Oregon Statutes - Chapter 314 - Taxes Imposed Upon or Measured by Net Income - Section 314.085 - Taxable year; rules.

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

(2) If the taxable year of a partnership, REMIC, FASIT 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. [1987 c.293 §55; 1997 c.839 §52]

Section:  Previous  314.068  314.070  314.072  314.074  314.075  314.078  314.080  314.085  314.088  314.091  314.105  314.110  314.115  314.120  314.125  Next

Last modified: August 7, 2008