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Section 7-17-3 - What constitutes "Nexus" (a) If a corporation has one or more of the following activities in Oklahoma, it is considered to have "nexus" and shall be subject to Oklahoma income taxes: (1) Maintenance of any business location in Oklahoma, including any kind of office.
Physical nexus means having enough tangible presence or activity in a state to merit paying sales tax in that state. Economic nexus means passing a states' economic threshold for total revenue or the number of transactions in that state.
The difference between federal depletion and Oklahoma depletion is the Oklahoma depletion adjustment. On resident returns, income or losses from non-Oklahoma properties is totally eliminated from Oklahoma income through the "Out of state income" deduction or the "Out of state loss" addition on Form 511.
Withholding is not required in the following instances: (1) When an entity is not required to file a federal income tax return, or properly elects out of such duty; (2) When a pass-through entity is making distributions of income not subject to Oklahoma income tax; (3) When a pass-through entity has withheld tax on ...
All resident partners must file individual income tax returns with Oklahoma if they are required to file individual Federal Income Tax Returns. All nonresident partners that have gross income of $1,000.00 must file an Oklahoma Return even though their net may actually be a loss.
Oklahoma's apportionment formula consists of sales, payroll and property weighted equally and a throwback rule which takes out-of-state sales and lumps them into a corporation's Oklahoma income when the corporation makes sales in a state that does not tax the income.
Pursuant to OAC 7-17-1, the Oklahoma Small Business Corporation Income and Franchise Tax Return must be filed electronically. Refunds must be made by direct deposit. Failure to supply direct deposit information will delay the processing of the refund.
Capital gain from qualifying property, as described above, held by a pass-through entity (PTE) is eligible for the Oklahoma capital gain deduction, provided the individual has been a member of the PTE for an uninterrupted period of the applicable two or five years and the PTE has held the asset for not less than the ...