Oregon Statutes - Chapter 314 - Taxes Imposed Upon or Measured by Net Income - Section 314.775 - Definitions for ORS 314.775 to 314.784.

As used in ORS 314.775 to 314.784:

(1) “Distributive income” means the net amount of income, gain, deduction or loss of a pass-through entity for the tax year of the entity.

(2) “Lower-tier pass-through entity” means a pass-through entity, an ownership interest of which is held by another pass-through entity.

(3) “Nonresident” means:

(a) An individual who is not a resident of this state;

(b) A corporation, partnership or other business entity that has a commercial domicile, as defined in ORS 314.610, that is outside this state; or

(c) A trust that is not a resident trust or qualified funeral trust under ORS 316.282.

(4) “Owner” means a person that owns an interest in a pass-through entity.

(5) “Pass-through entity” means any entity that is recognized as a separate entity for federal income tax purposes, for which the owners are required to report income, gains, losses, deductions or credits from the entity for federal income tax purposes. “Pass-through entity” does not include any trust, as defined in ORS 128.005, except a form of trust that the Department of Revenue has determined by rule to have been established or maintained primarily for tax avoidance purposes.

(6) “Upper-tier pass-through entity” means a pass-through entity that owns an interest in another pass-through entity. [2005 c.387 §1]

Note: 128.005 was repealed by section 128, chapter 348, Oregon Laws 2005. The text of 314.775 was not amended by enactment of the Legislative Assembly to reflect the repeal. Editorial adjustment of 314.775 for the repeal of 128.005 has not been made.

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Last modified: August 7, 2008