Fillable Form 586 is used to report to the (Metropolitan Library System)

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Form 586 is used to report to the (Metropolitan Library System)

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Oklahoma Tax Commission

Pass-through Entity Election Form

FEIN: ___________________________________ Entity Type: Partnership S-Corp

Name of Entity: ___________________________________________________________________________

Address: ________________________________________________________________________________

City: ________________________________________ State: __________ ZIP: ______________________

Phone Number: __________________________________________________________________________

Part 1 - Pass-through Entity Making the Election:

The entity listed above is making the election to become an electing PTE.

The election is effective beginning tax year _________ (from _______________to ______________ )

YYYY MM/DD/YYYY MM/DD/YYYY

 DidthePTEleanOklahomaincometaxreturnfortheprevioustaxyear? Yes No

Part 2 - Pass-through Entity Revoking the Election:

The entity listed above is revoking its election to be an electing PTE.

The revocation is effective beginning tax year _________ (from ______________ to _____________ )

YYYY MM/DD/YYYY MM/DD/YYYY

Mail to: Oklahoma Tax Commission

Attn: Pass-through Election

PO Box 269060

Oklahoma City, OK 73126-9060

Form 586 is used to report to the Oklahoma Tax Commission (OTC) that the below named entity is

electing, or revoking an election, to become an electing pass-through entity (PTE). Once an entity has

received an acknowledgment letter from the OTC, that entity is not required to le an additional Form

586, unless the entity is revoking a previous PTE election.

Pass-Through Entity Tax Equity Act of 2019, hereafter called

Act.68O.S.Sec2355.1P-1through2355.1P-4.

Under penalties of perjury, I declare that I have examined this form and to the best of my knowledge and belief it is

true, correct and complete, and that I have the authority to execute this document on behalf of the electing PTE.

Name: _______________________________________ Title: ____________________________________

Signature: __________________________________________________ Date: ______________________

MM/DD/YYYY

586

FORM

Revised2020

Form586

Page 2

AnyentityrequiredtoleanOklahomapartnershipincometaxreturnoranOklahomaScorporationincometaxreturn

may elect to become an electing PTE. Complete Part 1 to make such an election. This election has priority over and

revokesanyelectiontoleacompositeOklahomapartnershipreturnortherequirementofanScorporationtoreportand

pay tax on behalf of a nonresident shareholder for the same tax year. An election made by one PTE is not binding on any

other PTE. Each PTE must make its own election.

ThiselectionisbindinguntilrevokedbythePTEorbytheOTC.ThePTEmayrevoke the election by completing Part

2.IftheamountoftaxrequiredtobepaidbythePTEpursuanttotheprovisionsoftheActisnotpaidwhendue,theOTC

mayrevokethePTE’selectioneffectivefortherstyearforwhichthetaxisnotpaid.

TheOTCwillsendanacknowledgementlettertoeachelectingPTE.

EachelectingPTEmustattachacopyoftheOTCacknowledgementlettertotheirOklahomaincometaxreturn.

Note:Form586isnotrequiredtobesubmittedwiththeOTCacknowledgmentletter.

EachelectingPTEmustprovidetheirshareholders,partners,ormembersacopyoftheOTCacknowledgementletter

and advise the shareholder, partner or member of the requirement to attach a copy of the acknowledgement letter to their

Oklahomaincometaxreturn.

Part 1 – Filing the Election

ForTaxYearsbeginningonorafterJanuary1,2019,andpriortoJanuary1,2020,theelectionmustbeled:

• No later than June 28, 2019.

ForTaxYearsbeginningonorafterJanuary1,2020,theelectionmustbeled:

• Anytime during the preceding tax year or

 • Twomonthsandfteendaysafterthebeginningofthetaxyear.

Part 2 – Revoking the Election

The effective date of a revocation:

 • Revocationsmadewithintwomonthsand15daysofthebeginningoftheelectingPTE’staxableyear will be

effectivetherstdayofsuchtaxableyear.

 • RevocationsmadeduringtheelectingPTE’staxableyearbutaftersuchfteenthdaywillbeeffectiveontherst

day of the following taxable year.

Who Must Sign

IftheelectingPTEisrequiredtoleanOklahomapartnershipreturn,thisformistobesignedbyapartneroramember

whoisauthorizedtosignandlesuchincometaxreturn.

IftheelectingPTEisrequiredtoleanOklahomaSmallBusinessCorporation(Scorporation)return,thisformistobe

signedbyacorporateofceroramemberwhoisauthorizedtosignandlesuchincometaxreturn.

Fillable Form 586 is used to report to the (Metropolitan Library System)

Fill Online, Printable, Fillable, Blank Form 586 is used to report to the (Metropolitan Library System) Form

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