OTC Form 561F 2017 Oklahoma Capital Gain Deduction for Trusts and Estates Filing Form 513 - Oklahoma

Form 561F is a Oklahoma Tax Commission form also known as the "Oklahoma Capital Gain Deduction For Trusts And Estates Filing Form 513". The latest edition of the form was released in January 1, 2017 and is available for digital filing.

Download an up-to-date fillable Form 561F in PDF-format down below or look it up on the Oklahoma Tax Commission Forms website.

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State of Oklahoma
Oklahoma Capital Gain Deduction
561F
2
0
for Trusts and Estates Filing Form 513
1
7
(Qualifying Assets Held for the Applicable Holding Period)
Name as Shown on Return
Federal Employer Identification Number
1. List qualifying Oklahoma capital gains and losses, not included on lines 2 through 5 below.
B. Date
C. Date Sold
D. Proceeds
E. Cost or Other
F. Gain or (loss)
A1. Description of Property
Basis minus
(Sales Price)
Combine Columns
Acquired
(mm/dd/yy)
A2. Oklahoma Location/Address
Adjustments to
(mm/dd/yy)
(D) and (E)
or Federal ID Number
Gain or Loss
(See instructions)
A1)
A2)
A1)
A2)
A1)
A2)
A1)
A2)
2.
Qualifying Oklahoma capital gain from installment sales reported on Federal Schedule D, line 11.
2
Provide a copy of Federal Form 6252...............................................................................................
3.
Other qualifying Oklahoma net capital gain or (loss) reported on Federal Schedule D, line 11,
3
not included on line 2 above. Provide a copy of the applicable Federal form(s) ............................
4.
Qualifying Oklahoma net capital gain or (loss) from partnerships, S corporations, and other estates
or trusts reported on Federal Schedule D, line 12. (Complete the worksheet on page 2 and
4
provide a copy of the Federal Schedule K-1) ..................................................................................
5.
Qualifying Oklahoma net capital gain from sale of business property reported on Federal Schedule
D, line 14. Provide a copy of Federal Form 4797 (If gain/loss is from a Federal K-1, complete
5
the worksheet on page 2 and provide a copy of the Federal Schedule K-1) ................................
6
6.
Add amounts in Column F on line 1 and lines 2 through 5...................................................................
7
7.
Qualifying Oklahoma capital loss carryover reported on Federal Schedule D, line 15 ........................
8.
Qualifying Oklahoma net capital gain. Subtract line 7 from line 6.
8
(If zero or less, enter “0”) ......................................................................................................................
9.
Net capital gain included in Oklahoma income
9
(If zero or less, enter “0”) ......................................................................................................................
10. Oklahoma Capital Gain Deduction. Enter the smaller of lines 8 or 9 here and on Form 513, Part 1,
10
Column B, line 17. (Do not enter less than zero) .................................................................................
Provide Federal Form 1041, Schedule D and Form(s) 8949
State of Oklahoma
Oklahoma Capital Gain Deduction
561F
2
0
for Trusts and Estates Filing Form 513
1
7
(Qualifying Assets Held for the Applicable Holding Period)
Name as Shown on Return
Federal Employer Identification Number
1. List qualifying Oklahoma capital gains and losses, not included on lines 2 through 5 below.
B. Date
C. Date Sold
D. Proceeds
E. Cost or Other
F. Gain or (loss)
A1. Description of Property
Basis minus
(Sales Price)
Combine Columns
Acquired
(mm/dd/yy)
A2. Oklahoma Location/Address
Adjustments to
(mm/dd/yy)
(D) and (E)
or Federal ID Number
Gain or Loss
(See instructions)
A1)
A2)
A1)
A2)
A1)
A2)
A1)
A2)
2.
Qualifying Oklahoma capital gain from installment sales reported on Federal Schedule D, line 11.
2
Provide a copy of Federal Form 6252...............................................................................................
3.
Other qualifying Oklahoma net capital gain or (loss) reported on Federal Schedule D, line 11,
3
not included on line 2 above. Provide a copy of the applicable Federal form(s) ............................
4.
Qualifying Oklahoma net capital gain or (loss) from partnerships, S corporations, and other estates
or trusts reported on Federal Schedule D, line 12. (Complete the worksheet on page 2 and
4
provide a copy of the Federal Schedule K-1) ..................................................................................
5.
Qualifying Oklahoma net capital gain from sale of business property reported on Federal Schedule
D, line 14. Provide a copy of Federal Form 4797 (If gain/loss is from a Federal K-1, complete
5
the worksheet on page 2 and provide a copy of the Federal Schedule K-1) ................................
6
6.
Add amounts in Column F on line 1 and lines 2 through 5...................................................................
7
7.
Qualifying Oklahoma capital loss carryover reported on Federal Schedule D, line 15 ........................
8.
Qualifying Oklahoma net capital gain. Subtract line 7 from line 6.
8
(If zero or less, enter “0”) ......................................................................................................................
9.
Net capital gain included in Oklahoma income
9
(If zero or less, enter “0”) ......................................................................................................................
10. Oklahoma Capital Gain Deduction. Enter the smaller of lines 8 or 9 here and on Form 513, Part 1,
10
Column B, line 17. (Do not enter less than zero) .................................................................................
Provide Federal Form 1041, Schedule D and Form(s) 8949
2017 Form 561F - Page 2
Oklahoma Capital Gain Deduction
for Trusts and Estates Filing Form 513
68 Oklahoma Statutes (OS) Sec. 2358 and Rule 710:50-15-48
Worksheet -
(Provide with Form 561F)
Name as Shown on Return
Federal Employer Identification Number
Form 561F Worksheet for (check one): Line 4
or
Line 5
Complete a separate worksheet for each piece of property sold. Provide a copy of the Federal Schedule K-1.
Name of pass-through entity: ________________________________________ FEIN: ______________________
Description of property sold: ______________________________________________________________________
Location of property: ____________________________________________________________________________
Date acquired: ______________________________________ Date sold: __________________________________
Date(s) you acquired ownership in the pass-through entity: ______________________________________________
General Information
Taxpayers can deduct qualifying gains receiving capital gain treatment which are included in Federal taxable in-
come. “Qualifying gains receiving capital treatment” means the amount of net capital gains, as defined under Inter-
nal Revenue Code Section 1222(11). The qualifying gain must result from:
1. the sale of real or tangible personal property located within Oklahoma that has been owned for at least five
uninterrupted years prior to the date of the transaction that gave rise to the capital gain;
2. the sale of stock or an ownership interest in an Oklahoma company, limited liability company, or partnership
where such stock or ownership interest has been owned for at least three uninterrupted years (two for indi-
viduals) prior to the date of the transaction that gave rise to the capital gain; or
3. the sale of real property, tangible personal property or 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 where such property has been directly or indirectly owned by such entity or owned by the
owners of such entity, and used in or derived from such entity for a period or at least three uninterrupted
years (two for individuals) prior to the date of the transaction that gave rise to the capital gain.
An Oklahoma company, limited liability company or partnership is an entity whose primary headquarters has been
located in Oklahoma for at least three uninterrupted years prior to the date of sale.
A capital loss carryover from qualified property reduces the current year gains from eligible property.
Pass-through entities...
Capital gain from qualifying property, as described above, held by a pass-through entity is eligible for the Oklahoma
capital gain deduction, provided the person has been a member of the pass-through entity for an uninterrupted
period of the applicable three (two for individuals) or five years and the pass-through entity has held the asset for not
less than the applicable three (two for individuals) or five uninterrupted years prior to the date of the transaction that
created the capital gain. The type of asset sold, as shown in 1-3 above, determines whether the applicable number
of uninterrupted years is three (two for individuals) or five. The pass-through entity must provide supplemental infor-
mation to the person identifying the pass-through of qualifying capital gains.
Installment sales...
Qualifying gains included in Federal taxable income for the current year which are derived from installment sales are
eligible for exclusion provided the appropriate holding periods are met.
2017 Form 561F - Page 3
Oklahoma Capital Gain Deduction for Trusts and Estates Filing Form 513
68 OS Sec 2358 and Rule 710:50-15-48
Specific Instructions
Complete this form using the Capital Gains and Losses included on Form 513, Column B “Total applicable
to Oklahoma” that have not been distributed to the beneficiary(ies). Do not include any portion of the capital
gain or loss included in the income distribution deduction on Form 513. The beneficiary will compute the capital gain
deduction on their own income tax return.
Line 1: List qualifying Oklahoma capital gains and losses from the Federal Form(s) 8949, Part II or from Federal
Schedule D, line 8a. Provide a copy of Form(s) 1099-B if the qualifying Oklahoma capital gain or loss is reported on
Federal Schedule D, line 8a. In Column A, line A1, enter the description of the property as shown on Federal Form
8949, Column a or on Form 1099-B. On line A2 enter either the Oklahoma location/address of the real or tangible
personal property sold or the Federal Identification Number of the company, limited liability company or partnership
whose stock or ownership interest was sold. Complete Columns B through E using the information from Federal Form
8949, Columns b through g or from Form 1099-B. In Column B, enter the date the property was acquired. If you en-
tered “VARIOUS” or “INHERITED” on your federal form, enter the date you actually acquired the property. In Column
F enter the portion of the capital gain or loss included on Form 513, Column B, line 6 but not included in the income
distribution deduction on line 18. Do not include gains and losses reported on Form 561F lines 2 through 5.
Line 2: If Federal Form 6252 was used to report the installment method for gain on the sale of eligible property on
the Federal return, compute the capital gain deduction using the current year’s taxable portion of the installment
payment included on Form 513, Column B, line 6 but not included in the income distribution deduction on line 18.
Provide Federal Form 6252. Capital gain from an installment sale is eligible for the Oklahoma capital gain deduction
provided the property was held for the appropriate holding period as of the date sold.
Line 3: Enter other qualifying Oklahoma capital gains and losses reported on Federal Schedule D, line 11 included
on Form 513, Column B, line 6 but not included in the income distribution deduction on line 18. Provide the appli-
cable Federal form(s). If not shown on the Federal form, provide a schedule identifying the type and location of the
property sold, the date of the sale, and the date the property was acquired.
Line 4: Enter qualifying Oklahoma net capital gain or loss from partnerships, S corporations, and other trusts or
estates included on Form 513, Column B, line 6 but not included in the income distribution deduction on line 18.
Complete the worksheet on page 2 and provide a copy of the Federal Schedule K-1.
Line 5: Enter the qualifying Oklahoma net capital gain from the Federal Form 4797, reported on Federal Schedule
D included on Form 513, Column B, line 6 but not included in the income distribution deduction on line 18. Provide
a copy of the Federal Form 4797. If reporting a gain/loss from a Federal Schedule K-1, complete the worksheet on
page 2 and provide a copy of the Federal Schedule K-1.
Line 7: Enter the total qualifying Oklahoma capital loss carryover from the prior year’s return included on Form 513,
Column B, line 6 but not included in the income distribution deduction on line 18.
Line 9: The Oklahoma capital gain deduction may not exceed the portion of the net capital gain included on Form
513, Column B, line 6 but not included in the income distribution deduction on line 18. The term “net capital gain”
means the excess of the net long-term capital gain for the taxable year over the net short-term capital loss for such
year. If there is a net capital loss, enter zero.
Note: Do not enter any portion of the Oklahoma Capital Gain Deduction on Part 2 “Beneficiaries’ Share of Income
and Deductions”.
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