Oklahoma Administrative Code
Title 710 - Oklahoma Tax Commission
Chapter 50 - Income
Subchapter 15 - Oklahoma Taxable Income
Part 5 - OTHER ADJUSTMENTS TO INCOME
Section 710:50-15-56 - Interest on U.S. Government obligations
Universal Citation: OK Admin Code 710:50-15-56
Current through Vol. 42, No. 1, September 16, 2024
(a) An "obligation of the United States" is defined as a credit instrument characterized by:
(1) Written document;
(2) The bearing of interest;
(3) A binding promise of the United States to
pay specified sums at specified dates; and
(4) Issued pursuant to specific congressional
authorization which also pledges the full faith and credit of the United States
in support of the promise to pay.
(b) If the interest on a U.S. Government obligation is paid through a regulated investment company the taxpayer requesting the exclusion must furnish a detailed schedule of the obligations that the fund has invested in and the amount or percentage of the interest from each investment. [See: 68 O.S. § 2358(A)(2) ]
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