Opinion No. 72-176 (1972) Ag

** Summary ** OKLAHOMA INCOME TAX ACT — OPTIONAL TRANSITIONAL DEDUCTION Differences in the bases of assets under the federal tax laws and those of Oklahoma resulting from the additional twenty per cent first year depreciation allowed in the federal code are subject to inclusion in determining the optional transitional deduction. The Attorney General has considered your request for an opinion construing Section 4 of the 1971 Oklahoma Income Tax Act. This Section, 68 O.S. 2354 [68-2354] (1971), deals with the "Optional transitional deduction" allowed certain taxpayers due to changes in state…