Oklahoma Allocation for foreign corporation

3 replies
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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!

ProConnect Tax Online

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A

Anthony1sAnswer

Level 3

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.

D

DHWCPATX

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.

sjrcpa

Level 15

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

The more I know the more I don’t know.

A

Anthony1sAuthorAnswer

Level 3

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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