Fillable Form 2: 587-PTE Oklahoma Pass-Through Entity Tax Supplement (Metropolitan Library System)

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Form 2: 587-PTE Oklahoma Pass-Through Entity Tax Supplement (Metropolitan Library System)

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Oklahoma Pass-Through Entity
Tax Supplement
587-PTE
FORM
Name as shown on return Federal Employer Identication Number (FEIN)
NOTE: If there are more than 15 members, use Form 587-PTE-SUP to enter
additional members. Use as many Form 587-PTE-SUP as needed.
General Information
Use Part 1 to compute tax on members who are individuals, trusts or estates taxed at a 5% rate.
Use Part 2 to compute tax on members who are corporations, S corporations and partnerships taxed at a 6% rate.
Use Part 3 to determine total Oklahoma Taxable Income to carry to Form 514 or 512-S.
16 Enter the total from Supplemental Schedule(s),
Form 587-PTE-SUP, Part 1 Columns C and D ..........................
17 Total of Part 1, Columns C and D ..............................................
18 Enter the net entity loss carried back or carried forward by the electing PTE for Oklahoma
income tax purposes ........................................................................................................................
19 If line 17 is positive, subtract line 18 from line 17; otherwise enter zero ..........................................
20 Accrued Oklahoma Tax (If line 19 is positive and Form 514 or 512-S, Part 4
was completed, divide line 19 by the number 21; otherwise enter zero. If claiming
nonrefundable credits, see the instructions ......................................................................................
21 Oklahoma Taxable Income - Subtract line 20 from line 19
(Enter here and on Part 3, line 1) .....................................................................................................
22 Income Tax Rate ..............................................................................................................................
23 Oklahoma Tax. Multiply line 21 by line 22.
(Enter here and on Form 514, line 2b or Form 512-S, line 2b) ........................................................
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PART 1 - COMPUTE TAX ON MEMBERS WHO ARE INDIVIDUALS, TRUSTS OR ESTATES TAXED AT A 5% RATE
A
FEIN/SSN Oklahoma Distributive
Income from Form 514 or
512-S (see instructions)
Oklahoma Capital
Gain Deduction
(Form 561PTE X member’s
ownership %)
Net Oklahoma
Distributive Income
(Column B minus Column C)
B C D
5%
Oklahoma Pass-Through Entity Tax Supplement
2020 Form 587-PTE - Page 2
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15
PART 2 - COMPUTE TAX ON MEMBERS WHO ARE CORPORATIONS, S CORPORATIONS AND PARTNERSHIPS
TAXED AT A 6% RATE
PART 3 - TOTAL OKLAHOMA TAXABLE INCOME FROM PARTS 1 AND 2
A
Oklahoma Taxable Income
FEIN Oklahoma Distributive
Income from Form 514 or
512-S (see instructions)
Oklahoma Capital
Gain Deduction
(Form 561PTE X member’s
ownership %)
Net Oklahoma
Distributive Income
(Column B minus Column C)
B C D
16 Enter the total from Supplemental Schedule(s),
Form 587-PTE-SUP, Part 2 Columns C and D ..........................
17 Total of Part 2, Columns C and D ..............................................
18 Enter the net entity loss carried back or carried forward by the electing PTE for Oklahoma
income tax purposes .......................................................................................................................
19 If line 17 is positive, subtract line 18 from line 17; otherwise enter zero .........................................
20 Accrued Oklahoma Tax (If line 19 is positive and Form 514 or 512-S, Part 4
was completed, divide line 19 by 17.6667; otherwise enter zero. If claiming nonrefundable
credits, see the instructions .............................................................................................................
21 Oklahoma Taxable Income - Subtract line 20 from line 19.
(Enter here and on Part 3, line 2) .....................................................................................................
22 Income Tax Rate ..............................................................................................................................
23 Oklahoma Tax. Multiply line 21 by line 22.
(Enter here and on Form 514, line 2c or Form 512-S, line 2c) .........................................................
1 Enter the amount from Part 1, line 21 ..............................................................................................
2 Enter the amount from Part 2, line 21 ..............................................................................................
3 Total Oklahoma Taxable Income
(Add lines 1 and 2, enter here and on Form 514, line 1 or Form 512-S, line 1) ...............................
6%
Partnerships and S corporations that elected to be an electing pass-through entity (PTE) by ling Form 568 “Pass-
Through Entity Election Form” will use this form, Form 587-PTE, to calculate Oklahoma tax. With regard to each member
of an electing PTE, the electing PTE shall multiply such member’s Oklahoma distributive share of the electing PTE’s
Oklahoma net entity income by the applicable 5% or 6% tax rate. The electing PTE’s tax shall equal the aggregated tax of
all members.
Oklahoma Capital Gain Deduction Information (Form 587-PTE, Column C):
(Enclose Form 561-PTE)
An electing PTE can deduct qualifying gains receiving capital treatment which are included in Oklahoma distributive
income. “Qualifying gains receiving capital treatment” means the amount of the net capital gains, as dened by Internal
Revenue Code Section 1222(11). The qualifying gain must:
1) Be earned on real or tangible personal property located within Oklahoma that the PTE has owned indirectly for at least
ve uninterrupted years prior to the date of 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, indirectly, by the PTE for at least three
uninterrupted years prior to the date of 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 of 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.
Instructions for Part 1 and Part 2
Part 1 – Enter members who are individuals, trusts and estates. The tax rate is 5%.
Part 2 – Enter members who are corporations, S corporations and partnerships. The tax rate is 6%.
lines 1 – 15 -
Column A: FEIN/SSN
Enter the Federal Employer Identication Number or Social Security Number of each member of the electing PTE.
Column B: Oklahoma Distributive Income from Form 514 or 512-S
For each member, combine the amounts from:
• Form 514, Part 5, lines 5, 7 and 9. OR
• Form 512-S, Part 5, lines 5 and 7.
Column C: Capital Gain Deduction
Multiply the Oklahoma Capital Gain Deduction from Form 561-PTE, line 7 by each member’s ownership percentage in the
PTE.
Column D: Net Oklahoma Distributive Income (after any capital gain deduction)
Oklahoma Distributive Income (Column B) minus any Oklahoma Capital Gain Deduction (Column C).
line 17:
Total Oklahoma Capital Gain Deduction
Total Column C. Part 1, Column C line 17 plus Part 2, Column C line 17 should equal the Oklahoma Capital Gain
Deduction on Form 561-PTE, line 7.
Total Net Oklahoma Distributive Income
Total Column D.
Oklahoma Pass-Through Entity Tax Supplement Instructions
(68 O.S. Sec 2355.1P through 2355.1P-4)
2020 Form 587-PTE - Page 3
Oklahoma Pass-Through Entity Tax Supplement Instructions
(68 O.S. Sec 2355.1P through 2355.1P-4)
2020 Form 587-PTE - Page 4
line 20: Oklahoma Accrued Tax
If line 19 is positive and Form 514, Part 4 or Form 512-S, Part 4 was used to compute the Oklahoma distributive income
reported in Column B, enter the Oklahoma accrued tax deduction on this line; otherwise, enter 0. Oklahoma accrued
tax is computed by dividing Net Oklahoma Distributive Income (line 17, Column D) by the number 21 for Part 1 and by
17.6667 for Part 2.
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 587-PTE for the accrued tax computation in Part 1 and Part 2.
Computation of Tax Accrual When Tax Credits Are Allowable
In the example below, the total Oklahoma income before accrued tax is $200,000. 50% is distributed to members whose
income is reported in Part 1 and subject to the 5% tax rate and 50% to members whose income is reported in Part 2 and
subject to the 6% tax rate. The total nonrefundable credits are $4,000, 50% allocated to part 1 and 50% to Part 2.
Part 1 Part 2
1. Oklahoma income before tax accrual 100,000 100,000
2. Allowable Oklahoma credits 2,000 2,000
Computation of accrued tax allowed
A. Oklahoma income (line 1 above) 100,000 100,000
B. Line 2 above divided by 5% for Part 1
and 6% for Part 2 40,000 33,333
C. Subtract line B from line A 60,000 66,667
D. Oklahoma Accrued Tax -Divide line C by 21
For Part 1 and 17.6667 for Part 2 2,857 3,774
(if line D is less than 0, enter 0.)
3. Oklahoma Taxable Income
(Subtract line D from line 1 above.) 97,143 96,226
Total Tax Due 4,857 5,774
Tax Accrual allowed 2,857 3,774
Tax credit allowed 2,000 2,000
line 21: Oklahoma Taxable Income:
Subtract line 20 from line 19. Enter the amount from Part 1, line 21 on Part 3, line 1. Enter the amount from Part 2, line 21
on Part 3, line 2.
line 23: Oklahoma Tax:
Multiply line 21 by the applicable tax rate of 5% or 6%. Enter the amount from Part 1, line 23 on Form 514, line 2b or
Form 512-S, line 2b. Enter the amount from Part 2, line 23 on Form 514, line 2c or Form 512-S, line 2c. The PTE’s tax is
equal to the total of Part 1, line 23 and Part 2, line 23.
Instructions for Part 3
line 3: Oklahoma Taxable Income:
Add lines 1 and 2. The PTE’s taxable income is equal to the total of Part 1, line 21 and Part 2, line 21. Enter the total here
and on Form 514, line 1 or Form 512-S, line 1.
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Form 2: 587-PTE Oklahoma Pass-Through Entity Tax Supplement (Metropolitan Library System)

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Completed 30 December 2022

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