582-C: 2024 Form 582-C Eligible Oklahoma Venture Capital Company Qualified Equity Investments (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Oklahoma Form 582-C is an information return for eligible Oklahoma venture capital companies. It reports qualified equity investments received, investments made in eligible Oklahoma business ventures, and amounts returned to investors.
Who files this form
Each eligible Oklahoma venture capital company that receives a qualified equity investment under 68 OS Sec. 2358.110 must file Form 582-C.
The form defines an eligible company as a legally recognized business entity whose primary business purpose is to accumulate funds to invest in lawful, for-profit businesses. It may be a general partnership, limited partnership, limited liability partnership, limited liability company, corporation, or another legally recognized business entity.
When it's due
- Tax year 2024 Form 582-C: File the information return, including enclosures, by April 30 following the year in which qualified equity investments were made.
- Additional deadline stated on the 2024 form: The company must make Form 582-I available to all investors by January 31. The text does not specify the year for this deadline.
What you'll need
Gather the following documents and information:
- Company financial records: A copy of the company's annual financial statements, including documentation showing its methods of operation and business conduct.
- Company details: Name, FEIN, entity type, address, and phone number.
- Investments received: Each accredited investor's name, address, FEIN or SSN, investment date, investment type, and qualified equity investment amount.
- Investments made in Oklahoma business ventures: Each venture's name, address, FEIN or SSN, investment date, investment type, and amount invested.
- Investments returned: Each investor's name, address, FEIN or SSN, original investment date, return date, and amount returned. You must also report whether the return was to a related person or entity, explain the relationship if applicable, and state whether the financial performance requirements of 68 OS Sec. 2358.110(F) or (G) were met.
How to file
- Complete the company details and the sections for investments received, investments made in Oklahoma business ventures, and investments returned. Use as many Forms 582-C as needed.
- Include the annual financial statements and documentation about the company's operations and business conduct.
- Have an officer, general partner, or member sign and date the declaration.
- Mail Form 582-C and its required enclosures to:
Oklahoma Tax Commission
Oklahoma City, OK 73194
Form 582-C is a stand-alone form. Do not mail it with any other form.
Common mistakes
- Mailing Form 582-C with another form. The form specifically says it must be mailed as a stand-alone form.
- Leaving out financial statements or business-operation documentation. The reporting requirements state that no deduction is allowed for qualified equity investments made in the company unless this information is provided.
- Forgetting the investor reporting requirement. The company must also make Form 582-I available to all investors by the deadline stated on the form.
Questions people ask
What is a qualified equity investment?
It is a transfer of cash or its equivalent by an accredited investor to an eligible Oklahoma venture capital company. For purposes of the deduction under 68 OS Sec. 2358.110, the definition limits the amount to no more than $25 million per accredited investor during a taxable year.
Who is an accredited investor?
The form refers to the definition in Section 230.501 of Title 17 of the Code of Federal Regulations. For this deduction, the accredited investor is the person or entity authorized to claim the deduction on their income tax return.
What if I need more space to report investments?
The form says to use as many Forms 582-C as needed.
What must the company give its investors?
The company must make Form 582-I available to all investors. It must show the company name, investor name, investment date, and total qualified equity investments made by that investor. The accredited investor mails Form 582-I separately to the Oklahoma Tax Commission, Oklahoma City, OK 73194.