Form 520 - Oklahoma Agricultural Producer Credit - 2005
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1520
Oklahoma Agricultural Producer Credit
Tax Year
For Oklahoma agricultural producers who invest in Oklahoma agricultural processing
2005
or marketing ventures. 68 O.S. Section 2357.25 and Rule 710:50-15-85.
Social Security Number or
Name as shown on return (investor)
Federal Identification Number
Provide the location(s) and the type of agricultural commodities being produced by the investor.
Name of the agricultural processing cooperative, venture or marketing association
Federal Employees Identification Number
Provide the location(s) and the type of agricultural commodities being produced, processed or marketed. Also provide a detailed
description of activity.
Credit Computation
1. Total Amount of Direct Investment . . . . . . . . . . . . . . . . $ __________________________
2. Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30%
3. Total Credit Allowable (multiply line 1 by line 2) . . . . . . $ __________________________
4. Amount of Credit Used in 2005 (carry to Form 511CR) $ __________________________
5. Amount of Unused Credit . . . . . . . . . . . . . . . . . . . . . . . $ __________________________
Credit Carryover -
The credit not used may be carried over, in order, to each of the six (6) years following the year in which
the investment was originally made. If any of the investment is sold or otherwise disposed of in a year prior to the credit being
used, the credit, available for carryover, must be reduced. See below for computation.
2008
2009
2010
2006
2007
2011
Tax Year
Unused Credit from Previous Year
Amount of Credit Used
Unused Credit Available for Carryover
Disposition of Investment
For the taxable year during which the investment, or any portion thereof is sold or otherwise disposed of, the amount
of the credit allowed in prior years or being allowed in the current year shall be added to Federal Adjusted Gross
Income to arrive at Oklahoma Adjusted Gross Income. Any unused carryover credit will be reduced to account for the
sale or disposition.
Dollar Amount
1. Total Amount of Original Investment 2005 ..................................................................
1.
00
2.
2. Less: Amount of Investment Sold or Disposed of .......................................................
00
3. Net Investment Remaining after Sale or Disposition ...................................................
3.
00
4. Rate .............................................................................................................................
4.
30%
5. Revised Credit Allowable (multiply line 3 by line 4) .....................................................
5.
00
6. Less: Credit used in previous or current tax year(s) and not previously recaptured ...
6.
00
Subtract the amount on line 6 from the amount on line 5. If the result is a
negative number enter amount on line 7. If the result is a positive number
enter amount on line 8.
7. Credit to be recaptured and included in income. Enter amount as a positive number
on the other income or other additions line of the Oklahoma tax return .....................
7.
00
8. Revised credit available for carryover to tax year ____________ ..............................
00
8.
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