(1) A penalty shall be imposed on a person who promotes a tax shelter if:
(a) The person is or would be subject to a penalty for promoting an abusive tax shelter under section 6700 of the Internal Revenue Code; and
(b) The tax shelter satisfies any of the following conditions:
(A) The tax shelter is organized in this state.
(B) The tax shelter is doing business in this state.
(C) The tax shelter derives income from sources in this state.
(D) At least one investor in the tax shelter is an Oregon personal income taxpayer or an Oregon corporate excise or income taxpayer.
(2) The amount of the penalty shall equal 100 percent of the amount of gross income derived by the person in promoting the tax shelter.
(3) A penalty imposed under this section shall be in addition to and not in lieu of any other penalty. [2007 c.568 §12]
Note: See note under 314.307.Section: Previous 314.397 314.400 314.401 314.402 314.403 314.404 314.405 314.406 314.407 314.410 314.412 314.415 314.417 314.419 314.420 Next
Last modified: August 7, 2008