Oklahoma Allocation for foreign corporation

[Anthony1s]

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!

[DHWCPATX]

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]

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

[Anthony1s · Accepted solution]

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.