(1) Any increase in tax by reason of a recapture of LIFO benefits under section 1363(d) of the Internal Revenue Code shall be payable in four equal installments.
(2)(a) The first installment shall be paid on or before the due date for the return of the tax for the last taxable year for which the corporation was a C corporation and the three succeeding installments shall be paid on or before the due date for the corporationís return for the three succeeding taxable years.
(b) For purposes of this subsection, the due date for returns shall be determined without regard to extensions.
(3) Notwithstanding ORS 314.400 (7), for purposes of ORS 314.400 (7), interest on each installment that is not paid on or before the date prescribed under subsection (2) of this section for payment of that installment shall accrue only from the due date for that installment.
(4) This section applies in the case of S corporation elections made after December 17, 1987. No refund or interest shall accrue to any taxpayer on account of the retroactive application under this subsection. [1989 c.625 §58; 2007 c.322 §2]
Note: Section 3 (2), chapter 322, Oregon Laws 2007, provides:
Sec. 3. (2) The amendments to ORS 314.750 by section 2 of this 2007 Act apply to tax years beginning on or after January 1, 2008. [2007 c.322 §3(2)]Section: Previous 314.738 314.740 314.742 314.744 314.746 314.748 314.749 314.750 314.752 314.760 314.775 314.778 314.781 314.784 314.805 Next
Last modified: August 7, 2008