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

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Download Form 561F "Oklahoma Capital Gain Deduction for Trusts and Estates Filing Form 513" - Oklahoma

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State of Oklahoma
Oklahoma Capital Gain Deduction
561F
2
for Trusts and Estates Filing Form 513
0
2
(Qualifying Assets Held for the Applicable Holding Period)
0
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.
A1. Description of Property:
B. Date
C. Date Sold
D. Proceeds
E. Cost or
F. Gain or (Loss)
Other Basis minus
Acquired
or Disposed
(Sales Price)
Combine Columns
Adjustments to
(mm/dd/yy)
(mm/dd/yy)
(D) and (E)
A2. Oklahoma Location/Address
Gain or Loss
(See instructions)
or Federal ID Number:
A3. Type of property sold:
(see instructions)
A1. Description of Property:
B. Date
C. Date Sold
D. Proceeds
E. Cost or
F. Gain or (Loss)
Other Basis minus
Acquired
or Disposed
(Sales Price)
Combine Columns
Adjustments to
(mm/dd/yy)
(mm/dd/yy)
(D) and (E)
Gain or Loss
A2. Oklahoma Location/Address
(See instructions)
or Federal ID Number:
A3. Type of property sold:
(see instructions)
A1. Description of Property:
B. Date
C. Date Sold
D. Proceeds
E. Cost or
F. Gain or (Loss)
Other Basis minus
Acquired
or Disposed
(Sales Price)
Combine Columns
Adjustments to
(mm/dd/yy)
(mm/dd/yy)
(D) and (E)
A2. Oklahoma Location/Address
Gain or Loss
(See instructions)
or Federal ID Number:
A3. Type of property sold:
(see instructions)
2.
Qualifying Oklahoma capital gain from installment sales reported on Federal Schedule D, line 11.
(Provide a copy of Federal Form 6252)
2
Type of property sold (See instructions) ............
......
3.
Other qualifying Oklahoma net capital gain or (loss) reported on Federal Schedule D, line 11,
not included on line 2 above. (Provide a copy of the applicable Federal form[s])
Type of property sold (See instructions) ............
......
3
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 provide a copy of the Federal Schedule K-1)
4
Type of property sold (See instructions) ............
......
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 the
worksheet on page 2 and provide a copy of the Federal Schedule K-1)
Type of property sold (See instructions) ............
......
5
6
6.
Add amounts in Column F on line 1 and lines 2 through 5...........................................................................
7.
Qualifying Oklahoma capital loss carryover reported on Federal Schedule D, line 15 ................................
7
8.
Qualifying Oklahoma net capital gain. Subtract line 7 from line 6.
(If zero or less, enter “0”) ..............................................................................................................................
8
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
for Trusts and Estates Filing Form 513
0
2
(Qualifying Assets Held for the Applicable Holding Period)
0
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.
A1. Description of Property:
B. Date
C. Date Sold
D. Proceeds
E. Cost or
F. Gain or (Loss)
Other Basis minus
Acquired
or Disposed
(Sales Price)
Combine Columns
Adjustments to
(mm/dd/yy)
(mm/dd/yy)
(D) and (E)
A2. Oklahoma Location/Address
Gain or Loss
(See instructions)
or Federal ID Number:
A3. Type of property sold:
(see instructions)
A1. Description of Property:
B. Date
C. Date Sold
D. Proceeds
E. Cost or
F. Gain or (Loss)
Other Basis minus
Acquired
or Disposed
(Sales Price)
Combine Columns
Adjustments to
(mm/dd/yy)
(mm/dd/yy)
(D) and (E)
Gain or Loss
A2. Oklahoma Location/Address
(See instructions)
or Federal ID Number:
A3. Type of property sold:
(see instructions)
A1. Description of Property:
B. Date
C. Date Sold
D. Proceeds
E. Cost or
F. Gain or (Loss)
Other Basis minus
Acquired
or Disposed
(Sales Price)
Combine Columns
Adjustments to
(mm/dd/yy)
(mm/dd/yy)
(D) and (E)
A2. Oklahoma Location/Address
Gain or Loss
(See instructions)
or Federal ID Number:
A3. Type of property sold:
(see instructions)
2.
Qualifying Oklahoma capital gain from installment sales reported on Federal Schedule D, line 11.
(Provide a copy of Federal Form 6252)
2
Type of property sold (See instructions) ............
......
3.
Other qualifying Oklahoma net capital gain or (loss) reported on Federal Schedule D, line 11,
not included on line 2 above. (Provide a copy of the applicable Federal form[s])
Type of property sold (See instructions) ............
......
3
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 provide a copy of the Federal Schedule K-1)
4
Type of property sold (See instructions) ............
......
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 the
worksheet on page 2 and provide a copy of the Federal Schedule K-1)
Type of property sold (See instructions) ............
......
5
6
6.
Add amounts in Column F on line 1 and lines 2 through 5...........................................................................
7.
Qualifying Oklahoma capital loss carryover reported on Federal Schedule D, line 15 ................................
7
8.
Qualifying Oklahoma net capital gain. Subtract line 7 from line 6.
(If zero or less, enter “0”) ..............................................................................................................................
8
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
2020 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 income.
“Qualifying gains receiving capital treatment” means the amount of net capital gains, as defined under Internal 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 unin-
terrupted 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 individuals)
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 part-
nership 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 individu-
als) 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 information to the person identifying
the pass-through of qualifying capital gains.
NOTE: If you are a member, either directly or indirectly, of an electing pass-through entity (PTE) the capital gain/loss from
the PTE which is covered by the election pursuant to the provisions of the Pass-Through Entity Act of 2019 is not entered
on this form to compute your Oklahoma Capital Gain Deduction. The gain/loss will be entered on the PTE’s Oklahoma
Capital Gain Deduction form, Form 561-PTE.
Installment sales...
Qualifying gains included in Federal taxable income for the current year which are derived from installment sales are eli-
gible for exclusion provided the appropriate holding periods are met.
2020 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.
Lines 1-5: Type of Property Sold
Enter the number in the box which corresponds to the type of property sold:
1. The sale of stock in a qualified Oklahoma corporation.
2. The sale of an ownership interest in a qualified Oklahoma company, limited liability company, or partnership.
3. The sale of qualified real property located within Oklahoma.
4. The sale of qualified tangible personal property located within Oklahoma.
5. The 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.
99. For lines 2-5, enter a 99 if the net gain/loss is from the sale of more than one type of property.
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 Sched-
ule 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 entered “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 19. 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 19. 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 19. Provide the applicable Fed-
eral 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 19. 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 19. 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, Col-
umn B, line 6 but not included in the income distribution deduction on line 19.
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 19. 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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