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Screen OK561 - Oklahoma Capital Gain Deduction (1040)

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Overview

Use this screen to calculate the Oklahoma Forms 561 and 561NR. Amounts entered on the federal
B&D
 screen with a state use code
8
 are automatically transferred to this screen. Sales entered in the asset module or on the federal
Sale
 screen with a state use code
8
 are automatically included in the amounts on the form. To adjust any calculated amounts, use the fields on this screen.
Other net capital gains or (losses)
 and
Capital loss carryover
 will need to be allocated on this screen to be included in the calculation on Form 561 and 561NR.

General Information

Capital gain deduction detailed information
Use the statement window to enter Oklahoma Description for each sale item transferred from the federal
B&D
 screen, Schedule D section. The amounts transferred to Forms 561 and 561NR have state use code
8
 and the state postal code for Oklahoma.
Capital gain deduction, pass-through entity detailed information
Use the statement window to enter information to complete Oklahoma Forms 561 and 561NR, Page 2, Worksheet portion for line 3 or line 5.
Net long-term capital gains adjustment
Use this field to enter an amount to adjust the computed amount of the Form 561, line H amount, Net Oklahoma Long-Term Capital Gains. For example, enter that portion of the gain that is excluded on federal Schedule D for Section 1202 sales.
Federal (Part year / Nonresident Only)
Use these fields to enter federal amount of the respective amount on federal Schedule D for part-year and nonresident returns.
Oklahoma
Use these fields to enter Oklahoma portion of the respective amount on federal Schedule D. UltraTax CS transfers the amount of capital gain as reported in federal calculations to the Oklahoma Form 561 or 561NR. If this amount needs to be adjusted for Oklahoma purposes, this field may be used to force a different amount. All capital gains to be netted into this amount will need to be marked with a state use code
8
 in the
Asset
 module in the
State Information
 window (by marking
Qualifies for capital gains deduction (OK)
) or on the federal
Sale
,
InstPY
, or
8824
 screen in
State use
.
Type of Qualifying Property Sold
Use these fields to specify the type of property sold that qualifies for the Oklahoma capital gain deduction. The codes available are listed.
Code
Description
1
Sale of stock in a qualified Oklahoma corporation.
2
Sale of an ownership interest in a qualified Oklahoma company, limited liability company, or partnership.
3
Sale of qualified real property located within Oklahoma.
4
Sale of qualified tangible personal property located within Oklahoma.
5
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 or an Oklahoma proprietorship business enterprise.
99
Net gain or loss is from the sale of more than one type of property.

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