Form 1120 (Schedule D) for Franklin Ohio 2024-2025

Form 1120 (Schedule D) for Franklin Ohio: What You Should Know

Of the capital. Income is subject to the 10 percent capital gains limit. 4,000 of the capital. Income is subject to the 20 percent tax on long term capital gains. 12,500 of the capital. Income is subject to the 30 percent tax on long term capital gains. 25,000 of the capital. Income is subject to the regular tax on long term capital gains, if you are married. Forms of Publication 21 SECTION B. GENERAL REQUIREMENTS FOR GAS AND FUEL ECONOMICS REVENUE TAXES The tax laws require Ohio's Department of Commerce and Community Development to collect and collect and deposit a portion of the oil and gas revenues of Ohio and other states in a state fund that is separate and distinct from the general fund of such state, other revenues of such state, and all sources of revenue of the state, except as provided under subsections B(3) and (5), respectively, of this section. The state fund shall be administered by a special commission designated the Ohio Petroleum Trust. Section B. General requirements for gas and fuel economics revenues. (1) On or after January 1, 1996, no state income tax shall be imposed or collected from the direct or indirect expense of operating, developing, expanding, developing, operating, modifying, or otherwise managing in a state of production or development or in a state of consumption any natural gas or other liquid petroleum product or oil obtained from fields, rivers, streams, or lakes located within the boundaries of the state. (2) As used in paragraph (1), “direct and indirect expense” means the costs of producing, transporting, or distributing the natural gas or other liquid petroleum product or oil and includes the direct and indirect costs of the operations or activities required to bring the natural gas or other liquid petroleum product or oil or the natural gas or other liquid petroleum products that are required to be produced, transported, distributed, or sold to market. (3) As used in paragraph (1), “operate” means the creation, management, maintenance, improvement (including reconstruction and reconstruction of wells and other associated structures), operation, or maintenance of any natural gas or other liquid petroleum product or drilling or development operation in a state.

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