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Oklahoma Allocation for foreign corporation

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Level 2

Hi all,

I'm working on an OK state corporation return (form 512) in a multi-state filing. The taxpayer is a foreign corporation (incorporated and does most business outside of OK). How do I adjust Form 512 page 3 part I column b to reflect the income and expenses that should be allocated to OK? The software is currently allocating the same numbers as federal to OK, which is generating a ridiculously high tax bill.

Thanks!

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Level 2

I figured it out. You have to check the box "Unitary enterprise". As per the instructions, a multi-state company is a unitary enterprise which then generates the apportionment schedule. State instructions also mention that Page 3 column B should only be filled out if you only do business in OK or you're in a specific industry.

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3 Replies 3
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Level 2

You need to tag the income that is OK income & expenses when you enter it into the program. You have to tag the rest to US and or other states.

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Level 15

Does OK allow allocation? Or do you have to apportion?


ex-AllStar
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Highlighted
Level 2

I figured it out. You have to check the box "Unitary enterprise". As per the instructions, a multi-state company is a unitary enterprise which then generates the apportionment schedule. State instructions also mention that Page 3 column B should only be filled out if you only do business in OK or you're in a specific industry.

View solution in original post