Fillable 2020 512 Packet Instructions (Oklahoma)

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2020 512 Packet Instructions (Oklahoma)

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2020 Oklahoma
Corporation
Income and Franchise
Tax Forms and
Instructions
This packet contains:
• Instructions for Completing Form 512
• 512 Corporation Income and Franchise Tax Form
• Form 512-TI Computation of Oklahoma Consolidated Taxable Income
• Form 512-TI-SUP Supplemental Schedule for Form 512-TI
• Form 512-FT Computation of Oklahoma Consolidated Annual Franchise Tax
• Form 512-FT-SUP Supplemental Schedule for Form 512-FT
Filing date:
• Your Oklahoma return is due 30 days after the due date of your federal return.
For assistance or forms:
• See page 16 for methods of contacting the Oklahoma Tax Commission.
2020 OKLAHOMA CORPORATION TAX PACKET
TABLE OF CONTENTS
COMMON ABBREVIATIONS FOUND IN THIS PACKET
FEIN - Federal Employer Identication Number
IRC - Internal Revenue Code
OS - Oklahoma Statutes
OTC - Oklahoma Tax Commission
PTE - Pass-Through Entity
Sec. - Section(s)
HELPFUL HINTS
• Refunds must be made by direct deposit. Failure to supply direct deposit information will delay the processing of the
refund.
• Check your FEIN on all forms and schedules.
• The request for your FEIN is authorized by Section 405, Title 42, of the United States Code. You MUST provide this in-
formation. It will be used to establish your identity for tax purposes only.
• Check your calculations carefully.
• Fiscal year dates are a common problem. If you le based on a scal year, please list dates on top of form where
indicated.
• Provide a complete copy of your federal return, and all required schedules. Failure to do so can slow down the
processing of your return.
• When complete, make copies of all the documents for your records.
• Don’t forget to sign your tax returns.
• The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.
General Filing Information ..................................................................................................................................................3-6
Estimated Income Tax Information ........................................................................................................................................ 4
Amended Returns.................................................................................................................................................................. 4
Line by Line Instructions ...................................................................................................................................................6-15
General Instructions for Determining Oklahoma Taxable Income ......................................................................................6-7
Part 1 Instructions...............................................................................................................................................................7-8
Part 2 Instructions...............................................................................................................................................................8-9
Form 512, Page 1 Instructions .......................................................................................................................................10-12
Line by Line Instructions: Franchise Tax ........................................................................................................................12-14
Form 512, Page 2 - Section 2: Franchise Tax ..................................................................................................................... 14
Form 512, Page 2 - Section 3: Total ...............................................................................................................................14-15
When You Are Finished ....................................................................................................................................................... 15
Direct Deposit Information ................................................................................................................................................... 16
How to Contact OTC ........................................................................................................................................................... 16
Fast,free,24/7onlinelingservicesatoktap.tax.ok.gov 2
WHAT’S NEW IN THE 2020 OKLAHOMA TAX PACKET?
• The Credit for Railroad Modernization on Form 511CR was modied to increase both the individual credit amount and
the total annual credit cap. To obtain Form 511CR, visit our website at tax.ok.gov.
• A donation may be made from your refund to support the Oklahoma Silver Haired Legislature and Alumni Association
Programs. See the instructions on pages 14 and 15 for more information.
GENERAL FILING INFORMATION: INCOME TAX AND FRANCHISE TAX
WHO MUST FILE
Any corporation doing business within or deriving income from sources within Oklahoma is required to le an Oklahoma
Corporation Income Tax Return, whether or not a tax is due.
Every corporation organized under the laws of this state or qualied to do or doing business in Oklahoma in a corporate
or organized capacity by virtue or creation of organization under the laws of this state or any other state, territory, district,
or a foreign country, including associations, joint stock companies and business trusts as dened by Oklahoma Statutes
unless exempt by statutes must le an Annual Franchise Tax Return. The term “doing business” means and includes
every act, power, or privilege exercised or enjoyed in this state as an incident to do or by virtue of powers and privileges
acquired by the nature of all organizations falling within the purview of the Franchise Tax Code.
Corporations required to le a franchise tax return, may elect to le a combined corporate income and franchise tax return.
To make this election, le Form 200-F. Corporations not ling Form 200-F must le a stand-alone Oklahoma Annual
Franchise Tax Return (Form 200). Corporations that remitted the maximum amount of franchise tax for the preceding tax
year or have had their corporate charter suspended, do not qualify to le a combined income and franchise tax return.
Note: Small Business Corporations (Subchapter S) must use Form 512-S.
TIME AND PLACE FOR FILING
Corporate returns shall be due no later than 30 days after the due date established under the Internal Revenue Code
(IRC). In the case of complete liquidation or the dissolution of a corporation, the return shall be made on or before the 15th
day of the fourth month following the month in which the corporation is completely liquidated. When the last date for ling
any document or performing any act required by the Oklahoma Tax Commission (OTC) falls on a day when the ofces are
not open for business, the ling of the document or performance of the act shall be considered timely if it is performed by
the end of the next business day.
A valid extension of time in which to le your federal return automatically extends the due date of your Oklahoma return if
no Oklahoma liability is owed. A copy of the federal extension must be provided with your Oklahoma return. If your federal
return is not extended, or an Oklahoma liability is owed, an extension of time to le your Oklahoma return may be granted
on Form 504-C. The Form 504-C must be led on or before the due date of the return. To avoid delinquent penalty for late
payment of income tax, 90% of the income tax liability must be paid with the extension. To avoid delinquent interest for
late payment of income tax, 100% of the income tax liability must be paid with the extension. To avoid delinquent penalty
and interest for late payments of franchise tax, 100% of the franchise tax liability must be paid with the extension.
Returns should be mailed to the Oklahoma Tax Commission, PO Box 26800, Oklahoma City, OK 73126-0800.
FISCAL YEAR AND SHORT PERIOD RETURNS
For all scal year and short period returns, the beginning and ending dates of the tax year must be shown on the top
portion of the return where indicated. Omission of this information may cause a signicant delay in the processing of the
return and no interest will accrue on any refund pending.
CONSOLIDATED RETURNS
If a federal consolidated return is led, an Oklahoma consolidated return may be required or permitted under certain
circumstances.
An election to le a separate or consolidated return is made with the timely ling of the original return. This election
cannot be changed with the ling of an amended return. If an afliated group of corporations elects to le a consolidated
Oklahoma income tax return, such election shall be binding. The afliated group of corporations shall be required to
le a consolidated Oklahoma income tax return for all future tax years unless the OTC releases the afliated group of
corporations from such election.
Fast,free,24/7onlinelingservicesatoktap.tax.ok.gov 3
CONSOLIDATED RETURNS (continued)
•IncomeTax
In ling a Consolidated Income Tax Return for Oklahoma, the Oklahoma taxable income for each corporation is computed
separately on its own factors and then combined for one total income upon which the tax is computed. Complete Form
512-TI“ComputationofOklahomaConsolidatedTaxableIncome”todeterminethecombinedtaxableincome
toreportonpage1,line1ofForm512.SubmitseparateForm512,pages3-5foreachcompanywithinthe
consolidation.
If ling by paper, the Form 512-TI must be the third page.
Provide a copy of the federal consolidated return with an income statement, balance sheet, M-1, M-2, M-3 and supporting
schedules for each member of the consolidated group. 68 Oklahoma Statutes (OS) Sec. 2367.
•FranchiseTax
If ling a Consolidated Franchise Tax Return for Oklahoma, the Oklahoma franchise tax for each corporation is computed
separately and then combined for one total tax. Complete Form 512-FT “Computation of Oklahoma Consolidated
AnnualFranchiseTax”todeterminethecombinedtaxableincometoreportonpage2,SectionTwo,lines18–25
ofForm512.SubmitseparateForm512,pages6-9foreachcompanywithintheconsolidation.
SPECIAL INSTRUCTIONS REGARDING FORM 512, PAGE 5
Complete Page 5 or attach a copy of the Federal Form 1120 Schedules L, M-1 and M-2. Corporations that are not
required to complete Federal Form 1120 Schedules L, M-1 and M-2 are still required to complete the Oklahoma Form
512, Page 5 - Balance Sheets, Reconciliation of Income per Books with Income per Return (OK M-1) and Analysis of
Unappropriated Retained Earnings per Books (OK M-2).
Corporations that are not required to complete Federal Form 1120 Schedule M-1 due to the requirement to complete
Schedule M-3 must either complete the Oklahoma Schedule M-1 or provide a copy of the Federal Schedule M-3.
GENERAL FILING INFORMATION: INCOME TAX
DECLARATION OF ESTIMATED TAX
Corporations must make estimated tax payments when the tax liability for the current year can reasonably be expected to
be $500 or more. The estimated tax payments shall be the lesser of 70% of your current year’s tax liability or 100% of the
tax liability shown on your return for the preceding taxable year of 12 months.
The estimated tax payments shall be paid in four equal* installments of:
• One-quarter on or before the 15th day of the fourth month of the taxable year;
• One-quarter on or before the 15th day of the sixth month of the taxable year;
• One-quarter on or before the 15th day of the ninth month of the taxable year; and
• One-quarter on or before the 15th day of the rst month of the succeeding taxable year.
Amended declarations may be led on any of the payment dates. Form OW-8-ESC, for ling estimated payments, can be
obtained from our website at tax.ok.gov.
*For purposes of determining the amount of tax due on any of the respective dates, taxpayers may compute the tax by
placing taxable income on an annualized basis as prescribed in Rule 710:50-13-9.
Estimated payments can be made electronically through OTC’s website. Visit the “Online Services” page at tax.ok.gov for
further information.
There is no provision in the present law for tentative returns.
AMENDED RETURNS
Beginning with tax year 2013, the Form 512 will be used to le an amended return. See Form 512, page 10 for complete
instructions. The Form 512X will only be used for tax year 2012 and prior. Overpaymentscannotbeappliedtonext
year’sestimatedtax.Line28cannotbeamendedorchangedoncetheoriginalreturnhasbeenprocessed.
ADJUSTMENTS BY INTERNAL REVENUE SERVICE (IRS)
Taxpayers who le “consents” extending the time for making federal adjustments automatically extend the time for making
state adjustments. The taxpayer is also required to le an amended return reporting all IRS adjustments. A copy of the
nalized RAR must be provided with each return.
Fast,free,24/7onlinelingservicesatoktap.tax.ok.gov 4
2020 OKLAHOMA CORPORATION TAX PACKET2020 OKLAHOMA CORPORATION TAX PACKET
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BANKS AND CREDIT UNIONS
State and national banks and state credit unions are subject to an “In Lieu” tax. See 68 OS Sec. 2370. When reporting
income on Part 1, line(s) 5 and/or 6b, please furnish a detailed schedule of the interest income by source and amount.
Expense deductions claimed in arriving at taxable income shall be reduced by an amount equal to 50% of excluded
interest income on obligations of the United States government or agencies thereof and obligations of the State of
Oklahoma or political subdivisions thereof.
REAL ESTATE INVESTMENT TRUSTS
A real estate investment trust that does not become regularly traded on an established securities market within one year
of the date on which it rst becomes a real estate investment trust shall be deemed not to have been regularly traded on
an established securities market, retroactive to the date it rst became a real estate investment trust. An amended return
shall be led reecting such retroactive designation for any tax year or part year occurring during its initial year of status
as a real estate investment trust. For purposes of this paragraph, a real estate investment trust becomes a real estate
investment trust on the rst day it has met the requirements of Section 856 of the IRC and has elected to be treated as a
real estate investment trust pursuant to IRC Section 856(c)(1). 68 OS Sec. 2358.
OKLAHOMA NET OPERATING LOSS DEDUCTION
Notice: The amount of any net operating loss deduction claimed on Part 1, line 29a or Part 2, line 6e, must also be
entered on the front of Form 512 in the space provided at the top of the form. There is also a space provided to enter the
loss year(s).
The amount of any federal net operating loss deduction shall be adjusted as follows:
The amount of any net operating loss deduction allowed for the taxable year shall be an amount equal to the aggregate
of the Oklahoma net operating loss carryovers and carrybacks to such year. Oklahoma net operating losses shall be
separately determined by reference to IRC Section 172 as modied by the Oklahoma Income Tax Act and shall be allowed
without regard to the existence of a federal net operating loss. For tax years 1996-2000, net operating losses may not
be carried back but may be carried forward for a period of time not to exceed 15 years. For tax years 2001-2007 and tax
years 2009 and subsequent, the years to which such losses may be carried shall be determined solely by reference to
IRC Section 172. For tax year 2008, years to which such losses may be carried back shall be limited to two years. No
carryback is allowed for losses arising in tax years beginning after December 31, 2017, except as provided for in IRC
Section 172. 68 OS Sec. 2358 (A)(3).
A detailed schedule must be furnished for any net operating loss carried forward to the current tax year.
An election may be made to forego the carryback period. A written statement of the election must be part of the original
timely led Oklahoma loss-year return. If the corporation timely led its return for the loss-year without making the
election, it may make the election on an amended return led within six months of the due date of the loss year return
(excluding extensions). Attach the election to the amended return. Once made, the election is irrevocable.
GENERAL FILING INFORMATION: FRANCHISE TAX
REQUIREMENT FOR FILING A FRANCHISE TAX RETURN
All foreign (non-Oklahoma) corporations, including non-prots, must pay an annual registered agent fee of $100.00.
Indicate this amount on line 13 of the Form 512, page 6.
The maximum annual franchise tax is $20,000.00. Corporations that remitted the maximum amount of franchise tax for the
preceding tax year do not qualify to le a combined income and franchise tax return. For these corporations their franchise
tax is due and payable on May 1 of each year, and delinquent if not paid on or before June 1.
If a taxpayer computes the franchise tax due and determines that it amounts to $250.00 or less, the taxpayer is exempt
from the tax and a “no tax due” form is required to be led. A schedule of corporate ofcers must still be led and, for
foreign corporations, the $100.00 registered agents fee is still due.
If the charter or other instrument is suspended, a fee of $150.00 is required for reinstatement. See Line 16 -
Reinstatement Fee on page 13.
2020 OKLAHOMA CORPORATION TAX PACKET
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FRANCHISE TAX COMPUTATION
The basis for computing Oklahoma franchise tax is the balance sheet as shown by your books of account at the close of
the last preceding income tax accounting year, or electing to change ling to match the due date of the corporate income
tax, the balance sheet for that corporate tax year.
The franchise tax for corporations doing business both within and outside of Oklahoma, is computed on the proportion
to which property owned, or property owned and business done, within Oklahoma, bears to total property owned, or total
property owned and total business done everywhere.
“Property owned” is the book value of the assets. For the purpose of determining apportionment as between Oklahoma
and elsewhere, liabilities are not to be deducted from gross assets.
The term “business done” means and includes the engaging in any activity or the performing of any act or acts in this state
that constitutes the doing or transacting of business. Business done in Oklahoma includes sales shipped from Oklahoma
to another state in which the corporation is not doing business.
Intercompany payables and receivables between parent, subsidiary and/or afliates, are to be eliminated from the
calculations necessary to determine the amount of franchise tax due.
Oklahoma franchise (excise) tax is levied and assessed at the rate of $1.25 per $1,000.00 or fraction thereof on the
amount of capital allocated or employed in Oklahoma.
LINE BY LINE INSTRUCTIONS: INCOME TAX
GENERAL INSTRUCTIONS FOR DETERMINING OKLAHOMA TAXABLE INCOME
INCOME COMPUTATION
Beginning with federal taxable income, proper adjustments are to be made to arrive at Oklahoma taxable income. Some
of the adjustments may be to add interest income from obligations of state and political sub-divisions thereof, and to
deduct interest from U.S. obligations. Oil and mining production or royalties and gain or loss from disposition of such
property shall be allocated according to their situs. General and administrative expenses, such as interest expense, etc.,
will ordinarily be allocated on the basis of Oklahoma direct expense to total direct expense.
SAFETY PAYS OSHA CONSULTATION SERVICE EXEMPTION
(Part 1, line 26, column B or Part 2, line 3)
An employer that is eligible for and utilizes the Safety Pays OSHA Consultation Service provided by the Oklahoma
Department of Labor shall receive a $1,000 exemption for the tax year the service is utilized. Employers must be able to
substantiate their participation in the Oklahoma Department of Labor’s Safety Pays OSHA Consultation Service upon request.
QUALIFIED REFINERY PROPERTY
(Part 1, line 10, column B or Part 2, line 2)
If the election was made to expense the cost of qualied Oklahoma renery property placed in service before January 1,
2012, on a previous year’s Oklahoma return, the depreciation deduction claimed on the federal return for such property
must be added back to arrive at Oklahoma taxable income. This addition must be made regardless of whether the
expense was claimed on the corporate return or allocated to its owners. 68 OS Sec. 2357.204
COST OF COMPLYING WITH SULFUR REGULATIONS
A qualied renery may make an irrevocable election to allocate all or a portion of the cost of complying with sulfur
regulations issued by the Environmental Protection Agency as a deduction allowable to its owners. The allocation for each
person is equal to the ratable share of the total amount allocated, determined on the basis of the ownership interest of the
person. The taxable income of the renery shall not be reduced by the reason of any amount allowed under this section.
68 OS Sec. 2357.205
If You AretheRenery-
To make the election, attach a schedule stating your corporate name and FEIN, a list of the costs of complying with sulfur
regulations, some or all of which are being allocated to your owners, and the portion of such costs allocated to each
owner, including the owner’s name and federal identication number. You shall also provide each owner with written
notice of the amount of the allocation. The notice must include your corporate name and FEIN and the owner’s name and
federal identication number.
If You AretheOwner-
(Part 1, line 26, column B or Part 2, line 6)
Deduct the portion of the cost of complying with sulfur regulations which have been allocated to you. Attach the written
notice of the allocation received from the renery.
2020 OKLAHOMA CORPORATION TAX PACKET
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OKLAHOMA CAPITAL GAIN DEDUCTION:
(Part 1, line 25, column B or Part 2, line 6d)
Corporations can deduct qualifying gains receiving capital treatment that are included in federal taxable income.
“Qualifying gains receiving capital treatment” means the amount of the net capital gains, as dened under IRC Section
1222(11). The qualifying gain must:
1) Be earned on real or tangible personal property located within Oklahoma that you have owned, either directly or
indirectly, for at least ve uninterrupted years prior to the date of the sale;
2) Be earned on the sale of stock or ownership interest in an Oklahoma headquartered company, limited liability
company or partnership where such stock or ownership interest has been owned, either directly or indirectly, by
you for at least three uninterrupted years prior to the date of the sale; or
3) Be earned on 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 on 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 of at least three uninterrupted years
prior to the date of the sale.
Provide Form 561C and a copy of your Federal Schedule D and Form 8949.
AGRICULTURAL COMMODITY PROCESSING FACILITY EXCLUSION:
(Part 1, line 26, column B or Part 2, line 6)
Owners of agricultural commodity processing facilities may exclude 15% of their investment costs in a new or expanded
agricultural commodity processing facility located within Oklahoma. Agricultural commodity processing facility means
building, structures, xtures and improvements used or operated primarily for the processing or production of agricultural
commodities to marketable products. The investment is deemed made when the property is placed in service.
Under no circumstances shall this exclusion lower your taxable income below zero. In the event the exclusion does
exceed taxable income, any unused portion may be carried over for a period not to exceed six years. A schedule must be
provided showing the type of investment(s), the cost of the investment and the date placed in service.
CAPTIVE REAL ESTATE INVESTMENT TRUSTS:
(Part 1, line 10, column B or Part 2, line 2)
A captive real estate investment trust, which is subject to federal income tax, is required to add-back the dividends-paid
deduction otherwise allowed by federal law in computing net income. 68 OS Sec. 2358
INDIAN EMPLOYMENT EXCLUSION:
(Part 1, Line 26, column B or Part 2, Line 3)
All qualied wages equal to the Federal Indian Employment Credit set forth in 26 U.S.C.A., Section 45A, shall be de-
ducted from taxable income. Deduct on the Oklahoma return, an amount equal to the reduction of salaries and wages
reported on the federal return as a result of the Form 8845 “Indian Employment Credit”. The deduction allowed shall only
be permitted for the tax years in which the federal credit is allowed, even if not used in such year because of tax liability
limitations. Provide a copy of the federal return, Form 8845 and if applicable, Form 3800.
PAGE THREE - PART 1
Part 1, Column Aistobecompletedbyallcorporations.AllcorporationsstartwithPart1.
Part 1, Column BistobeusedbyallcorporationsdomesticatedinOklahomaderivingalloftheirincomewithin
OklahomaorbycorporationswhosebusinesswithinandwithoutOklahomaisoilandgasproduction,mining,
farming,incomefrompass-throughentitiesorrental.Thisshouldbecompletedusingthedirectaccounting
method.
Income(loss)shallbeallocatedinaccordancewiththesitusofsuchproperty.Overheadexpenseshallbe
allocatedonthebasisofdirectexpenseinOklahomatothetotaldirectexpenseeverywhere.
Line5-InterestonU.S.GovernmentObligations
If you report interest on bonds, notes, and other obligations of the U.S. on your federal return, it may be excluded from
your Oklahoma income if a detailed schedule is furnished, accompanied with 1099s showing the amount of interest
income and the name of the obligation from which the interest is earned. If the income is from a mutual fund that invests
in U.S. Government obligations, provide documentation from the mutual fund to substantiate the percentage of income
derived from obligations exempt from Oklahoma tax.InterestfromentitiessuchasFNMA&GNMAdoesnotqualify.
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PAGE THREE - PART 1 (continued)
Line6a-OtherInterest
Accounts receivable interest income and interest income from investments held to generate working capital shall be
allocated to Oklahoma on the basis of direct expense.
All other intangible income (loss) shall be allocated in accordance with the situs of the corporation.
Line6b-StateandMunicipalInterest
Corporations domiciled in Oklahoma that receive income on bonds issued by any state or political subdivision thereof,
exempt from federal taxation but not exempt from taxation by the laws of the State of Oklahoma, shall add the total of
such income to arrive at Oklahoma income.
1) Income from all bonds, notes or other obligations issued by the State of Oklahoma, the Oklahoma Capital
Improvement Authority, the Oklahoma Municipal Power Authority, the Oklahoma Student Loan Authority and the
Oklahoma Transportation Authority (formerly Turnpike Authority) is exempt from Oklahoma income tax. The prot
from the sale of such bond, note or other obligations shall be free from taxation.
2) Income from local Oklahoma governmental obligations issued after July 1, 2001, other than those provided for in
1, is exempt from Oklahoma income tax. The exceptions are those obligations issued for the purpose of providing
nancing for projects for nonprot corporations. Local governmental obligations shall include bonds or notes
issued by, or on behalf of, or for the benet of Oklahoma educational institutions, cities, towns, or counties or by
public trusts, of which any of the foregoing is a beneciary.
3) Income from Oklahoma state and municipal bonds issued prior to July 2, 2001, other than those provided for in 1,
is exempt from Oklahoma income tax only if so provided by the statute authorizing their issuance.
4) Income on bonds issued by another state or political subdivision thereof (non-Oklahoma) exempt from federal
taxation is taxable for Oklahoma income tax.
Provide a schedule of all municipal interest received by source and amount. If the income is from a mutual fund that
invests in state and local government obligations, provide documentation from the mutual fund to substantiate the
percentage of income derived from obligations exempt from Oklahoma tax.
Note: If the interest is exempt, the capital gain/loss from the sale of the bond may also be exempt. The gain/loss from sale
of a state or municipal bond, other than those provided for in 1, is exempt only if so provided by the statute authorizing its
issuance.
Line7and8-RentsandRoyalties
Income from real or tangible personal property, lease royalty or bonus shall be allocated in accordance with the situs of
the property.
Line9-GainsorLosses
Gains or losses from the sale of leases and gains or losses from the sale of real and tangible personal property, shall be
allocated in accordance with the situs of the property.
Line 10 - Other Income (column B)
Rents and interest expenses paid to a captive real estate investment trust and deducted on your federal return must be
added back to compute Oklahoma taxable income. Such add-back is not required if the captive real estate investment
trust is subject to the add-back for the dividends-paid deduction. See “Captive Real Estate Investment Trusts” on page 7.
If you are a member, either directly or indirectly, of an electing pass-through entity (PTE), please attach a schedule listing
the electing PTE, federal identication number, federal taxable income (loss) and Oklahoma taxable income (loss) in line 1
that is covered by the election pursuant to the provisions of the Pass-Through Entity Act of 2019. 68 OS §2355.1P-4
Line12through26-Expenses
Expenses relative to the income above shall be allocated directly to that income.
PAGE FOUR - PART 2
Part 2 is to be used by corporations conducting a business of a unitary nature. A unitary business is one whose income is
derived from the conduct in more than one state of a single business enterprise, all the factors of which are essential to
the realization of an ultimate gain derived from the enterprise as a whole, and not from its component parts, which are too
closely connected and necessary to each other to justify division or separate allocation.
Generally the resulting amount is apportioned to Oklahoma based on the three-factor formula. The basis of the
apportionment is the arithmetical average of three factors consisting of property, payroll and sales. If fewer than three
factors are present, the resulting amount is apportioned to Oklahoma on a two-factor or single-factor formula consisting of
the arithmetical average of the factors present. A factor is considered present if there is a denominator.
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PAGE FOUR - PART 2 (continued)
NOTE: FACTORS ARE NOT COMPUTED FROM THE CONSOLIDATED TOTALS. Each factor is a ratio of the total within
Oklahoma to the total everywhere. For income apportioned to Oklahoma, there is to be added all income separately
allocated to Oklahoma with the result being Oklahoma taxable income. 68 OS Sec. 2358
Line1-FederalTaxableIncome
Enter Net Taxable Income from Part 1, column A, line 30.
Line 2 - Additions
Deductions relating to income that is separately allocated shall not be allowed and will be entered here.
Rents and interest expenses paid to a captive real estate investment trust and deducted on your federal return must be
added back to compute Oklahoma taxable income. Such add-back is not required if the captive real estate investment
trust is subject to the add-back for the dividends-paid deduction. See “Captive Real Estate Investment Trusts” on page 7.
Line3-Deductions
Income from U.S. obligations (see page 7, Part 1 instructions) and net income separately allocated (oil and gas
production, mining, farming, pass-through entities or rentals) will be entered here. Gains or losses from sale of intangible
personal property that is directly allocated should also be entered here.
Line6-OklahomaAdditionsandDeductions
Income separately allocated to Oklahoma should be entered here. (Examples: interest income from state obligations
or political subdivisions, oil and gas production, mining, farming, rentals, the Oklahoma distributable income from pass-
throughs, etc.)
If you are a member, either directly or indirectly, of an electing PTE, please attach a schedule listing the PTE, FEIN,
federal taxable income (loss) and Oklahoma taxable income (loss) in line 1 that is covered by the election pursuant to the
provisions of the Pass-Through Entity Act of 2019 (68 OS §2355.1P-4).
Line8-OklahomaAccruedTax
Oklahoma accrued tax is computed by dividing line 7 (Oklahoma Net Income before Oklahoma Income Tax) by the
number 17.6667.
When ling a consolidated return, complete Form 512-TI. The accrual of Oklahoma state income tax must be made after
the combination of the income and loss from all companies included in the combination. The accrued tax cannot be less
than zero.
When credits are allowed, the accrual of Oklahoma tax will not be allowed on the amount of Oklahoma taxable income
that is covered by the credit. Tax accrual is allowed on the amount of income for which tax is actually paid. The following
example shows how the accrual should be calculated. A schedule, like the example, should be provided and submitted
with Form 512.
ComputationofTaxAccrualWhenTaxCreditsAreAllowable
1. Oklahoma income before tax accrual 100,000
2. Allowable Oklahoma credits 2,000
Computation of accrued tax allowed
A. Oklahoma income (line 1 above) 100,000
B. Line 2 above divided by 6% 33,333
C. Subtract line B from line A 66,667
D. Divide line C by 17.6667 3,774
(If line D is less than 0, enter 0)
3. Subtract line D from line 1 above 96,226
(Enterline3aboveonPage1,line1ofyourOklahomaCorporationIncomeTaxForm512)
Total tax due 5,774
Tax accrual allowed 3,774
Tax credit allowed 2,000
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2020 OKLAHOMA CORPORATION TAX PACKET
PAGE ONE - SECTION ONE: INCOME TAX
Line2-Tax
The income tax rate is 6%.
RecaptureofOklahomaAffordableHousingTaxCredit
If under IRC Section 42 a portion of any federal low-income housing credits taken on a qualied project is required to be
recaptured during the rst 10 years after a project is placed in service, the taxpayer claiming Oklahoma Affordable Housing
Tax Credits with respect to such project shall also be required to recapture a portion of such credits. The amount of
Oklahoma Affordable Housing Tax Credits subject to recapture is proportionally equal to the amount of federal low-income
housing credits subject to recapture. Add the recaptured credit to the Oklahoma income tax and enter a “1” in the box.
MakinganOklahomaInstallmentPaymentPursuanttoIRCSection965(h)
If a taxpayer elected to make installment payments of tax due pursuant to the provisions of subsection (h) of Section 965
of the IRC, such election may also apply to the payment of Oklahoma income tax, attributable to the income upon which
such installment payments are based. Add the installment payment to the Oklahoma income tax and enter a “2” in the
box. Provide a schedule of the tax computation. 68 O.S. Sec. 2368(K)
Line3-OtherCredits
The amount of other credits as claimed on Form 511CR should be entered on this line. Enter in the box the number that
corresponds with the credit to which you are entitled. Enter “99” if entitled to more than one credit. See below for a list of
the credits available on Form 511CR.
If you are claiming any of the credits on Form 511CR, provide the form, and any applicable forms or schedules, with your
Form 512 return.
Form 511CR can be obtained from our website at tax.ok.gov.
Tax credits transferred or allocated must be reported on OTC Form 569. Failure to le Form 569 will result in the affected
credits being denied by the OTC pursuant to 68 OS Sec. 2357.1A-2.
• Oklahoma Investment/New Jobs Credit
ProvideForm506.
68 OS Sec. 2357.4 and Rule 710:50-15-74.
• Coal Credit
68 OS Sec. 2357.11 and Rule 710:50-15-76.
• Credit for Investment in a Clean-Burning Motor Vehicle Fuel Property
ProvideForm567-A.
68 OS Sec. 2357.22 and Rule 710:50-15-81.
• Small Business Guaranty Fee Credit (for Banks and Credit Unions)
ProvideForm529.
68 OS Sec. 2370.1.
• Credit for Tourism Development or Qualied Media Production Facility
68 OS Sec. 2357.34 - 2357.40.
• Oklahoma Local Development and Enterprise Zone Incentive Leverage Act Credit
68 OS Sec. 2357.81.
• Credit for Qualied Rehabilitation Expenditures
68 OS Sec. 2357.41 and Rule 710:50-15-108.
• Credit for Electricity Generated by Zero-Emission Facilities
68 OS Sec. 2357.32A.
• Credit for Financial Institutions Making Loans unde the Rural Economic Development Loan Act
68 OS Sec. 2370.1.
• Credit for Manufacturers of Small Wind Turbines
68 OS Sec. 2357.32B and Rule 710:50-15-92.
• Credit for the Construction of Energy Efcient Homes
68 OS Sec. 2357.46 and Rule 710:50-15-104.
• Credit for Railroad Modernization
68 OS Sec. 2357.104 and Rule 710:50-15-103.
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Line3-OtherCredits(continued)
• Research and Development New Jobs Credit
ProvideForm563.
68 OS Sec. 54006 and Rule 710:50-15-105.
• Credit for Biomedical Research Contribution
68 OS Sec. 2357.45 and Rule 710:50-15-113.
• Credit for Employers in the Aerospace Sector
ProvideForm565.
68 OS Sec. 2357.301, 2357.302 and 2357.303 and Rule 710:50-15-109.
• Wire Transfer Fee Credit
68 OS Sec. 2357.401 and Rule 710:50-15-111.
• Credit for Cancer Research Contribution
68 OS Sec. 2357.45 and Rule 710:50-15-113.
• Oklahoma Capital Investment Board Tax Credit
74 OS Sec. 5085.7.
• Credit for Contributions to a Scholarship-Granting Organization
68 OS Sec. 2357.206 and Rule 710:50-15-114.
• Credit for Contributions to an Educational Improvement Grant Organization
68 OS Sec. 2357.206 and Rule 710:50-15-115.
• Credit for Venture Capital Investment
ProvideForm518-Aor518-B.
68 OS Sec. 2357.7 & 8 and Rule 710:50-15-77 & 78.
• Oklahoma Affordable Housing Tax Credit
68 OS Sec. 2357.403.
• Credits for Employers in the Vehicle Manufacturing Industry
ProvideForm585.
68 OS Sec. 2357.404 and Rule 710:50-15-116
Line 7 - Oklahoma Withholding
1. Enter the Oklahoma income tax withheld from your royalty payments.
2. Oklahoma income tax is withheld from distributions made by PTEs to nonresident members, unless such
nonresident member has led a withholding exemption afdavit (Form OW-15). If you are a nonresident member
of a PTE who has not led an afdavit, Oklahoma income tax should have been withheld on distributions of
Oklahoma taxable income. Enter the Oklahoma income tax withheld on your distribution.
Provide the Form 500-A, Form 1099-MISC, Form 500-B, Form K-1 or other documentation to substantiate Oklahoma
withholding.
Line8-RefundableCredits
Place an “X” in the box(es) on line 8 to report any credit from Form 577 or Form 578.
If claiming the RefundableCoalCredit, provide Form 577. Credits earned, but not used, based upon activity occurring
during the tax year will be refunded at 85% of the face amount of the credits.
For any credit calculated, the credit allowed is
equal to 75% of the amount otherwise provided.
A PTE that does not le a claim for a direct refund will allocate the credit to
one or more of its shareholders, partners or members.
If claiming the RefundableCreditforElectricityGeneratedbyZero-EmissionFacilities, provide Form 578. Credits
earned, but not used, based on electricity generated during the tax year may be refunded to the taxpayer at 85% of the
face amount of the credits. A PTE that does not le a claim for a direct refund may allocate the credit to one or more of its
shareholders, partners or members.
Line14-SupporttheOklahomaGeneralRevenueFundandPublicClassroomSupportFund
A donation to these funds may be made on a tax due return. For more information regarding these funds, see the
instructions for line 29, #3 and #8.
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Line15-UnderpaymentofEstimatedTaxInterest
All corporations are required to make estimated tax payments if the tax liability is $500 or more. To avoid the 20%
Underpayment of Estimated Tax Interest, timely led estimated tax payments are required to be equal to the smaller of
70% of the current year tax liability or 100% of your prior year tax. The tax liability is the tax due less all credits except
amounts paid on estimated tax and extension payments.
Place an “X” in the box if the underpayment of estimated tax was computed using the annualized income installment
method.
Note: No Underpayment of Estimated Tax Interest shall be imposed if the tax liability shown on the return is less than
$1,000. Provide Form OW-8-P.
If an amended return is led before the due date for ling the original return, including any extension, the tax shown on
the amended return is used to determine the amount of underpayment. If the amended return is led after the due date,
including extension, the tax shown on the amended return will not be used to compute the amount of underpayment.
Line16-DelinquentPenaltyandInterest
Interest at the rate of 1.25% per month shall be paid on the tax due from the original due date until paid.90%ofthetax
liabilitymustbepaidbytheoriginalduedateofthereturntoavoidadelinquentpenaltychargeof5%forlate
payment.
NOTE:IfacombinedCorporateIncomeandFranchiseTaxReturnisnotbeingled,skipthe“Franchise
TaxInstructions”andgotothe“PageTwo,SectionThree:Total”instructionsonpage14.
LINE BY LINE INSTRUCTIONS: FRANCHISE TAX
PAGES SIX THROUGH NINE: ANNUAL FRANCHISE TAX RETURN
First Step
Complete Balance Sheet and Schedules B, C and D on Form 512, pages 8 and 9. (Must be returned with annual return.)
BalanceSheetInstructions(page9)
Lines1–3
Cash, notes, accounts receivable, and inventories are to be reported at book value.
Line 4
United States, municipal, commercial and other bonds owned by the corporation.
Line 5
Prepaid expenses and deferred charges are to be included as assets at book value.
Line8
Stock or other evidence of ownership in subsidiary organizations as shown on the corporation’s books of account.
Lines9b,10b,11b.
If accumulated depreciation and depletion appear to be excessive, the excess may be disallowed.
Line13
Patents, trademarks, copyrights, etc., and franchises are to be included as assets to the extent of their cost. In the case
of a denite term franchise, the cost thereof may be amortized over its life. Goodwill is an asset and should be shown at
book value. All intangibles, including cash, are to be apportioned wholly to Oklahoma unless a commercial or business
location for the intangibles has been established elsewhere.
Line 14
Life insurance, where the reporting taxpayer is beneciary, is to be shown at cash surrender value.
Line 15
Total net amount of lines 6 through 14.
Line18
Total lines 15, 16, and 17.
Line 20
Reserves for taxes are allowed to the extent such taxes are unpaid. Deferred credits are included in capital employed
unless they can be shown to be actual liabilities.
Line 21
Current liability includes indebtedness payable in three years or less after issuance.
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First Step (continued)
Line26
Stockholder loans must be repaid within three years of creation to be considered a current liability. Contingent assets or
liabilities should not be included unless fully explained and the condition under which they become actual is clearly set forth.
Line32
Total lines 23 through 31. The amounts as shown by the books of account shall be the measure of value of the assets and
liabilities, except when the items on the books of account are in error or lack sufcient detail to truly reect the amount of
capital invested and employed in the business.
Second Step
Complete the Oklahoma Annual Franchise Tax Return (Page 6).
Item A: Place the taxpayer FEIN in Block A.
Item B: Enter the account number issued by the OTC beginning with “FRX” followed by ten digits. If no number has been
issued, leave blank.
Item C: Place an “X” in the box if your mailing address has changed. Write your new address in the space provided in
Item C.
Item D: Enter your balance sheet date (MM/DD/YY) of your most recent income tax accounting year. Do NOT leave blank.
Lines1-11(except9) are derived from your balance sheet (page 9). Please put the date of the balance sheet in Box D.
Line9-PercentofOklahomaAssets
Select which option you will use to determine the apportionment of Oklahoma assets.
Option 1: Percent of Oklahoma assets and business done to total assets and business done (line 6 divided by line 8).
Round to six decimal points.
Option 2: Percent of Oklahoma assets to total net assets (line 1 divided by line 2). Round to six decimal points.
Line12-Tax
Compute tax at $1.25 per $1,000.00 of capital, either line 4 or line 11. If tax is more than $20,000.00, enter $20,000.00 on
line 12. You are exempt from paying tax if your tax liability is $250.00 or less, however, a return must still be led.
Note: Corporations paying the maximum franchise tax of $20,000.00 this year will be required to le a stand-alone
Franchise Tax Return (Form 200) next year. A combined corporate income and franchise tax return will not be allowed.
Line13-RegisteredAgentFee
If the corporation originated in a state other than Oklahoma, the Oklahoma Secretary of State charges an annual
registered agent fee of $100.00 which is collected on the franchise tax return.
Line 14 - Interest
Tax not paid by the original due date is subject to 1.25% interest per month from the due date until it is paid. Multiply the
amount in line 12 by .0125 for each month the tax is unpaid.
Line15-Penalty
Tax not paid by the original due date is subject to a penalty of 10%. Multiply the amount in line 12 by .10 to determine the
penalty.
Line16-ReinstatementFee
If your corporate charter has been suspended, you must le a separate franchise return, Form 200, and meet all
outstanding ling and payment obligations in order to be reinstated. A $150.00 reinstatement fee is also required. Only
one reinstatement fee is required even if multiple past due returns are being led.
Note: To expedite the reinstatement of your corporation, the fee can be paid online through your OkTAP franchise account
or by using our online payment service.
Line17-PreviousPayment
Enter any estimated franchise tax paid with Form 504-C. If ling an amended return, enter any franchise tax paid with the
original return and amounts paid after it was led.
Line18-Overpayment
Add the amounts from lines 12 through 16. If the result is less than the amount on line 17, subtract line 17 and enter the
difference (overpayment) on line 18.
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Second Step (continued)
Line19-TotalDue
Add the amounts from lines 12 through 16. If the result is larger than the amount on line 17 subtract line 17 and enter the
difference (tax due) on line 19.
Third Step
ScheduleA:OfcerInformation(Page7)
Enter the effective date of ofcers. Please refer to the example on Schedule A. Failure to provide this information could
result in the corporation being suspended.
PAGE TWO - SECTION TWO: FRANCHISE TAX
To complete lines 18-25, use the gures from page 6, lines 12-19 or, if consolidated, use Form 512-FT.
LINE BY LINE INSTRUCTIONS: INCOME TAX AND FRANCHISE TAX
PAGE TWO - SECTION THREE: TOTAL
To complete lines 18-25, use the gures from page 6, lines 12-19 or, if consolidated, use Form 512-FT.
All corporations complete Section Three: Total
Combine Income Tax and Franchise Tax. If there is a balance due, complete line 26. If there is an overpayment, complete
lines 27-31.
Line29-Donations
You have the opportunity to make a nancial gift from your refund to a variety of Oklahoma organizations. Enter the
amount of your donation and place the line number of the organization in the box on line 29 of Form 512. If you give to
more than one organization, put a “99” in the box and attach a schedule showing how you would like your donation split.
 SupportofProgramsforVolunteerstoActasCourtAppointedSpecialAdvocatesforAbusedorNeglectedChildren
You may donate from your tax refund to support programs for volunteers to act as Court Appointed Special Advocates for
abused or neglected children. Donations will be placed in the Income Tax Checkoff Revolving Fund for Court Appointed
Special Advocates. Monies will be expended by the Ofce of the Attorney General for the purpose of providing grants
to the Oklahoma CASA Association. If you are not receiving a refund, you may still donate. Mail your contribution to:
Oklahoma CASA Association, Inc., P.O. Box 54946, Oklahoma City, OK 73154.
Indigent Veteran Burial Program
You may donate from your tax refund to support the Oklahoma Department of Veterans Affairs Indigent Veteran Burial
Program. Monies will be expended by the Oklahoma Department of Veterans Affairs to provide reimbursement to a
cemetery or funeral home for costs incurred burying an indigent veteran; provided, the maximum reimbursement shall
not exceed $500 per veteran. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma
Department of Veterans Affairs, P.O. Box 53067, Oklahoma City, OK 73152.
SupporttheOklahomaGeneralRevenueFund
You may donate from your tax refund to support the General Revenue Fund of the State of Oklahoma. Appropriation of
such funds will be subject to the provisions of Section 23 of Article X of the Oklahoma Constitution. Expenditures from the
fund will be made upon warrants issued by the State Treasurer against claims led as prescribed by law with the Director
of the Ofce of Management and Enterprise Services for approval and payment.
OklahomaEmergencyRespondersAssistanceProgram
You may donate from your tax refund to support the Oklahoma Emergency Responders Assistance Program. Monies
will be expended by the Department of Public Safety for the purpose of providing grants to the Program for post critical
incident care to all emergency rst responders and their families who are experiencing emotional trauma. If you are
not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department of Public Safety, Finance
Department, Re: Oklahoma Emergency Responders Assistance Program, P.O. Box 11415, Oklahoma City, OK 73136-
0415.
Support of Folds of Honor Scholarship Program
You may donate from your tax refund to support the Folds of Honor Foundation. Folds of Honor is a 501(c)(3) charitable
organization that provides scholarships for K through 12 and post-secondary education for children and spouses of
military service men and women fallen or disabled while serving on active duty. If you are not receiving a refund, you may
still donate to Folds of Honor. Mail your contribution to: Folds of Honor Foundation, 5800 North Patriot Drive, Owasso, OK
74055.
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Line29-Donations(continued)
SupporttheWildlifeDiversityFund
You may donate from your tax refund to help conserve rare or declining sh and wildlife along with common species not
hunted or shed. Donations to the Oklahoma Department of Wildlife Conservation’s Wildlife Diversity program supports
eld surveys of animals considered to be of greatest conservation need, as well as educational wildlife programs for all
Oklahomans. Tax deductible donations to the Wildlife Diversity Fund also can be made at wildlifedepartment.com or by
mail: P.O. Box 53465, Oklahoma City, Oklahoma 73152.
Support of Programs for Regional Food Banks in Oklahoma
You may donate from your tax refund to support the Regional Food Bank of Oklahoma and the Community Food Bank
of Eastern Oklahoma (Oklahoma Food Banks). The Oklahoma Food Banks are the largest hunger-relief organizations in
the state – distributing food to charitable and faith-based feeding programs throughout all 77 counties in Oklahoma. Your
donation will be used to help provide food to the more than 500,000 Oklahomans at risk of hunger on a daily basis. If you
are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department of Human Services,
Revenue Processing Unit, Re: Programs for OK Food Banks, P.O. Box 248893, Oklahoma City, OK 73124.
PublicSchoolClassroomSupportFund
You may donate from your tax refund to support the Public School Classroom Support Revolving Fund. It will be used by
the State Board of Education to provide one or more grants annually to public school classroom teachers. Grants will be
used by the classroom teacher for supplies, materials or equipment for the class or classes taught by the teacher. Grant
applications will be considered on a statewide competitive basis. You may also mail a donation to: Oklahoma State Board
of Education, Public School Classroom Support Fund, Ofce of the Comptroller, 2500 North Lincoln Boulevard, Room
415, Oklahoma City, OK 73105-4599.
OklahomaPetOverpopulationFund
You may donate from your tax refund to support the Oklahoma Pet Overpopulation Fund. Monies placed in this fund will
be expended for the purpose of developing educational programs on pet overpopulation and for implementing spay/neuter
efforts in this state. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department
of Agriculture, Food and Forestry, Animal Industry Division, 2800 North Lincoln Blvd., Oklahoma City, OK 73105.
Support the Oklahoma AIDS Care Fund
You may donate from your tax refund to support the Oklahoma AIDS Care Fund. Monies will be expended by the
Department of Human Services for the purpose of providing grants to the Fund for purposes of emergency assistance,
advocacy, education, prevention and collaboration with other entities. If you are not receiving a refund, you may still
donate. Mail your contribution to: Oklahoma Department of Human Services, Revenue Processing Unit, Re: OK Aids
Care Fund, P.O. Box 248893, Oklahoma City, OK 73124.
OklahomaSilverHairedLegislatureandAlumniAssociationPrograms
You may donate from your tax refund to support the Oklahoma Silver Haired Legislature and their Alumni Association
activities. The Oklahoma Silver Haired Legislature was created in 1981 as a forum to educate senior citizens in the
legislative process and to highlight the needs of older persons to the Oklahoma State Legislature. Monies generated from
donations will be used to fund expenses of the Silver Haired Legislators, training sessions, interim studies and advocacy
activities. If you are not receiving a refund, you may still donate. Mail your contribution to:
Oklahoma Silver Haired
Legislature and Alumni, P.O. Box 25352, Oklahoma City, OK 73125
.
Line31-Refund
Complete the direct deposit section on the tax return to have the refund deposited into your account at a bank or other
nancial institution. See “Direct Deposit Information” on page 16 for details.
WHEN YOU ARE FINISHED
In the event that you owe taxes, provide a check or money order payable to “Oklahoma Tax Commission”. Enclose a
completed Form EF-V with your payment if mailing separate from your return.
Payments may also be made electronically online. Log on to tax.ok.gov and visit the “OnlineServices”section.
Do not provide any correspondence other than those documents and schedules required for your return.
For proper account application, please do not provide any estimated payments and/or vouchers with this return. Mail tax
year 2020 estimated payments separately.
Return must be signed.
Mail the originals, along with any payment due, to: OklahomaTaxCommission-IncomeTax
POBox26800
OklahomaCity,OK73126-0800
2020 OKLAHOMA CORPORATION TAX PACKET
6
7
8
9
10
11
Fast,free,24/7onlinelingservicesatoktap.tax.ok.gov 16
JOE SMITH
SUSIE SMITH
123 Main Street
Anyplace, OK 00000
1234
ANYPLACE BANK
Anyplace, OK 00000
For
PAY TO THE
ORDER OF
$
15-0000/0000
DOLLARS
:120120012 : 2020268620 1234
Routing
Number
Account
Number
SAMPLE
SAMPLE
Note: The routing
and account numbers
may appear in
different places on
your check.
Place an ‘X’ in the appropriate box as to whether the refund will be going into a checking or savings
account. Keep in mind you will not receive notication of the deposit.
Enter your routing number. The routing number must be nine digits. Using the sample check shown
below, the routing number is 120120012. If the rst two digits are not 01 through 12 or 21 through
32, the direct deposit will fail to process.
Enter your account number. The account number can be up to 17 characters (both numbers and
letters). Include hyphens but omit spaces and special symbols. Enter the number from left to right
and leave any unused boxes blank. On the sample check shown below, the account number is
2020268620.
1
2
3
Completethedirectdepositsectiononthetaxreturntohavetherefunddirectlydepositedintoyouraccountata
bankornancialinstitution.Refunds,withlimitedexceptions,mustbemadebydirectdeposit.
Please Note: The OTC is not responsible if a nancial institution refused a direct deposit. If a direct deposit is refused, a
check will be issued to the address shown on the tax return.
WARNING! Due to electronic banking rules, the OTC will NOT allow direct deposits to or through foreign nancial
institutions. If you use a foreign nancial institution, you will be issued a paper check.
THE OKLAHOMA TAX COMMISSION IS JUST ONE CLICK AWAY
FOR YOUR CONVENIENCE, 24/7
Locations
OklahomaCity:
2501 North Lincoln Boulevard
Tulsa: 440 South Houston, 5th Floor
(This location accepts online electronic payments only)
tax.ok.gov
TaxpayerServiceCenter
Monday - Friday 8:00 a.m. - 5:30 p.m.
(405) 521-3160
StayConnected
GET YOUR REFUND FASTER. USE DIRECT DEPOSIT!
The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.
Corporation Income and Franchise Tax Return
B. Business Code Number
Place an ‘X’ if: (1) Initial return (2) Final return (3) Amended return (See Schedule 512-X on page 10)
A. Federal Employer
Identication Number
If you have applied for an extension
from the IRS, place an ‘X’ here and
provide a copy.
TYPE OF RETURN FILED
EXTENSION
Oklahoma or
Federal or
(page 3 of
instructions)
Separate Consolidated
Name of Corporation
Street Address
City State or Province Country ZIP or Foreign Postal Code:
Form 512
2020
STATE OF INCORP
Okla
Other
1 Oklahoma taxable income (as shown on Part 1 or 2, or if consolidated, from Form 512-TI) ................ 1
2 Tax: 6% of line 1 (If recapturing the Oklahoma Affordable Housing Tax Credit, add the recaptured credit
here and enter a “1” in the box. If making an Oklahoma installment payment pursuant to IRC Sec. 965(h)
and 68 O.S. Sec. 2368(K), add the installment payment here and enter a “2” in the box)
2
3 Less: Other Credits Form (total from Form 511CR) (see instructions) 3
4 Balance of tax due (line 2 minus line 3, but not less than zero) ............................................................ 4
5 2020 Oklahoma estimated tax payments (i.e. Form(s) OW-8-ESC and
prior year overpayment carryforward) ........................................................... 5
6 Amount paid with extension request.............................................................. 6
7 Oklahoma withholding
(provide Form 1099, 500-A or other withholding statement)
... 7
8 Refundable Credits from Form ....................... a) 577 .........b) 578 ....
8
9 Amount paid with original return and amount paid after it was led
(amended return only) ................................................................................... 9
10 Any refunds or overpayment applied (amended return only) ........................ 10
11 Total of lines 5 through 10 ..................................................................................................................... 11
12 Overpayment (line 11 minus line 4) .......................................................................... Overpayment 12
$
Notice:
Enter the amount of Oklahoma net operating loss as shown on
Part 1, line 29(a) or Part 2, line 6(e) ........................ Loss year(s): .......
( )
SECTION ONE: INCOME TAX
13 Tax Due (line 4 minus line 11) ..............................................................................Income Tax Due 13
14 (a) Donation: Support the Oklahoma General Revenue Fund ..............................................................
14a
(b) Donation: Public School Classroom Support Fund ..........................................................................
14b
15 Underpayment of estimated tax interest ...................................................................... Annualized 15
16 For delinquent payment add penalty of 5% ........................$ ___________________________ plus
interest of 1.25% per month ..................................................$ ___________________________ ....... 16
17 Total tax, penalty and interest
(add lines 13 - 16)...................................................................................Income Tax Balance Due 17
Notice: Corporations should NOT complete the franchise tax portion of the return for the following:
• Filing a stand-alone Oklahoma Annual Franchise Tax Return (Form 200).
• Notrequiredtoleafranchisereturn.
• Remitted the maximum amount of franchise tax for the preceding tax year.
State of Oklahoma
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
For the year January 1 - December 31, 2020, or other taxable year beginning: ending:
2020
2020 Form 512 - Page 2
Corporation Income and Franchise Tax
Placean“X”hereiflingacombinedcorporateincomeandfranchisetaxreturn
andcompleteSectionTwo.CorporationslingaForm200willskipSectionTwoand
complete Section Three.
SECTION TWO: FRANCHISE TAX
18 Tax ........................................................................................................................................................... 18
19 Registered Agents Fee ............................................................................................................................ 19
20 Interest..................................................................................................................................................... 20
21 Penalty..................................................................................................................................................... 21
22 Reinstatement Fee .................................................................................................................................. 22
23 Previous Payment ................................................................................................................................... 23
24 Overpayment ....................................................................................Franchise Tax Overpayment 24
25 Total Due .................................................................................................. Franchise Tax Balance 25
Tocompletelines18-25,usetheguresfrompage6,lines12-19or,ifconsolidated,useForm512-FT.
Balance Due
26 Total Balance Due ....................................................................................................Balance Due 26
Is this refund going to or through an account that is located outside of the United States?
Yes No
Routing
Number:
checking account savings account
Account
Number:
Deposit my refund in my:
Direct Deposit Note:
All refunds must be by direct deposit.
See Direct Deposit Information on
page16ofthe512Packetfordetails.
Line29providesyoutheopportunitytomakeadonationfromyourtaxrefundtoavarietyofOklahoma
organizations.Placethelinenumberoftheorganizationfromtheline29instructionsintheboxbelow
andentertheamountyouaredonating.Ifgivingtomorethanoneorganization,puta“99”inthebox
and attach a schedule showing how you would like your donation split.
If the Oklahoma Tax Commission may discuss this return with your tax preparer, place an ‘X’ here:
Under penalties of perjury, I declare I have examined this return, including any accompanying schedules and statements, and to the best of my knowledge and belief,
it is true, correct and complete. If prepared by person other than the taxpayer, this declaration is based on all information of which preparer has any knowledge.
Corporate
Seal
Signature of Ofcer Date
Printed Name of Ofcer
Title
Signature of Preparer Date
Printed Name of Preparer
Phone Number Preparer’s PTIN
Make check payable to the
Oklahoma Tax Commission
Provide a copy of Federal return-RemittoOklahomaTaxCommission-POBox26800-OklahomaCity,OK73126-0800
Overpayment
27 Total Overpayment ................................................................................................................................. 27
28 Amount of line 27 to be credited to 2021 estimated income tax
(original return only) ................................................................................... 28
29 Donations from your refund ......... $2 $5 $ __________ 29
30 Total (add lines 28 and 29) ...................................................................................................................................... 30
31 Amount of line 27 to be refunded to you (line 27 minus line 30) .....................................................Refund 31
Phone Number
Name shown
on Form 512:
FEIN
SECTION THREE: TOTAL -
All corporations complete Section Three. Combine Income Tax and Franchise Tax. If there is a net
balancedue,completeline26.Ifthereisanetoverpayment,completelines27-31.
( )
00
00
00
00
00
00
00
00
00
00
00
00
00
00
12 Compensation of ofcers .......................................................................................... 12
13 Salaries and wages .................................................................................................. 13
14 Repairs ..................................................................................................................... 14
15 Bad debts ................................................................................................................. 15
16 Rents ........................................................................................................................ 16
17 Taxes ........................................................................................................................ 17
18 Interest...................................................................................................................... 18
19 Charitable contributions ............................................................................................ 19
20 Depreciation ............................................................................................................. 20
21 Depletion (see instructions below)............................................................................ 21
22 Advertising ................................................................................................................ 22
23 Pension, prot-sharing plans, etc. ............................................................................ 23
24 Employee benet programs...................................................................................... 24
25 Oklahoma Capital Gain Deduction (provide Form 561C) ......................................... 25
26 Other deductions (provide schedule)........................................................................ 26
27 Total Deductions (add lines 12 through 26) ............................................................ 27
Has the Internal Revenue Service redetermined your tax liability for prior years? Yes No What years? ____________________
Did you le amended returns for the years stated above? Yes No N/A
Has the statute of limitations been extended by consent for any prior years? Yes No What years? ____________________
Business name _________________________________________________ Date business began in Oklahoma ________________
Principal location(s) in Oklahoma _________________________________________________________________________________
Give name, address and relationship of all afliated corporations - provide Federal Form 851
________________________________________________________________________________________________
________________________________________________________________________________________________
1 Gross receipts or gross sales __________________ (less: returns and allowances) ................. 1
2 Less: Cost of goods sold .......................................................................................... 2
3 Gross prot (line 1 minus line 2) ............................................................................... 3
4 Dividends .................................................................................................................. 4
5 Interest on obligations of the United States and U.S. Instrumentalities.................... 5
6 (a) Other interest ..................................................................................................... 6a
(b) Municipal interest ............................................................................................... 6b
7 Gross rents ............................................................................................................... 7
8 Gross royalties.......................................................................................................... 8
9 (a) Net capital gains................................................................................................. 9a
(b) Ordinary gain or [loss] ........................................................................................ 9b
10 Other income (provide schedule) ............................................................................. 10
11 Total income (add lines 3 through 10) ..................................................................... 11
Gross Income (lines 1 through 11)
Part 1, Column B is for corporations whose income is all within Oklahoma and/or for corporations whose income
is partly within and partly without Oklahoma (not unitary). Provide a complete copy of your Federal return.
Deductions(lines12through27)
Totals (lines 28 through 30)
Important: All applicable lines and schedules must be lled in.
Note: Indicate method used to allocate expenses to Oklahoma and provide schedule of computations.
Oklahoma Depletion in Lieu of Federal Depletion - Oklahoma depletion on oil and gas may be computed at 22% of gross income derived
from each Oklahoma property during the taxable year. Major oil companies, as dened in 52 Oklahoma Statutes Section 288.2, when computing Oklahoma depletion shall be
limited to 50% of the net income (computed without the allowance for depletion) from each property. Depletion schedule by property must be provided with return. Note:
General and administrative expense (computed on basis of Oklahoma direct expense to total direct expense) must be deducted before applying the 50% test.
PART 1
Address City State Zip
Location of Principal Accounting Records
ADDITIONAL INFORMATION
28 Taxable income before net operating loss deductions and special deductions ........ 28
29 Less: (a) Net operating loss deduction (schedule) .................................................
29a
(b) Special deductions ...................................................................................
29b
30 Taxable income (line 28 minus lines 29a & b). Enter Column B on page 1, line 1 ........ 30
Column A
As reported on
Federal Return
Column B
Total applicable
to Oklahoma
2020 Form 512 - Page 3
Corporation Income Tax
Name shown
on Form 512:
FEIN
1 Net taxable income from Part 1, Column A, line 30 1 $
2 Add: (a) Taxes based on income ................................................................2a
(b) Federal net operating loss deduction ...........................................2b
(c) Unallowable deduction (provide schedule) ...................................2c
(d) _________________________________ ..................................2d
(e) _________________________________ ..................................2e
(f) Total of lines 2a through 2e 2f $
3 Deduct all items separately allocated
(a) _________________________________ ..................................3a
(b) _________________________________ ..................................3b
(c) _________________________________ ..................................3c
(d) _________________________________ ..................................3d
(e) _________________________________ ..................................3e
(f) Total of lines 3a through 3e 3f $
(Note: Items listed in 2 and 3 above must be net amounts supported
by schedules showing source, location, expenses, etc.)
4 Net apportionable income 4 $
5 Oklahoma’s portion thereof _________________ %, from schedule below 5 $
6 Add or deduct items separately allocated to Oklahoma (provide schedule)
(a) ________________________________________ ..................................6a
(b) ________________________________________ ..................................6b
(c) ________________________________________ ..................................6c
(d) Oklahoma Capital Gain deduction (provide Form 561C) ...........................6d
(e) Oklahoma net operating loss deduction .....................................................6e
7 Oklahoma net income before tax (add lines 5 and 6) 7 $
8 Oklahoma accrued tax (see instructions) 8 $
9 Oklahoma taxable income, line 7 less line 8 (enter on page 1, line 1) 9 $
1 Value of real and tangible personal property used in
the unitary business (by averaging the value at the
beginning and ending of the tax period).
(a) Owned property (at original cost):
(i) Inventories ..................................................1ai
(ii) Depreciable property ................................. 1aii
(iii) Land .......................................................... 1aiii
(iv) Total of section “a” ................................... 1aiv
(b)
Rented property (capitalize at 8 times net rental paid) .....1b
(c) Total of sections “a” and “b” above ....................... 1c
2 (a) Payroll ...............................................................2a
(b) Less: Ofcer salaries.........................................2b
(c) Total (subtract ofcer salaries from payroll) ......... 2c
3 Sales:
(a) Sales delivered or shipped to Oklahoma purchasers:
(i) Shipped from outside Oklahoma....................3ai
(ii) Shipped from within Oklahoma ....................3aii
(b) Sales shipped from Oklahoma to:
(i) The United States Government .....................3bi
(ii) Purchasers in a state or country where the
corporation is not taxable (e.g. under Public Law 86-272) 3bii
(c) Total all of sections “a” and “b” ............................. 3c
4 If revenue, trafc units or miles traveled is used rather than sales, indicate here: _______________________________________
5 Total percent (sum of items 1, 2 and 3) ........................................................................................................5
6 Average percent (1/3 of total percent) (Carry to Part 2, line 5) .....................................................................6
Part 2 is for computation of Oklahoma taxable income of a unitary enterprise. [Section 2358(A)(5)]
Provide a complete copy of your Federal return.
APPORTIONMENT FORMULA
$
$
$
( )
( )
PART 2
$ $
%
%
%
%
%
$ $
$ $
Column A
Total Within
Oklahoma
Column B
Total Within and
Without Oklahoma
Column C
(A divided by B)
Percent Within
Oklahoma
2020 Form 512 - Page 4
Corporation Income Tax
Name shown
on Form 512:
FEIN
1 Cash ............................................................. 1
2 Trade notes and accounts receivable .......... 2
(a) Less allowance for bad debts ................2a
3 Inventories ................................................... 3
4 Government obligations:
(a) U.S. and instrumentalities ......................4a
(b) State, subdivision, thereof, etc ..............4b
5 Other current assets (provide schedule) ...... 5
6 Loans to shareholders ................................. 6
7 Mortgage and real estate loans ................... 7
8 Other investments (provide schedule) ......... 8
9
Buildings and other xed depreciable assets
.. 9
(a) Less accumulated depreciation .............9a
10 Depletable assets .......................................10
(a) Less accumulated depletion ................10a
11 Land (net of any amortization) ....................11
12 Intangible assets (amortization only) ..........12
(a) Less accumulated amortization ...........12a
13 Other assets (provide schedule) .................13
14 Total assets .................................................14
(A) Amount (B) Total (C) Amount (D) Total
BEGINNING OF TAXABLE YEAR
( ) ( )
SCHEDULEOKM-1:RECONCILIATIONOFINCOMEPERBOOKSWITHINCOMEPERRETURN
1 Net income (loss) per books ........................ 1
2 Federal income tax ...................................... 2
3 Excess of capital losses over capital gains .. 3
4 Taxable income not recorded on books this
year (provide schedule) ............................... 4
5 Expenses recorded on books this year not
deducted in this return (provide schedule)
(a) Depreciation $ ___________________
(b) Depletion $ ___________________
(c) Other ___________________________
________________________________
(d) Total of lines 5a, 5b and 5c ....................5d
6 Total of lines 1 through 4 and 5d .................. 6
7 Income recorded on books this year not
included in this return (provide schedule)
(a) Tax exempt interest $ ________________
(b) Other $ ________________
(c) Total of lines 7a and 7b ...........................7c
8 Deductions in this tax return not charged
against book income this year (provide schedule)
(a) Depreciation $ _____________________
(b) Depletion $ _____________________
(c) Other ____________________________
(d) Total of lines 8a, 8b and 8c .................... 8d
9 Total of lines 7c and 8d .................................. 9
10 Net income: line 6 less line 9 ....................... 10
1 Balance at beginning of year ....................... 1
2 Net income (loss) per books ........................ 2
3 Other increases (provide schedule)
___________________________________
__________________________________ 3
4 Total of lines 1, 2 and 3 ................................ 4
5 Distributions: (a) Cash ............................. 5a
(b) Stock ............................. 5b
(c) Property .........................5c
6 Other decreases (provide schedule)
__________________________________ 6
7 Total of lines 5 and 6 ..................................... 7
8 Balance at end of year (line 4 less line 7) ..... 8
BALANCE SHEETS
SCHEDULEOKM-2:ANALYSISOFUNAPPROPRIATEDRETAINEDEARNINGSPERBOOKS(LINE 24 ABOVE)
15 Accounts payable ........................................15
16
Mtgs-notes-bonds payable in less than1 yr
...16
17
Other current liabilities (provide schedule)
....17
18 Loans from shareholders ............................18
19
Mtgs-notes-bonds payable in 1 yr. or more
...19
20 Other liabilities (provide schedule) ..............20
21 Capital stock: (a) preferred stock ............ 21a
(b) common stock.............21b
22 Paid-in capital surplus (provide reconciliation) ..... 22
23
Retained earnings-appropriated (provide sch.)
..23
24 Retained earnings-unappropriated .............24
25
Adjustments to shareholders’ equity (provide sch.) .25
26 Less cost of treasury stock .........................26
27 Total liabilities and shareholders’ equity ......27
END OF TAXABLE YEAR
PART 3
2020 Form 512 - Page 5
Corporation Income Tax
Name shown
on Form 512:
FEIN
Franchise Tax Worksheet
2020Form512-Page6
12. Tax (See instructions) (If less than $250, enter 0) ......................................................... 12 =
13. Registered agents fee ($100.00 - See instructions) ...................................................... 13 +
14. Interest ..........................................................................................................................14 +
15. Penalty ..........................................................................................................................15 +
16. Reinstatement fee ($150.00 - See instructions) ............................................................ 16 +
17. Previous payment...........................................................................................................17 -
18. Overpayment .................................................................................................................18 =
19. Total Due ...................................................................................................................... 19 =
1. Total net assets in Oklahoma (Franchise Tax Balance Sheet: Line 15, Column B) ...........1
2. Total net assets (Franchise Tax Balance Sheet: Line 15, Column A)
If all assets are in Oklahoma, enter “0” ..............................................................................2
3. Total current liabilities (Franchise Tax Balance Sheet: Line 23)
If line 2 is zero, complete line 4. If line 2 is not zero, complete lines 5-11 ..................3
4. Capital employed in Oklahoma (line 1 minus line 3)
Round to next highest $1,000. If line 4 is completed, skip to line 12 ..........................4
5. Total gross business done by corporation in Oklahoma
(Franchise Tax Balance Sheet: Line 34) ............................................................................5
6. Total value of assets and business done in Oklahoma (Total of lines 1 and 5) .................. 6
7. Total gross business done by corporation (Franchise Tax Balance Sheet: Line 33) .......... 7
8. Total value of assets and business done (Total of lines 2 and 7) .......................................8
9. Percentage of Oklahoma assets (See instructions)
Check appropriate Box: Option1 Option 2 .......................................9
10. Value of capital subject to apportionment (Line 2 minus line 3) ....................................... 10
11. Capital apportioned to Oklahoma (Line 10 multiplied by line 9)
Round to the next highest $1,000 .................................................................................... 11
Dollars
Dollars
Cents
Cents
.00
.00
%
-OfceUseOnly-
D. Balance Sheet Date (MM/DD/YY)
A. Taxpayer FEIN
Name
Address
City, State or Province, Country and Postal Code
C. Mailing Address Change
C. New Mailing Address
City, State or Province, Country and Postal Code
B. Account Number
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
2020Form512-Page7
Schedule A: Current Officer Information
NOTE: Inclusion of Officers Is Mandatory.
Corporate officers effective as of
_____________________ are as follows:
(Date)
Please include social security numbers of officers.
710:1-3-6. Use of Federal Employer Identification Numbers and other identification numbers mandatory
All returns, applications, and forms required to be led with the Oklahoma Tax Commission in the administration of this State’s tax
laws shall bear the Federal Employer’s Identification Number(s), the Taxpayer Identification Number, and/or other government
issued identication number of the person, rm, or corporation ling the item and of all persons required by law or agency rule to be
named or listed.
[Source: Amended at 32 Ok Reg 1330, eff 8-27-15]
710:1-3-8. Confidentiality of records
All Federal Employer’s Identication and/or Social Security Account Numbers are deemed to be included in the condential records of
the OTC.
Schedule A: Current Officer Information
The ofcers listed below should be those whose term was in effect as of the close of the income tax year. Be sure to
include names, addresses, and social security numbers.
Franchise Tax
Taxpayer Name FEIN Account Number
1. Name (First, MI, Last) Social Security Number
Home Address (street and number) Daytime Phone (area code and number)
City, State or Province, Country and Postal Code Title
2. Name (First, MI, Last) Social Security Number
Home Address (street and number) Daytime Phone (area code and number)
City, State or Province, Country and Postal Code Title
3. Name (First, MI, Last) Social Security Number
Home Address (street and number) Daytime Phone (area code and number)
City, State or Province, Country and Postal Code Title
4. Name (First, MI, Last) Social Security Number
Home Address (street and number) Daytime Phone (area code and number)
City, State or Province, Country and Postal Code Title
Schedule A: Current Officer Information
The ofcers listed below should be those whose term was in effect as of the close of the income tax year. Be sure to
include names, addresses, and social security numbers.
This page contains Schedules B, C, and D for the completion of the Oklahoma Annual Franchise Tax Return. Provide additional pages
if further space is needed on Schedules C and D.
Schedule B
General Information (to be completed in detail)
If the business is not a “corporation,” list the type of business structure, the date of formation, and county in which led.
Name and address of Oklahoma “registered agent”
Name of parent company if applicable: FEIN:
Percent of outstanding stock owned by the parent company, if applicable: %
In detail, please list the nature of business:
Amount of authorized capital stock or shares:
(a) Common: shares, par/book value of each share $ $
(b) First preferred: shares, par/book value of each share $ $
Total capital stock or shares issued and outstanding at the end of scal year:
(a) Common: shares, par/book value of each share $ $
(b) First preferred: shares, par/book value of each share $ $
Schedule C
RelatedCompanies:SubsidiariesandAfliates
Subsidiaries (Companies in which you own 15 percent or more of the outstanding stock)
Name of Subsidiary
FEIN Percentage Owned (%) Financial Investment ($)
Afliates(Companies related other than by direct stock ownership)
Name of Afliate
FEIN How related?
Schedule D
Details of Current Debt Shown on Balance Sheet
Original Amount
Name of Lender Original Date of Issuance Maturity Date of Instrument
Balance Remaining of
Amounts Payable Within 3
Years of Date of Issuance
Schedules B, C and D
Franchise Tax
Taxpayer Name FEIN
2020 Form 512 - Page 8
Column CColumn BColumn A
Assets
Liabilities and
Stockholders’
Equity
Total Everywhere as per
Books of Account.
If all Property is in
Oklahoma,
Do Not Use this Column.
Total in Oklahoma
as per Books
of Account.
Total Everywhere as per
Books of Account.
1. Cash .......................................
2. Notes and accounts receivable
3. Inventories ..............................
4. Government obligations and
other bonds............................
5. Other current assets
(please provide schedule) ......
6. Total current assets
(add lines 1A-5A and 1B-5B) .
7. Mortgage and real estate loans
8. Other investments
(please provide schedule) ......
9. (a) Building .............................
(b) Less accumulated
depreciation ........................
10. (a) Fixed depreciable assets .
(b) Less accumulated
depreciation .......................
11. (a) Depletable assets .............
(b) Less accumulated
depletion ............................
12. Land......................................
13. (a) Intangible assets .............
(b) Less accumulated
amortization ......................
14. Other assets .........................
15. Net assets............................
16. Inter-company receivables:
(a) From parent company .....
(b) From subsidiary company
(c) From afliated company .
17. Bank holding company
stock in subsidiary bank .......
18. Total assets .........................
19. Accounts payable ....................
20. Accrued payables ....................
21. Indebtedness payable
three years or less after
issuance
(see schedule D) .....................
22. Other current liabilities .............
23. Total current liabilities ..........
24. Inter-company payables
(a) To parent company .............
(b) To subsidiary company .......
(c) To afliated company ..........
25. Indebtedness maturing and
payable in more than three
years from the date of issu-
ance .........................................
26. Loans from stockholders not
payable within three years .......
27. Other liabilities .........................
28. Capital stock
(a) Preferred stock ....................
(b) Common stock ....................
29.Paid-in or capital surplus
(provide reconciliation) .............
30. Retained earnings ...................
31. Other capital accounts .............
32. Total liabilities and
stockholders’ equity ..............
(Lines 23-31)
33. Total gross business done
everywhere
(sales and service) ................
(from income tax return)
34. Total gross business
done in Oklahoma
(sales and service) ................
(from income tax return)
(Lines: 6-14)
(Lines: 19-22)
(Lines: 15-17)
Balance Sheet
Franchise Tax
Taxpayer Name FEIN As of the Last Income Tax Year Ended: (MM/DD/YY)
This page contains the Balance Sheet which completes the Oklahoma Annual Franchise Tax Return.
2020Form512-Page9
Schedule E
Schedule 512-X: Amended Return Schedule
Did you le an amended Federal income tax return? Yes No
Provide a copy of IRS Form 1120X or 1139 and a copy of “Statement of Adjustment”, IRS refund check or deposit slip.
If this return is being led due to a federal audit, furnish a complete copy of the RAR.
Explanation or reason for amended return (Provide all necessary schedules):
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
A
B
C
InstructionsforlinganAmendedReturn
Beginning with tax year 2013, use Form 512 to le an amended return. Do not use Form 512X. Form 512X will be used to
le an amended return for tax year 2012 and prior.
When ling an amended return, place an “X” in the Amended Return check-box at the top of page 1. Enter any amount(s)
paid with the original return plus any amount(s) paid after it was led on line 9. Enter any refund previously received or
overpayment applied on line 10. Complete the Amended Return Schedule, Schedule 512-X above.
Provide Form 1120X or 1139 and proof of disposition by the IRS when applicable.
An overpayment on an amended return may not be credited to estimated tax, but will be refunded. The amount applied to
estimated tax on the original return cannot be adjusted.
Name shown
on Form 512:
Federal Employer
Identication Number:
2020 Form 512 - Page 10
Corporation Income and Franchise Tax
State of Oklahoma
Computation of Oklahoma Consolidated
Taxable Income (Form 512, Line 1)
14. Oklahoma Net Operating Loss Deduction
A. Carryback from Tax Year(s) .............. A) ..........A)
B. Carryforward from Tax Year(s) .......... B) ..........B)
15. Oklahoma Taxable Income (Loss) before Oklahoma Accrued Income Tax Deduction ..............
16. Total Allowable Oklahoma Non-Refundable Credits
(This amount will equal the total from Form 512, Page 1, Line 3) ..............................................................
A. Oklahoma Income from Line 15 above .....................................
B. Divide Line 16 (above) by 6% ...................................................
C. Subtract Line B from Line A ......................................................
D. Accrued Oklahoma Income Tax – Divide Line C by 17.6667
(Do not enter less than zero)
................................................................
18. Oklahoma Consolidated Taxable Income – Subtract Line 17D from Line 15
(Enter here and on the Form 512, Page 1, Line 1)....................................................................................
Corporate Name
Enter the information for each corporation included in the consolidated return on a separate line. The “Oklahoma Income”
of each corporation will be totaled and entered on line 13. If there are more than 11 corporations, use Form 512-TI-SUP to
enter the additional corporations. Use as many Forms 512-TI-SUP as needed.
NOTE: If the return is led by paper, Form 512-TI must be the third page of the consolidated return.
Place Form 512-TI and, if applicable, Form(s) 512-TI-SUP immediately after Form 512, page 2.
Loss Year(s)
Federal Employer Identication Number
17. Computation of Accrued Income Tax Deduction Allowed
12. Enter the total from Supplemental Schedule(s), Form 512-TI-SUP
13. Total
( )
( )
FEIN
Business
Activity
Code
Net
Apportionable
Income
Apportionment Percentages
FORM
512-TI
2
0
2
0
(from Part 2, Line 4)
(from Apportionment Formula,
Lines 1C, 2C and 3C)
Property
Factor
Payroll
Factor
Sales
Factor
A) B) D) E)
Federal
Taxable Income
Oklahoma
Income
(from Part 1 Column A,
Line 28)
(Before an NOL deduction
and tax accrual)
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
3C)2C)1C)
F)C)
State of Oklahoma
Computation of Oklahoma Consolidated
Annual Franchise Tax
Corporate Name
Federal Employer Identication Number
FORM
512-FT
2
0
2
0
CORPORATION 1 CORPORATION 2 CORPORATION 3
A Ta x
B Registered Agents Fee
C Interest
D Penalty
E Reinstatement Fee
F Previous Payment
G Overpayment
H Total Due
FEIN
Account Number
SUMMARY
Form 512-FT is completed when a consolidated income tax return is led and more than one corporation within the con-
solidation is electing to le franchise tax with the income tax return. If there are more than three corporations making this
election, use Form 512-FT-SUP to enter the additional corporations. Use as many Forms 512-FT-SUP as needed.
The information for each corporation is entered in a separate column. Enter the information from Form 512, Page 6, lines
12-19 on Lines A-H above. Do not enter any information for a corporation ling a stand-alone Oklahoma Annual Franchise
Tax Return (Form 200) or who is not required to le a franchise tax return.
The Summary column is the combined totals of all franchise tax information reported on Form 512-FT and, if applicable,
Form(s) 512-FT-SUP. Enter the amounts from Lines A-H of the Summary column on Form 512, Page 2, Section Two.
Form 512-FT and, if applicable, Form(s) 512-FT-SUP must be provided as part of the consolidated return.
State of Oklahoma
Supplemental Schedule for
Form 512-TI
Corporate Name
FEIN
FORM
512-TI-SUP
2
0
2
0
Page
______ of ______
NOTE: If the return is led by paper, place Form(s) 512-TI-SUP immediately after Form 512-TI. Make note of the number of Forms
512-TI-SUP that are included in the consolidated return (e.g. If there are ve Forms 512-TI-SUP, the second Form 512-TI-SUP would
have 2 of 5 shown in the Page section below.)
Total. Enter here and on Form 512-TI, line 12
FEIN
Business
Activity
Code
Net
Apportionable
Income
Apportionment Percentages
(from Part 2, Line 4)
(from Apportionment Formula,
Lines 1C, 2C and 3C)
Property
Factor
Payroll
Factor
Sales
Factor
A) B) D) E)
Federal
Taxable Income
Oklahoma
Income
(from Part 1 Column A,
Line 28)
(Before an NOL deduction
and tax accrual)
3C)2C)1C)
F)C)
State of Oklahoma
Supplemental Schedule for Form 512-FT
NOTE: If the return is led by paper, place Form(s) 512-FT-SUP immediately
after Form 512-FT. Make note of the number of Forms 512-FT-SUP that are
included in the consolidated return (e.g. If there are three Forms 512-FT-SUP, the
second Form 512-FT-SUP would have 2 of 3 shown in the Page section below.)
FORM
512-FT-SUP
2
0
2
0
Corporate Name
FEIN
Page
______ of ______
Corporation ________ Corporation ________ Corporation ________ Corporation ________
A Ta x
B Registered Agents Fee
C Interest
D Penalty
E Reinstatement Fee
F Previous Payment
G Overpayment
H Total Due
FEIN
Account Number
Corporation ________ Corporation ________ Corporation ________ Corporation ________
A Ta x
B Registered Agents Fee
C Interest
D Penalty
E Reinstatement Fee
F Previous Payment
G Overpayment
H Total Due
FEIN
Account Number
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2020 512 Packet Instructions (Oklahoma)

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Completed 30 April 2021

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