

(3)	

Amended Return (See Schedule 512-X on page 9)

ELECTION TO FOREGO NOL CARRYBACK
Place an ‘X’ here to elect to forego the Oklahoma NOL carryback. Note: Available only if a carryback is permitted under federal or Oklahoma law (e.g. certain
farming or insurance company losses). Election must be made timely and is irrevocable.

	

Notice:	 Enter the amount of Oklahoma net operating loss as shown on
Part 1, line 31(a) or Part 2, line 7(e).........................Loss year(s):	

.................$

SECTION ONE: OKLAHOMA TAXABLE INCOME, TAX, AND CREDITS
1	

Oklahoma taxable income (as shown on Part 1 or 2, or if consolidated, from Form 512-TI)..............................................

2	
	
	

Tax: 4% of line 1 (If recapturing the Oklahoma Affordable Housing Tax Credit, add the recaptured credit here and
enter a “1” in the box. If making an Oklahoma installment payment pursuant to IRC Sec. 965(h) and
68 OS Sec. 2368(K), add the installment payment here and enter a “2” in the box).................................

3	

Less: Other Tax Credits (provide Form 511-CR) Enter the 511-CR line number of the credit in the box.	

4	

Balance of tax due (line 2 minus line 3, but not less than zero)..........................................................................................

ROUND TO NEAREST WHOLE DOLLAR.

SECTION TWO: CREDITS AND PAYMENTS

5	

2025 Oklahoma estimated tax payments (i.e. Form(s) OW-8-ESC and prior year overpayment carryforward).................

6	

Amount paid with extension request...................................................................................................................................

7	

Oklahoma withholding (provide Form 1099, 500-A, or other withholding statement).............................................................

8	

Refundable Credits from Form 578.....................................................................................................................................

9	

Amount paid with original return and amount paid after it was filed (amended return only)................................................

10	 Any refunds or overpayment applied (amended return only)..............................................................................................
11	 Total of lines 5 through 10...................................................................................................................................................

(	)

2025 Form 512 - Corporation Income Tax - Page 2

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
FEIN: _______________________________________

SECTION THREE: REFUND
12	 If line 11 is more than line 4, subtract line 4 from line 11..............................................................................Overpayment
13	 Amount of line 12 to be credited to your 2026 estimated income tax (original return only).................................................
Line 14 provides you the opportunity to make a donation from your tax refund to a variety of Oklahoma
organizations. Place the line number of the organization from the line 14 instructions in the box below and
enter the amount you are donating. If giving to more than one organization, put a “99” in the box and attach a
schedule showing how you would like your donation split.

14	 Donations from your refund.................................. 	$2	 $5	 $
15	 Total (add lines 13 and 14)..................................................................................................................................................
16	 Amount of line 12 to be refunded to you (line 12 minus line 15)............................................................................ Refund

Direct Deposit Note:

Is this refund going to or through an account that is located outside of the United States?
Direct Deposit my refund in my:

All refunds must be made by
direct deposit. See Direct Deposit
Information on page 12 of the 512
Packet for details.

Checking Account

Routing
Number:

Savings Account

Account
Number:

Yes

No

SECTION FOUR: AMOUNT YOU OWE
17	 If line 4 is more than line 11, subtract line 11 from line 4. This is your tax due........................................ Income Tax Due
18	 Underpayment of estimated tax interest...........................................................................................Annualized
19	(a)	 For delinquent payment, add penalty of 5%..............................................................................................................	
	

(b)	 For delinquent payment, add interest of 1.25% per month....................................................................................... 	

20	 Total tax, penalty, and interest (add lines 17- 19b)........................................................................................ Balance Due

If the Oklahoma Tax Commission may discuss this return with your tax preparer, place an ‘X’ here:

Make check payable to the
Oklahoma Tax Commission

Under penalty 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 a person other than the taxpayer, this declaration is based on all information of which the preparer has any knowledge.
Signature of Officer	

Signature of Preparer	

Date

Printed Name of Officer

Printed Name of Preparer	

Phone Number

Officer Email Address

Preparer Email Address

Title	

	

	

	

Date

Phone Number

Preparer’s PTIN:

Provide a complete copy of the federal return.
The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.

2025 Form 512 - Corporation Income Tax - Page 3

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
FEIN: _______________________________________

PART 1
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.

Important: All applicable lines and schedules must be filled in.

GROSS INCOME (LINES 1 THROUGH 12)
1	

Gross receipts or gross sales		

2	

Less: Cost of goods sold.................................................................................................

3	

Gross profit (line 1 minus line 2)......................................................................................

(less: returns and allowances)

4	Dividends.........................................................................................................................
5	

Interest on obligations of the United States and U.S. Instrumentalities..........................

6	

(a) Other interest.............................................................................................................

	

(b) State and Municipal interest.......................................................................................

7	

Gross rents......................................................................................................................

8	

Gross royalties................................................................................................................

9	

(a) Net capital gains........................................................................................................

	

(b) Ordinary gain or [loss]................................................................................................

10	 Other income (provide schedule)...................................................................................
11	 Add-back duplicated federal depreciation.......................................................................
12	 Total income (add lines 3 through 11)............................................................................

DEDUCTIONS (LINES 13 THROUGH 29)
13	 Compensation of officers.................................................................................................
14	 Salaries and wages.........................................................................................................
15	Repairs............................................................................................................................
16	 Bad debts........................................................................................................................
17	Rents...............................................................................................................................
18	Taxes...............................................................................................................................
19	Interest............................................................................................................................
20	 Charitable contributions...................................................................................................
21	Depreciation....................................................................................................................
22	 Depletion (see instructions on page 4)............................................................................

Column A

Column B

As Reported on
Federal Return

Total Applicable
to Oklahoma

2025 Form 512 - Corporation Income Tax - Page 4

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
FEIN: _______________________________________

PART 1
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.

Important: All applicable lines and schedules must be filled in.

DEDUCTIONS (LINES 13 THROUGH 29)

Column A

Column B

As Reported on
Federal Return

Total Applicable
to Oklahoma

23	Advertising.......................................................................................................................
24	 Pension, profit-sharing plans, etc....................................................................................
25	 Employee benefit programs............................................................................................
26	 Oklahoma Capital Gain Deduction (provide Form 561-C).............................................
27	 Other deductions (provide schedule).............................................................................
28	 Subtract Oklahoma bonus depreciation.........................................................................
29	 Total Deductions (add lines 13 through 28)..................................................................

TOTALS (LINES 30 THROUGH 32)
30	 Taxable income before net operating loss deductions and special deductions...............
31	 Less:	 (a) Net operating loss deduction (provide schedule) ........................................
	

(b) Special deductions (provide schedule)........................................................

32	 Taxable income (line 30 minus lines 31a and b). Enter Column B on page 1, line 1......

Note: Indicate the method used to allocate expenses to Oklahoma and provide a 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 OS Sec. 288.2, when computing Oklahoma
depletion shall be limited to 50% of the net income (computed without the allowance for depletion) from each property. A depletion schedule
by property must be provided with your return. Note: General and administrative expense (computed on the 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 (IRS) redetermined your tax liability for prior years?	

Yes	

No	

Did you file amended returns for the years stated above?	

Yes	

No	

Has the statute of limitations been extended by consent for any prior years?	

Yes	

No	

Years?___________________________
	

N/A
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)
_________________________________________________________________________________________________________________________
_________________________________________________________________________________________________________________________

2025 Form 512 - Corporation Income Tax - Page 5

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
FEIN: _______________________________________

PART 2
Part 2 is for computation of Oklahoma taxable income of a unitary enterprise. [68 OS Sec. 2358(A)(5)]
Provide a complete copy of your federal return.
1	
2	
	

Net taxable income from Part 1, line 32, Column A........................................................
Oklahoma Bonus Depreciation adjustment
(a) Add-back duplicated federal depreciation.................................................................

	

(b) Subtract Oklahoma bonus depreciation....................................................................

	

(c) Total Oklahoma bonus depreciation adjustment (add lines 2a and 2b)....................

3	

Add:	

(a) 	 Taxes based on income..........................................................................

		

(b) 	 Federal net operating loss deduction......................................................

	

(c) 	 Unallowable deduction (provide schedule)............................................
		

(d)	
______________________________________ ....................................

	

(e)	 Total of lines 3a through 3d.....................................................................

4	

Deduct all items separately allocated:

	(a)	
______________________________________ ....................................
	(b)	
______________________________________ ....................................
	(c)	
______________________________________ ....................................
	(d)	
______________________________________ ....................................
	

(e) Total of lines 4a through 4d......................................................................

(Note: Items listed in lines 3 and 4 above must be net amounts supported by schedules
showing source, location, expenses, etc.)
5	

Net apportionable income (line 1 plus line 2c and line 3e, minus line 4e)......................

6	

Oklahoma’s portion thereof___________________% (from Apportionment Formula)...

7	

Add or deduct items separately allocated to Oklahoma (provide schedule)

	(a)_______________________________________________ ...................................
	(b)_______________________________________________ ...................................
	(c)_______________________________________________ ...................................
	

(d) Oklahoma Capital Gain deduction (provide Form 561-C).......................................

(	

)

	

(e) Oklahoma net operating loss deduction...................................................................

(	

)

8	

Oklahoma net income before tax (add lines 6 and 7).....................................................

9	

Oklahoma accrued tax (see instructions).......................................................................

10	 Oklahoma taxable income, line 8 minus line 9 (enter on page 1, line 1)........................

2025 Form 512 - Corporation Income Tax - Page 6

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
FEIN: _______________________________________

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)

Column A

Column B

Column C

Total Within
Oklahoma

Total Within and
Without Oklahoma

(A divided by B)
Percent Within
Oklahoma

Owned property (at original cost):
(i) Inventories................................................................
(ii)

Depreciable property................................................

(iii) Land.........................................................................
(iv) Total of section (a) ...................................................

2	

(b)

Rented property (capitalize at 8 times net rental paid).....

(c)

Total of sections (a) and (b) above...................................	

(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)
(b)

(ii)

(c)

Shipped from within Oklahoma................................

Sales shipped from Oklahoma to:
(i) The United States Government................................
Purchasers in a state or country where the
corporation is not taxable (e.g. under Public Law 86-272)

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 lines 1c, 2c and 3c)..........................................................................................................................

%

6	

Average percent (Total percent divided by the number of factors present.) (Enter on Part 2, line 6).................................

%

2025 Form 512 - Corporation Income Tax - Page 7

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
FEIN: _______________________________________

PART 3: BALANCE SHEETS

BEGINNING OF TAXABLE YEAR
(A) Amount

1	Cash............................................................
2	

Trade notes and accounts receivable..........
(a) Less allowance for bad debts................

3	Inventories...................................................
4	

Government obligations:
(a) U.S. and instrumentalities......................
(b) State, subdivision, thereof, etc...............

5	

Other current assets (provide schedule)....

6	

Loans to shareholders.................................

7	

Mortgage and real estate loans...................

8	

Other investments (provide schedule).......

9	

Buildings and other fixed depreciable assets
(a) Less accumulated depreciation.............

10	 Depletable assets........................................
(a) Less accumulated depletion..................
11	 Land (net of any amortization).....................
12	 Intangib