710:50-21-2 Amended return for Subchapter "S" Corporations

If after the Subchapter "S" Corporation files its income tax return, it later becomes aware of any changes it must make to income, deductions, credits, etc., or if corrected due to an Internal Revenue Service audit, the Subchapter "5" shall file OTC Form 5125 labeled "Amended" at the top of page 1. Attach a copy of the Federal Amended 11205 or a copy of the Federal Audit changes to the Oklahoma Amended Return. Each share holder shall be given a corrected K-1 reflecting Oklahoma Distributable Income as adjusted.