(1) If, on account of death or disability of the taxpayer, a related party succeeds to a qualified business interest, interest in a qualified investment fund or qualified business asset upon the acquisition of which gain was deferred under ORS 316.873 to 316.884, then at the election of the related party, the death or disability of the taxpayer shall not result in the addition to federal taxable income of the deferred gain.
(2) The related party who succeeds to the qualified business interest, interest in a qualified investment fund or qualified business asset may dispose of the interest or asset without addition of the deferred gain to federal taxable income if the requirements of reinvestment and other requirements of ORS 316.873 to 316.884 are met.
(3) If a taxpayer dies, and the death does not result in the addition of the deferred gain to federal taxable income because of an election under this section, at the time the deferred gain is added to federal taxable income, the amount of gain shall be determined using the basis that the deceased taxpayer had in the qualified business interest, qualified investment fund or qualified business asset. [1995 c.809 §9]
Section: Previous 316.874 316.875 316.876 316.877 316.878 316.879 316.880 316.881 316.882 316.883 316.884 316.885 316.970 316.990 316.992 NextLast modified: August 7, 2008