(1) A declaration shall accompany the income tax return of a taxpayer seeking to defer gain under ORS 316.873 to 316.884. The declaration shall state the source and the amount of the gain to be deferred and shall declare the intent of the taxpayer to reinvest the gain in a qualified business interest, qualified investment fund or a qualified business asset within six months of the date of sale or other disposition from which the gain is derived.
(2) A taxpayer who has filed a declaration of intent to reinvest shall, with the income tax return for the tax year of reinvestment, file a statement that the reinvestment has occurred. The statement shall be on such form as the Department of Revenue may prescribe and shall:
(a) Identify the qualified business interest, interest in a qualified investment fund or qualified business asset acquired;
(b) State the basis for qualification as a qualified business interest, qualified investment fund or qualified business asset; and
(c) Give the purchase price or other consideration given for the qualified business interest, interest in the qualified investment fund or qualified business asset acquired.
(3) The statement described in subsection (2) of this section shall reference the specific declaration of intent to reinvest that is being fulfilled. [1995 c.809 §5]Section: Previous 316.870 316.871 316.872 316.873 316.874 316.875 316.876 316.877 316.878 316.879 316.880 316.881 316.882 316.883 316.884 Next
Last modified: August 7, 2008