Screen OKCapGn - Oklahoma Capital Gain Deduction (1065)

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Overview

Qualifying Oklahoma capital gains and losses
UltraTax CS automatically transfers capital gains and losses from Screen D to the statement. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers.
Type Code
Description
Destination
I
Instate (default)
Form(s) 561P, or 561-PTE, line 1 or Partner’s Share of Capital Gains and Losses Worksheet, line 1
O
Out of State
Does not transfer to return

Capital Gain Deduction

Capital gain from installment sales
UltraTax CS transfers the federal amount from Schedule D, line 11 to the federal amount field. If the federal amount is not equal to the qualifying Oklahoma amount, enter the qualifying Oklahoma amount in the Force field.
Net capital gain or loss from like-kind exchanges
UltraTax CS transfers the federal amount from Schedule D, line 12 to the federal amount field. If the federal amount is not equal to the qualifying Oklahoma amount, enter the qualifying Oklahoma amount in the Force field.

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