Examples of amounts which may be treated as current liabilities in the case of a non-renewable, ten-year note, payable in annual installments, are as follows:

1. (1) In the year of issuance, an amount equal to the sum of three years of payments from the date of issuance may be considered a current liability.
2. (2) In the second year after issuance, the sum of two years of payments from the date of issuance may be considered a current liability.
3. (3) In the third year after issuance, one year's payment may be considered a current liability.
4. (4) In the fourth year and thereafter, no amount of the obligation is considered to be a current liability for franchise tax purposes.

Added at 20 Ok Reg 2158, eff 6-26-03

Amended at 35 Ok Reg 2057, eff 9-14-18