Okla. Stat. tit. 68, § 68-2355.1P-2

As used in this act:

1. "Distributive share" means a member's percentage share of

Oklahoma net entity income or net entity loss;

2. "Electing pass-through entity" means any pass-through entity

as defined in paragraph 6 of this section that has made an election

pursuant to subsection F of Section 4 of this act to pay income tax

as computed pursuant to Section 2358 of Title 68 of the Oklahoma

Statutes;

3. "Indirect member" means, with respect to any particular

electing pass-through entity, an individual, fiduciary, or entity

that (i) owns an interest in a pass-through entity other than the

electing pass-through entity and (ii) has been allocated items of

Oklahoma income, gain, loss or deduction that the electing pass-

through entity included in computing its tax pursuant to the

provisions of the Pass-Through Entity Tax Equity Act of 2019;

4. "Member" means any individual, fiduciary, or entity holding

an ownership interest in an electing pass-through entity;

5. "Oklahoma net entity income" or "Oklahoma net entity loss"

means the positive or negative sum of an electing pass-through

Oklahoma Statutes - Title 68. Revenue and Taxation Page 758

entity's items of Oklahoma income, gain, loss, and deduction

determined under Section 2351 et seq. of Title 68 of the Oklahoma

Statutes, regardless of whether any such items are required for

federal income tax purposes to be separately stated; and

6. "Pass-through entity" means a general partnership, a limited

partnership, a limited liability partnership, a limited liability

limited partnership, a limited liability company, or a corporation,

if any of the enumerated entity's items of income, gain, loss, and

deduction, as applicable, are subject to being included on another

person's return for federal income tax purposes under Subchapter K

or Subchapter S of the Internal Revenue Code.