Oklahoma Administrative Code
Title 710 - Oklahoma Tax Commission
Chapter 50 - Income
Subchapter 19 - Oklahoma Taxable Income for Partnerships
Section 710:50-19-3 - Reporting the gain on the sale, exchange, or other disposition of property for which a Section 179 expense deduction was passed through to partners
Universal Citation: OK Admin Code 710:50-19-3
Current through Vol. 42, No. 1, September 16, 2024
(a) The gain on the sale, exchange, or other disposition of property for which a Section 179 expense deduction was passed through to partners is reported as Supplemental Information on the Federal K-1. For Oklahoma purposes, report such gain on OTC Form 514. Additional information is also required, as follows:
(1) A
description of the property;
(2)
The date the property was acquired;
(3) The date the property was sold;
(4) The gross sales price;
(5) The cost or other basis, plus expense of
sale, including the partnership's basis reduction in the property due to the
Section 179 expense deduction;
(6)
The depreciation allowed or allowable, excluding the Section 179 expense
deduction; and,
(7) The amount of
Section 179 expense deduction, if any, passed through to each partner for the
property, and the partnership's tax year(s) in which the amount was passed
through.
(b) If the software used to prepare the return has already been programmed to report the gain on another line of Income, Part 2 or Part 3, of OTC Form 514, this method is also acceptable, but all information set out in subsection (a) must be provided.
Added at 22 Ok Reg 1532, eff 6-11-05
Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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