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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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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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Does OK allow allocation? Or do you have to apportion?
The more I know the more I don’t know.
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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.
