Okla. Admin. Code § 710:50-19-3

Current through Vol. 42, No. 6, December 2, 2024

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

(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.

Okla. Admin. Code § 710:50-19-3

Added at 22 Ok Reg 1532, eff 6-11-05