The Oklahoma 512 X form is an amended corporation income tax return used by businesses to report changes to their previously filed tax returns. This form allows corporations to correct errors or adjust income and deductions for a specific tax year. Filing the 512 X form ensures compliance with state tax regulations and helps in accurately calculating tax liabilities or refunds.
The Oklahoma 512-X form is a vital document for corporations that need to amend their income tax returns in the state. This form allows businesses to correct errors or update information from their original filings, ensuring compliance with Oklahoma tax laws. When completing the 512-X, corporations must provide their federal employer identification number, business code, and type of business, as well as details about their taxable income for the specified tax year. It is essential to enclose a copy of the amended federal return, such as IRS Form 1120X or 1139, along with any necessary supporting documentation. The form also includes sections for claiming various tax credits, such as the Investment/New Jobs Credit and the Biomedical Research Contribution Credit, which can help reduce the overall tax liability. Additionally, if the amended return is a result of a federal audit, a complete copy of the Revenue Agent Report (RAR) must be submitted. Completing the 512-X accurately is crucial, as it not only affects the corporation's tax obligations but also ensures that any refunds or credits are processed correctly. Understanding the requirements and implications of this form can significantly benefit businesses navigating the complexities of corporate taxation in Oklahoma.
OKLAHOMA AMENDED CORPORATION INCOME TAX RETURN
Enclose a copy of Federal Return
For the year January 1 - December 31, or other taxable year
TAX YEAR
beginning:
ending:
,
Corporate Name:
Street Address:
City, State and Zip:
A. Federal Employer Identiication Number: B. Business Code Number:
C. Type of Business:
Form 512-X Revised 2011
Ofice Use Only
A Did you ile an amended Federal return?
Yes
No
Enclose a copy of IRS Form 1120X or 1139 and a copy of
“Statement of Adjustment”, IRS refund check or deposit slip.
B If this return is being iled due to a Federal audit, please furnish a complete copy of the RAR.
1
2
3
4
5
6
7
8
9
10
11
12
13
Oklahoma taxable income (as shown on Schedule A or B)
Tax: 6% (for Tax Years beginning on or after January 1, 1990)
Less: lines 3-6
Investment/New Jobs Credit (please enclose Form 506)
00
Gas Used in Manufacturing (see instructions & enclose schedule)
...
Credit for Biomedical Research Contribution
Other Credits (total from Form 511CR) (see instructions)
Total of lines 3 through 6
Balance of tax due (line 2 less line 7, but not less than zero)
A
Amount paid on estimate
9A
B Amount paid with extension request
9B
C Oklahoma withholding (enclose Form 1099, 500A or 500B)
9C
Amount paid with original return and amount paid after it was iled
Less any refunds or overpayment applied
.......................................................................................................Total of lines 9 through 11
Refund (line 12 less line 8) (cannot be applied to estimated tax)
Refund
Direct Deposit Note:
All refunds must be by direct deposit. With limited exceptions, paper checks will no longer be issued.
Is this refund going to or through an account that is located outside of the United States?
Deposit refund in my:
Routing
checking account
Number:
savings account
Account
14
15
16
Tax Due (line 8 minus line 12)
Tax Due
Interest from ______________________to
________________________
Total tax and interest
Balance Due
If the Oklahoma Tax Commission may discuss this return with your tax preparer, please check here:
Under penalties of perjury, I declare I have iled an original return, and I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, this amended return is true, correct and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Make check payable to the Oklahoma Tax Commission
Corporate
Seal
Signature of oficer
Date
Signature of preparer
Printed name of oficer
Preparer’s address
Title
Phone number
Preparer’s ID Number
Area code and
phone number
Mail to: Oklahoma Tax Commission, Post Ofice Box 26800, Oklahoma City, OK 73126-0800
The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.
Form 512-X - Page 2 - Oklahoma Amended Corporation Income Tax Return
SCHEDULE A
Schedule A Column A is for all corporations. Schedule A, Column B is for corporations whose income
is all within Oklahoma and/or for corporations whose income is partly within and partly without Okla-
Important: All applicable lines and
homa (not unitary). Enclose a complete copy
Column A
Column B
schedules must be illed in.
of your Federal return. (1120X,1139 or amended 1120)
As reported on
Total applicable
Gross Income (lines 1 through 11)
Federal Return
to Oklahoma
..........
Gross receipts or gross sales __________ (less: returns and allowances)
Less: Cost of goods sold
Gross proit (line 1 minus line 2)
Dividends
Interest on obligations of the United States and U.S. Instrumentalities
(a)
Other interest
6a
(b)
Municipal interest
6b
Gross rents
Gross royalties
Net capital gains
9a
Ordinary gain or [loss]
9b
Other income (enclose schedule)
Total income (add lines 3 through 10)
Deductions (lines 12 through 27)
Compensation of oficers
Salaries and wages
Repairs
Bad debts
Rents
17
Taxes
18
Interest
19
Charitable contributions
20
Depreciation
21
Depletion (see instructions below)
22
Advertising
23
.Pension, proit-sharing plans, etc
24
Employee beneit programs
25
Domestic production activities deduction
26
Other deductions (enclose schedule)
27
Total Deductions (add lines 12 through 26)
Totals (lines 28 through 30)
28
Taxable income before net operating loss deductions and special deductions ...
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
Note: Indicate method used to allocate expenses to Oklahoma and enclose 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 but limited to 50% of the
net income from such property (computed without the allowance for depletion). Provided, for tax years beginning on or after January 1, 1997 and ending on or before December 31, 1999, and for tax years beginning on or after January 1, 2001 and ending on or before December 31, 2011, only major oil companies, as deined in 68 Oklahoma Statutes Section 288.2, when computing Oklahoma depletion shall be limited to 50% of the net income form each property. A depletion schedule by property must be enclosed with the 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.
EXPLANATION OR REASON FOR AMENDED RETURN
(Enclose all necessary schedules, including RAR’s)
Form 512-X - Page 3 - Oklahoma Amended Corporation Income Tax Return
SCHEDULE B
Schedule B is for computation of Oklahoma taxable income
of a unitary enterprise. [Section 2358(A) (5)] Enclose a complete
copy of your Federal return. (1120X, 1139 or amended 1120)
Net taxable income from Schedule A, Column A, line 30
Add: (a) Taxes based on income
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
. . . . . . . . . . . . . . . . . . . . . . . . .Federal net operating loss deduction
(c)
. . . . . . . . . . . . . . . . . . . .Unallowable deduction (enclose schedule)
. . . . . . . . . . . . . . . . . . . . . . . . . .(d) ____________________________
. . . . . . . . . . . . . . . . . . . . . . . . . .(e) ____________________________
. . .(f) Total of lines 2a through 2e
Deduct all items separately allocated
. . . . . . . . . . . . . . . . . . . . . . . . . .(a) ____________________________
. . . . . . . . . . . . . . . . . . . . . . . . . .(b) ____________________________
. . . . . . . . . . . . . . . . . . . . . . . . . .(c) ____________________________
(f)
. . .Total of lines 3a through 3e
(Note: Items listed in 2 and 3 above must be net amounts supported
by schedules showing source, location, expenses, etc.)
Net apportionable income . .
. . . . . . . . . . . .
. . . .Oklahoma’s portion thereof __________________%, from schedule below
Add or deduct items separately allocated to Oklahoma (enclose schedule)
. . . . . . . . . . . . . . . . . . . . . . . .(a) ____________________________________
. . . . . . . . . . . . . . . . . . . . . . . .(b) ____________________________________
. . . . . . . . . . . . . . . . . . . . . . . .(c) ____________________________________
(d) Oklahoma net operating loss deduction (enclose schedule)
. . . . . . . . . . . . . . . . . . . . .Oklahoma net income before tax (add lines 5 and 6)
Oklahoma accrued tax (divide line 7 by number for applicable year.)
Oklahoma taxable income, line 7 less line 8 (enter on page 1, line 1)
APPORTIONMENT FORMULA
Value of real and tangible personal property used in
A divided by B
the unitary business (by averaging the value at the
Total Within
Total Within and
Percent Within
beginning and ending of the tax period).
Oklahoma
Without Oklahoma
(a) Owned property (at original cost):
(I)
Inventories
(II)
Depreciable property
(III)
Land
(IV)
Total of section “a”
(b)Rented property (capitalize at 8 times net rental paid)
Total of sections “a” and “b” above
%
Payroll
Less: Oficer salaries
Total (subtract oficer salaries from payroll)
Sales :
(a)Sales delivered or shipped to Oklahoma purchasers: (I) Shipped from outside Oklahoma . . . . . . . . . . . .
(II) Shipped from within Oklahoma . . . . . . . . . . . . .
Sales shipped from Oklahoma to:
(I) The United States Government
(II) Purchasers in a state or country where the
corporation is not taxable (i.e. under Public Law 86-272) .
Total of sections “a” and “b”
If Revenue, Trafic Units or Miles Traveled is used rather than Sales, indicate here:
Total percent (sum of items 1, 2 and 3)
.
. . . . . . . . . . . . . . . . .
Average percent (1/3 of total percent) (Carry to Schedule B, line 5)
Form 512-X - Page 4 - Oklahoma Amended Corporation Income Tax Return
This page must be completed.
BALANCE SHEETS
Beginning of taxable year
End of taxable year
(A) Amount
(B) Total
(C) Amount
(D) Total
Cash
Trade notes and accounts receivable
(a) Less allowance for bad debts
Gov’t obligations:
(a) U.S. and instrumentalities
(b) State, subdivision, thereof, etc
Other current assets (enclose schedule) . .
Loans to shareholders
Mortgage and real estate loans
Other investments (enclose schedule) . . . .
9Buildings and other ixed depreciable assets
(a) Less accumulated depreciation . . . . . . .
. . . . . . . . . . . . . . . . . . . .Depletable assets
(a) Less accumulated depletion
Land (net of any amortization)
. . . . .Intangible assets (amortization only)
(a) Less accumulated amortization
Other assets (enclose schedule)
Total assets
Accounts payable
Mtgs-notes-bonds payable in less than1 yr.
Other current liabilities (enclose schedule) .
Loans from shareholders
Mtgs-notes-bonds payable in 1 yr. or more .
Other liabilities (enclose schedule)
. . . . . . .Capital stock: (a) preferred stock
(b) common stock
22Paid-in capital surplus (enclose reconciliation) . .
23Retained earnings-appropriated (enclose sch.)
24Retained earnings-unappropriated . . . . . . .
25Adjustments to shareholder’s equity (enclose sch.)
26 Less cost of treasury stock
(
)
Total liabilities and shareholders equity . . . .
SCHEDULE OK M-1: RECONCILIATION OF INCOME PER BOOKS WITH INCOME PER RETURN
Net income (loss) per books
Income recorded on books this year not
. . . . . . . . . . . . . . . . . . .Federal income tax
included in this return (enclose schedule)
Excess of capital losses over capital gains .
(a) Tax exempt interest $________________
Taxable income not recorded on books this
(b) Other
$________________
. . . . . . . . . . . . . . .year (enclose schedule)
. . . . . . . . . . . . . . .(c) Total of lines 7a and 7b
Expenses recorded on books this year not
Deductions in this tax return not charged
deducted in this return (enclose schedule) .
against book income this year (enclose schedule)
(a) Depreciation
$ ___________________
(a) Depreciation $_____________________
(b) Depletion
$_____________________
(c) Other ___________________________
(c) Other ____________________________
________________________________
. . . . . . . . . . . . .(d) Total of lines 8a, 8b and 8c
. . . . . . . . . . .(d) Total of lines 5a, 5b and 5c
Total of lines 7c and 8d
. . . . . . . . . .Total of lines 1 through 4 and 5d
Net income: line 6 less line 9
SCHEDULE OK M-2: ANALYSIS OF UNAPPROPRIATED RETAINED EARNINGS PER BOOKS (line 24 above)
. . . . . . . . . . . .Balance at beginning of year
Distributions:
. . . . . . . . . . . .Net income (loss) per books
Stock
Other increases (enclose schedule) _____
. . . . . . . . . . . . . . .Property
__________________________________
Other decreases (enclose sch.)___________
____________________________________
. . . . . . . . . . . . . . . .Total of lines 1, 2 and 3
. . . . . . . . . . . . . . . . . . . .Total of lines 5 and 6
Balance at end of year (line 4 less line 7)
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