(1) A pass-through entity having distributive income attributable to Oregon sources shall file a composite return of personal income and corporate income and excise tax on behalf of owners that elect to be included in the composite return filed by the entity.
(2) A pass-through entity shall file a composite return under this section only if one or more owners that are nonresidents make an election under this section.
(3) The election shall be made by owners in the time, form and manner prescribed by the Department of Revenue.
(4) The composite return shall report the share of distributive income of each electing owner, the share of distributive income from Oregon sources of each electing owner, the amount of tax withheld under ORS 314.781 on behalf of each electing owner and any other information required by the department. The composite return shall be filed with the department in the time, form and manner prescribed by the department.
(5)(a) An electing owner may file a nonresident personal income tax return or a corporate excise or income tax return for the tax year of the electing owner in which the electing owner’s share of distributive income reported on the composite return is properly reportable.
(b) An electing owner that files a return under this subsection shall receive credit for any tax paid on behalf of the owner by the pass-through entity. [2005 c.387 §2]Section: Previous 314.746 314.748 314.749 314.750 314.752 314.760 314.775 314.778 314.781 314.784 314.805 314.810 314.815 314.820 314.825 Next
Last modified: August 7, 2008