Form 1120 (Schedule D) Oklahoma City Oklahoma 2024-2025

Form 1120 (Schedule D) Oklahoma City Oklahoma: What You Should Know

To close an Oklahoma corporation, the corporation's Oklahoma corporate income tax return (including Oklahoma Form 1120S) must be filed with the Oklahoma IRS, and also complete a final employee pension or retirement plan which has as its purpose the establishment of a qualified employee pension or retirement plan. The corporation provides a copy of the completed final employee pension or retirement plan filed with the Oklahoma IRS to the employee upon request. However, to help ensure the return is processed timely, you must provide a copy of a completed or dated Oklahoma Form 1120S, for each Oklahoma taxpayer to whom you have filed Oklahoma Corporate Income Tax Returns. ODB — Oklahoma Insurance Division If a taxpayer owns or operates an Oklahoma insurance company, section 901(a) of Oklahoma Revised Statutes, allows that person to deduct the total premiums and other costs (including, but not limited to, sales and use taxes) of insurance purchased or issued to any agent of the Oklahoma corporation, other than a person or business entity with direct, personal, exclusive control, or ownership interest in the Oklahoma corporation, from its gross receipts of business activity as of the end of the taxable year. To calculate all of these expenses, the Oklahoma Insurance Division provides detailed schedules which can be filled out and posted on line 10 of the Oklahoma Insurance Division's Oklahoma Corporate Tax Form 90610. Also, when purchasing an insurance policy, section 901(e) of Oklahoma Revised Statutes, permits that person to deduct from the policy premium the amount incurred to purchase the insurance. If the Oklahoma corporation has a tax home, the section 901(d) deduction applies (see Oklahoma Corporation Income Tax Home and Section 901(d) of Oklahoma Revised Statutes, for more information). If a person or business entity holds, directly or indirectly, directly or indirectly, any interest in or stock to any Oklahoma corporation, any insurance policy issued therefor is taxable as follows under Oklahoma Revised Statute 901 (d), (e), and (f): Insurance policy: taxable as an interest or stock in the Oklahoma corporation. Insurance policies are sold on or after the effective date of this Section 901 (f). If a person or business entity owns or owns for its own account, directly or indirectly, any shares of stock of Oklahoma corporations, any policies issued on the basis of Oklahoma corporate policy and/or the Oklahoma insurance rules are taxable on a straight line basis under Oklahoma Revised Statute 901 (d), (e), and (f).

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