The Form 501 serves as a critical document for a wide array of entities within the State of Oklahoma, encompassing corporations, partnerships, individuals, and fiduciaries alike. Required by the Oklahoma Tax Commission and due before February 15, 1997, this form functions as an Annual Information Return Summary, meticulously compiling reports that need to be submitted alongside it. It is designed to ensure a comprehensive representation of payments of various classes of income, including interest, rent, dividends, annuities, and more, that the submitting entity made during the calendar year of 1996. Distinctly, the form mandates that all organizations acting as payors, notably including but not limited to churches, charitable organizations, and state departments, should report payments exceeding specified amounts to both residents and nonresidents. Furthermore, it outlines specific regulations for reporting production payments derived from mineral interests, as well as detailing requirements for divulging payments to nonresidents and professionals based on their residency status. The significance of Form 501 is underscored by its embrace of a diverse set of income types and its role in fostering a transparent financial environment, thereby facilitating adherence to the Oklahoma Income Tax Law.
| Question | Answer |
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| Form Name | Form 501 |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | W-2G, 1099-B, oklahoma tax form 501, 1099-OID |
FORM 501
STATE OF OKLAHOMA |
1996 |
OKLAHOMA TAX COMMISSION |
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INCOME TAX |
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THIS SPACE |
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THIS SPACE |
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Annual Information Return |
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Summary of Reports Enclosed Herewith. |
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This return, together with reports enclosed, must be forwarded so as |
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to reach the OKLAHOMA TAX COMMISSION, 2501 N. Lincoln |
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Oklahoma City, Oklahoma |
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Name of Person or Organization rendering this return |
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Check One - Corporation ( |
) Partnership ( |
) Individual ( ) Fiduciary ( |
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Street and Number or R.F.D. |
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1 Employer identification No. 2 Social security number |
3 Number of Reports Enclosed. Form 500 or Form 1099 Total amount reported with this Form |
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Check only one box below to indicate the type of form being transmitted. |
If this is your FINAL return, check here |
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I declare, under the penalties of perjury, that this return has been examined by me, and to the best of my knowledge and belief is a true, correct, and complete return of payments of the described classes of income, made by the person or organization named above, during the calendar year 1996.
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Title
The Oklahoma Tax Commission is not required to notify taxpayers of changes in any state tax law.
READ THESE INSTRUCTIONS CAREFULLY
WHO SHALL REPORT
(1)All Organizations acting as a payor shall report these payments, including Churches, Charitable organizations, Labor Unions, Lodges, Fraternities, Sororities, School districts, State, County and Municipal departments, Cooperatives and any other
PAYMENTS TO BE REPORTED WHEN PAID TO RESIDENTS
(2)All persons (individuals, trusts, estates, corporations and partnerships), acting as payor, and including lessees, mortgagors of real and personal property, employers, officers and employees of the state or any political
PRODUCTION PAYMENT RULES - RESIDENTS - NONRESIDENTS
(3)The Commission requires the reporting of "production payments" made to individuals, corporations or partnerships whether made to a resident or nonresident. For purposes of 68 O.S. 2369, production payment means payments of proceeds generated from mineral interests in this State, including but not limited to, a lease bonus, delay rental, royalty and working interest payment, and overriding royalty interest payment. Income from real property should be reported only when the property is located within Oklahoma, whether the recipient is a resident or nonresident. Amounts to report: $750 or more except $10 or more for royalties.
DIVIDEND OR INTEREST PAYMENTS
(4)Corporations paying to individuals interest on bonds, mortgages, deeds of trusts and other similar obligations or dividend payments, should report these when they exceed $100.00; other persons (Individuals, trusts, estates and partnerships) should report interest payments of $750 or more, when paid to an individual.
(5)Brokers or agents in stocks, bonds and security or stock transactions will report on Form 500 the total amount of commodity or security sales or the total market value of the securities exchanged, for the customer, when they were $25,000 or more in 1996. This includes banks which handle orders for depositors or custodian accounts.
NONRESIDENTS
(6)The following instructions concern payments to nonresidents.
(A)Persons making payments to nonresidents of fixed or determinable income, from property owned, business or trade carried on in Oklahoma, aggregating $750 during 1996 should report such payments. Also see production payment rules for nonresidents.
PROFESSIONAL PAYMENTS
(7)Payments to members of a profession.
(A)Persons making payments to professional individuals should report them when they amount to $750 or more and are made to an OKLAHOMA resident. If the professional individual is a NONRESIDENT, payments of $1000 or more should be reported.
GENERAL INFORMATION
The foregoing instructions are in comformity with the provisions of Section 2369 of the Oklahoma Income Tax Law requiring information returns to be filed in accordance with rules and regulations prescribed and adopted by the Tax Commission.