Oklahoma Administrative Code
Title 710 - Oklahoma Tax Commission
Chapter 40 - Franchise Tax
Section 710:40-1-2.1 - Examples of current liabilities for franchise tax purposes
Current through Vol. 41, No. 13, March 15, 2024
Examples of amounts which may be treated as current liabilities in the case of a non-renewable, ten-year note, payable in annual installments, are as follows:
(1) In the year of issuance, an amount equal to the sum of three years of payments from the date of issuance may be considered a current liability.
(2) In the second year after issuance, the sum of two years of payments from the date of issuance may be considered a current liability.
(3) In the third year after issuance, one year's payment may be considered a current liability.
(4) In the fourth year and thereafter, no amount of the obligation is considered to be a current liability for franchise tax purposes.
Added at 20 Ok Reg 2158, eff 6-26-03
