Oklahoma Administrative Code
Title 710 - Oklahoma Tax Commission
Chapter 45 - Gross Production
Subchapter 9 - Exemptions and Exclusions
Part 1 - GENERAL PROVISIONS
Section 710:45-9-1 - Exemptions; decimal equivalents

The Commission will verify decimal equivalents of exempt interests with the appropriate agency. The decimal equivalent supplied by the agency will generally stand as the correct deduction for tax purposes. However, inflation of the decimal equivalent may be allowed for purposes of accurately computing the allowable exemption for Gross Production Tax purposes. The producer or take-in-kind owner shall provide a written explanation to the Tax Commission supporting the necessity for making the adjustment. [See: 68 O.S. § 1008 ]

Amended at 20 Ok Reg 2160, eff 6-26-03