Current through Vol. 41, No. 23, August 15, 2024
Section 710:40-1-2.1 - Examples of current liabilities for franchise tax purposesExamples of amounts which may be treated as current liabilities in the case of a non-renewable, ten-year note, payable in annual installments, are as follows:
(1) In the year of issuance, an amount equal to the sum of three years of payments from the date of issuance may be considered a current liability.(2) In the second year after issuance, the sum of two years of payments from the date of issuance may be considered a current liability.(3) In the third year after issuance, one year's payment may be considered a current liability.(4) In the fourth year and thereafter, no amount of the obligation is considered to be a current liability for franchise tax purposes.Okla. Admin. Code § 710:40-1-2.1
Added at 20 Ok Reg 2158, eff 6-26-03Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018