Form 561 - Oklahoma Capital Gain Deduction For Residents

Form 561

Oklahoma Capital Gain Deduction for Residents Filing Form 511

Title 68 Section 2358 and Rule 710:50-15-48

Specific Instructions - continued

Line 3: Enter the qualifying Oklahoma net capital gain, reported on Federal Schedule D, from the Federal

Form 4797. Enclose a copy of the Federal Form 4797. If reporting a gain/loss from a Federal Schedule K-1,

enclose the same information as requested on Form 561, line 5.

Line 4: Enter other qualifying Oklahoma capital gains reported on Federal Schedule D, line 11. Enclose the

applicable Federal form(s). If not shown on the Federal form, enclose a schedule identifying the type and

location of the property sold, the date of the sale, and the uninterrupted holding period of the property.

Line 5: Enter qualifying Oklahoma net capital gain or loss from partnerships, S corporations, trusts and

estates. Enclose a copy of the Federal Schedule K-1.

Complete a separate schedule for each piece of property sold.

Name of pass-through entity: _____________________________________________________________________

Description of property sold: ______________________________________________________________________

Location of property: ____________________________________________________________________________

Date acquired: ______________________________________ Date sold: __________________________________

Date(s) you acquired ownership in the pass-through entity: ______________________________________________

Line 7: Enter the total qualifying Oklahoma capital loss carryover from the prior year’s return.

Line 9: The Oklahoma capital gain deduction may not exceed the Oklahoma net capital gain included in

Federal adjusted gross income. To determine the Oklahoma net capital gain, complete the following worksheet:

Refer to the instructions for Form 511, line 4 and Form 511, Schedule 511-B, line 2 to determine

what gains and losses are considered “out-of-state”. (Generally, sale of an intangible, such as stock, is

not considered out-of-state.)

Net Short-Term Capital Gain (or loss) from Federal Schedule D, line 7

Add Out-of-State Capital Losses included in line A above

Subtract Out-of-State Capital Gains included in line A above

Net Oklahoma Short-Term Capital Loss

(if greater than zero, enter “0”)

Net Long-Term Capital Gain (or loss) from Federal Schedule D, line 15

Add Out-of-State Capital Losses included in line E above

Subtract Out-of-State Capital Gains included in line E above

Net Oklahoma Long-Term Capital Gains

(if less than zero, enter “0”)

Oklahoma Net Capital Gain - Enter on the front of form on line 9

(combine lines H and D)

(if less than zero, enter “0”)

Note: For U.S. Government and municipal bonds, which are exempt from Oklahoma tax, include any

capital gain on the Out-of-State Capital Gains line (Line C or G) and any capital loss on the Out-of-State

Capital Losses line (Line B or F).

Form 561 - Oklahoma Capital Gain Deduction For Residents - 2008 Page 3