Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen OKAdjC - Oklahoma Adjustments for Multistate Enterprises (1120)

Show all hidden content

Income of a Unitary Enterprise

Taxes based on income
The application transfers amounts from the
Taxes and licenses
 statement in the federal Inc Screen, as well as from taxes entered in the federal Farm, Rent, and 4835 Screens. The application assumes these amounts are not taxable to Oklahoma. Enter adjustments to state and local income taxes in the
State Amount
 column of the statement.
Section 108(i) income previously deferred
For taxable years beginning on or after January 1, 2010, income from discharge of indebtedness previously deferred under Section 108(i)(1) of the Internal Revenue Code that is recognized in the current tax year for federal income tax purposes and was previously added back to Oklahoma taxable income, is to be deducted from Oklahoma taxable income, under Oklahoma Statute 68 Section 2358(A)(10). The subtraction should not exceed the amount of income that was previously added back. The application transfers the income from the federal return to the statement. To have Section 108(i)(1) income deducted from Oklahoma taxable income, in the statement, enter an adjustment in the
State Amount
 column.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close