Get Stateofoklahoma For Corporations Filing Form 512

This guide provides the necessary steps to effectively complete the Oklahoma Capital Gain Deduction Form 561C for Corporations filing Form 512 online. By following these instructions, users can ensure that they accurately report qualifying capital gains and losses.

Follow the steps to successfully complete the form

1. Click ‘Get Form’ button to acquire the form and open it in the editor.
2. Enter your federal identification number in the designated field at the top of the form to identify your corporation.
3. In the 'Name as Shown on Return' field, input the official name of your corporation exactly as it appears on the tax return.
4. Begin filling out detailed capital gains and losses. In Section 1, list each qualifying Oklahoma capital gain or loss not included on subsequent lines. Provide a description of the property and either the location or federal ID number.
5. For each capital gain or loss listed, supply the corresponding dates of acquisition and sale, the sales price, and the cost or other basis in the respective fields.
6. Complete lines 2 through 4 by entering qualifying capital gains from relevant federal schedules. Be sure to enclose the necessary federal forms as required by the instructions.
7. Add amounts in the specified columns to determine the total qualifying Oklahoma net capital gain on line 5. Consider any relevant capital loss carryover on line 6.
8. Calculate the qualifying Oklahoma net capital gain on line 7 by subtracting the total capital loss from the total capital gain. If this value is zero or less, enter '0.'
9. Indicate on line 8 the net capital gain specifically allocated or apportioned to Oklahoma, deriving from your calculations.
10. Enter the smaller of the amounts found on lines 7 or 8 on line 9 for the Oklahoma Capital Gain Deduction. This value should not be less than zero.
11. Review the entire form for completeness and accuracy, then save your changes. You can download, print, or share the filled form as needed.

Complete your documents online today to ensure timely and accurate submissions.