Okla. Stat. tit. 68, § 68-1407.1
This is the official text of Okla. Stat. tit. 68, § 68-1407.1, part of Oklahoma’s Stat. tit. 68, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 68,." Browse the sections below, each linked to its official government source.
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Tax paid on worthless or uncollectible gross receipts -
Official statutory text
Credit.
Any taxes paid by vendors pursuant to Sections 1406 and 1407 of
Title 68 of the Oklahoma Statutes on gross receipts represented by
accounts receivable which, on or after December 31, 1990, are found
to be worthless or uncollectible and that are eligible to be claimed
if the taxpayer kept accounts on a cash basis or could be eligible
to be claimed if the taxpayer kept accounts on an accrual basis, as
a deduction pursuant to Section 166 of the Internal Revenue Code, or
the unpaid portion of any account at the time repossession is
accomplished under the terms of a conditional sales contract, may be
credited upon subsequent reports and remittances of the tax levied
in this article, in accordance with the rules and regulations of the
Tax Commission. If such accounts are thereafter collected, the same
shall be reported and the tax shall be paid upon the amount so
collected.
Any taxes paid by vendors pursuant to Sections 1406 and 1407 of
Title 68 of the Oklahoma Statutes on gross receipts represented by
accounts receivable which, on or after December 31, 1990, are found
to be worthless or uncollectible and that are eligible to be claimed
if the taxpayer kept accounts on a cash basis or could be eligible
to be claimed if the taxpayer kept accounts on an accrual basis, as
a deduction pursuant to Section 166 of the Internal Revenue Code, or
the unpaid portion of any account at the time repossession is
accomplished under the terms of a conditional sales contract, may be
credited upon subsequent reports and remittances of the tax levied
in this article, in accordance with the rules and regulations of the
Tax Commission. If such accounts are thereafter collected, the same
shall be reported and the tax shall be paid upon the amount so
collected.
Status: in_force · Read it on the official government site
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