1. Pass-through entities that are eligible to elect to pay the Okla- homa income tax at the entity-level include:
a. General partnership b. Limited partnership c. LLC taxed as partnership or as an S corporation d. All of the above
2. Electing pass-through entities pay the Oklahoma income tax at what rate?
a. Te highest individual tax rate b. Te corporate income tax rate c. Te state sales tax rate d. Both a and b
3. SB 513 provides that remote sellers have nexus in Oklahoma if their sales meet certain criteria. Which of the following is NOT correct about this provision?
a. Te sales threshold that triggers nexus is $100,000. b. Te measuring period is based on any rolling 12-month period.
c. Te measuring period is based on a calendar year. d. Te seller must begin collecting tax the month after the threshold is passed.
4. Te article mentioned a number of tax measures that were introduced but failed. Which of these proposals is incorrectly stated?
a. Restoration of a discount to vendors who remit sales taxes b. Restoration of the statute of limitations for sales tax to three years for overpayments
c. Reducing the 15% interest rate charged on tax assessments to 5%
d. Provision of a casual sale exemption for assets sold by businesses
5. SB 961 created an individual income tax deduction for first- time home buyers. Which of the following statements about this credit is correct?
a. Any taxpayer wishing to purchase any home can claim the credit.
b. A dedicated savings account must be set up for this purpose. c. Te deduction is effective for tax years beginning 2019. d. Te maximum deduction is $10,000 per taxpayer.
Please use the following scale to complete the below evaluation: 1=strongly agree; 2=agree; 3=neutral; 4=disagree; 5=strongly disagree 1) Te stated learning objectives were adequately met. 2) Te authors conveyed a strong knowledge of the subject matter. 3) Te article was timely and relevant. 4) Te article and exam were well-suited to my background, education and experience.
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My overall rating for the self-study program is: Poor Fair Average Very Good Excellent It took me ______ hours and ______ minutes to read the article and complete the exam.
Name: ____________________________________________ OSCPA Member No.: ____________________ Firm/Company: ______________________________________ Email address (where the CPE certificate will be sent): _________________________________________________________________________________________________
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After completing the exam above, please mail this page (photocopies accepted) along with your payment information to: Oklahoma Society of CPAs / CPAFOCUS Self-Study / 1900 NW Expressway, Ste 910 / Oklahoma City, OK 73118-1898
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