Form 511 - Oklahoma Resident Individual Income Tax Forms And Instructions - 2014 Page 14
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40Schedule 511-A continued
A7
U.S. Railroad Retirement Board Benefits
Exempt Tribal Income (continued)
All qualified U.S. Railroad Retirement Board benefits that are
d. Any other evidence which you believe supports your claim that
included in the Federal Adjusted Gross Income may be excluded.
you meet all of the criteria for exemption from income tax.
All information to support your claim for refund must be enclosed
A8
Oklahoma Depletion
with your return.
Oklahoma depletion on oil and gas well production, at the option
A11
Gains from the Sale of Exempt Government Obligations
of the taxpayer, may be computed at 22% of gross income de-
See the “note” for Schedule 511-A, line 1 and Schedule 511-B,
rived from each Oklahoma property during the taxable year. Any
line 1 instructions. Enclose Federal Schedule D and Form 8949.
depletion deduction allowable is the amount so computed minus
the federal depletion claimed. If Oklahoma options are exercised,
A12
Oklahoma Capital Gain Deduction
the federal depletion not used due to the 65% limitation may
You can deduct qualifying gains receiving capital treatment which
not be carried over for Oklahoma purposes. A complete detailed
are included in Federal Adjusted Gross Income. “Qualifying gains
schedule by property must be furnished.
receiving capital treatment” means the amount of net capital
gains, as defined under IRC Section 1222(11). The qualifying
Note: Major oil companies, as defined in 52 OS Sec. 288.2,
gain must:
when computing Oklahoma depletion shall be limited to 50% of
1) Be earned on real or tangible personal property located
the net income (computed without the allowance for depletion)
within Oklahoma that you have owned for at least five
from each property.
uninterrupted years prior to the date of the sale.
Lease bonus received is considered income subject to deple-
2) Be earned on the sale of stock or ownership interest in
an Oklahoma headquartered company, limited liability
tion. If depletion is claimed on a lease bonus and no income is
company, or partnership where such stock or ownership
received as a result of non-producing properties, see Schedule
interest has been owned by you for at least two uninter-
511-B, line 5.
rupted years prior to the date of the sale.
3) Be earned on the sale of real property, tangible personal
If you have federal depletion being carried over into this year, see
property or intangible personal property located within
Schedule 511-B, line 5.
Oklahoma as part of the sale of all or substantially all
A9
of the assets of an Oklahoma headquartered company,
Oklahoma Net Operating Loss
limited liability company, or partnership or an Oklahoma
Enter carryover(s) from previous years. Also enter the loss
proprietorship business enterprise or owned by the own-
year(s). The loss year return must be filed to establish the Okla-
ers of such entity or business enterprise for a period of at
homa Net Operating Loss. See the “Net Operating Loss” section
least two uninterrupted years prior to the date of the sale.
on page 5. Also see Schedule 511-B, line 4.
Enclose Form 561 and a copy of your Federal Schedule D and
A10
Exempt Tribal Income
Form(s) 8949.
If the tribal member’s principal residence is on “Indian country” as
defined in 18 U.S.C. Section 1151, the income earned on Indian
Oklahoma
country may be deducted. Legally acknowledged Indian country
must be within the jurisdiction of the tribe of which he or she is a
e
member. All claimants must provide sufficient information to sup-
file
port that these requirements have been satisfied.
Provide the following information for tax year 2014:
a. A copy of your tribal membership card or certification by your
tribe as to your tribal membership during the tax year; and
Go easy on yourself!
b. A copy of the trust deed, or other legal document, which de-
scribes the real estate upon which you maintained your principal
Low cost
place of residence and which was an Indian allotment, restricted,
or sometimes even no cost...
or held in trust by the United States during the tax year. If your
name does not appear on the deed, or other document, provide
E-filing your return is simply the speediest,
proof of residence on such property; and
safest and most secure way to receive your
income tax refund. E-file today and in most
c. A copy of the trust deed, or other legal document, which
cases you’ll receive your Oklahoma refund in
describes the real estate upon which you were employed or
7-10 days, even faster with direct deposit.
performed work or received income and which was held by the
United States of America in trust for a tribal member or an Indian
Check us out today to receive a speedy refund!
tribe or which was allotted or restricted Indian land during the tax
year. Also a copy of employment or payroll records which show
you are employed on that Indian country or an explanation of
your work on Indian country; and
14
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