710:50-13-5 Estates and farmers; estimated tax not required; farm income described

(a) Estates and farmers are not required to file an Estimated Tax Declaration. A "farmer" is an individual whose Farm Income for the taxable year is at least 2/3 of the individual's gross income for the taxable year. [See: 68 O.S. §2385.7] (b) If an individual qualified as a "farmer," pursuant to the definition set out in subsection (a) for the previous taxable year, that individual shall not be required to qualify for the current taxable year. In no event, however, shall the qualification for the previous taxable year be carried forward for more than one (1) year. (c) Farm Income includes income received from cultivating the soil or raising or harvesting any agricultural commodity. This includes the income from the operation of a stock, dairy, poultry, fish, bee, fruit or truck farm, plantation, ranch or orchard. (d) Farm Income does not include gain from sales or income from the lease of farm land and depreciable farm equipment; income received for custom machine work; or oil and gas income. Wages received as an employee of a farm will not be considered "farm income." This includes wages received from a farm corporation even if the taxpayer is a stockholder in the corporation. (e) Persons qualifying for farm exception shall file OTC Form 511 and include a copy of their Federal Income Tax Return.