Public-domain · open source

ORS 314.085

Known as the Uniform Division of Income for Tax Purposes Act

The act spans §§ 314–314 (252 sections).

Applied in 1 court decision — leading case 24 Or. Tax 146 - Powerex Corp. v. Dept. of Rev. (2020)

Most recently applied in 24 Or. Tax 146 - Powerex Corp. v. Dept. of Rev. (July 2020)

1987 c.293 §55; 1997 c.839 §52; 2019 c.320 §4

(1) The taxable year of a partnership, REMIC (real estate mortgage investment conduit) or taxpayer shall be the same as its taxable year for federal income tax purposes.

(2) If the taxable year of a partnership, REMIC or taxpayer is changed for federal income tax purposes, that change in taxable year shall also apply for purposes of state taxation. If a change in taxable year results in a taxable period of less than 12 months, the personal deductions and the personal exemption credits allowed by ORS chapter 316 shall be prorated under rules adopted by the Department of Revenue.

(3) Notwithstanding subsections (1) and (2) of this section, if the department terminates the taxable year of a taxpayer under ORS 314.440, the tax shall be computed for the period determined by such action.

Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.