Oregon Statutes - Chapter 314 - Taxes Imposed Upon or Measured by Net Income - Section 314.412 - Issuing of notice of deficiency attributable to involuntary conversion; time limit.

Notwithstanding ORS 314.410, the period for issuing any notice of deficiency attributable to any part of the gain realized upon an involuntary conversion as provided in the federal Internal Revenue Code which applies to the Personal Income Tax Act of 1969 or as provided in the corporate excise tax or corporate income tax laws, shall not expire prior to the expiration of three years from the date the Department of Revenue is notified by the taxpayer of:

(1) The replacement of the converted property which the taxpayer claims results in nonrecognition of any part of such gains; or

(2) The taxpayer’s intention not to replace such property; or

(3) A failure of the taxpayer to replace the property within the period prescribed in the federal Internal Revenue Code which applies to the Personal Income Tax Act of 1969, in the corporation excise tax laws or in the corporation income tax laws, whichever is applicable. [1975 c.705 §2; 1989 c.626 §3]

Section:  Previous  314.402  314.403  314.404  314.405  314.406  314.407  314.410  314.412  314.415  314.417  314.419  314.420  314.421  314.423  314.425  Next

Last modified: August 7, 2008