Questions and Answers with Kendra M. Robben
State income tax ends on gains on sales of some assets
Q : Can you briefly describe the state law that eliminates Oklahoma income tax on gains from certain asset sales?
A : Sure. Under normal circumstances, when you sell an asset you will pay both federal and Oklahoma capital gains tax on your profit from the sale. Under this new law, you will be able to avoid paying any Oklahoma tax on the gain if the asset which was sold is an Oklahoma asset and you have held the...
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