Oklahoma § 68-2367 - Consolidated returns
Full text of Oklahoma Oklahoma Statutes § 68-2367 — Consolidated returns, with citation guidance and answers to common questions.
§ 68-2367. Consolidated returns
The provisions of the Internal Revenue Code, 26 U.S.C., Section
1 et seq., applicable to consolidated corporate income tax returns,
shall not apply to taxpayers under this act, except that:
1. If two or more corporations file federal income tax returns
on a consolidated basis, and if all of such corporations derive all
of their income from sources within Oklahoma, then such corporations
shall be required to file consolidated returns for purposes of
determining their Oklahoma income tax liability.
2. If two or more corporations file federal income tax returns
on a consolidated basis, and if one or more of such corporations
derive a portion of their income from sources outside the State of
Oklahoma, then such corporations shall not be required to file
consolidated returns for purposes of determining their Oklahoma
income tax liability except as hereinafter provided in subsection 3
of this section.
3. The Oklahoma Tax Commission shall permit an affiliated group
of corporations described in subsection 2 of this section to elect
to file a consolidated return for Oklahoma income tax purposes
provided such group files an appropriate election in accordance with
regulations to be promulgated by the Tax Commission. If an
affiliated group of corporations elects to file a consolidated
Oklahoma income tax return under the provisions of this section,
such election shall be binding and the affiliated group of
corporations shall be required to file a consolidated Oklahoma
income tax return for future tax years unless the Oklahoma Tax
Commission releases the affiliated group of corporations from such
election. If an affiliated group of corporations elects to file a
consolidated Oklahoma income tax return under the provisions of this
subsection, the group's consolidated income, loss or deductions
shall be determined on a component member by component member basis
in accordance with the provisions of Sections 2358 and 2362 of this
title.
Laws 1971, c. 137, § 17; Laws 1971, p. 1043, H.J.R. No. 1026, §
2A19, emerg. eff. June 22, 1971; Laws 1993, c. 273, § 5, eff. Sept.
1, 1993.
Frequently Asked Questions About Oklahoma § 68-2367
What does Oklahoma Statutes § 68-2367 cover?
Section 68-2367 ("Consolidated returns") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 68-2367?
A common citation format is "Oklahoma Statutes § 68-2367" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 68-2367 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.