Oregon Statutes 324.050 – Definitions
As used in this chapter, unless the context requires otherwise:
Terms Used In Oregon Statutes 324.050
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the Department of Revenue. See Oregon Statutes 324.050
- Fiduciary: A trustee, executor, or administrator.
- Gas: means natural gas and casinghead gas. See Oregon Statutes 324.050
- Oil: means petroleum, crude oil, mineral oil and casinghead gas. See Oregon Statutes 324.050
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Trustee: A person or institution holding and administering property in trust.
(1) ‘Department’ means the Department of Revenue.
(2) ‘Gas’ means natural gas and casinghead gas.
(3) ‘Gross value’ or ‘gross sales value’ means the actual cash price prevailing for oil or gas of the kind, character and quality of the oil or gas subject to the tax imposed under this chapter at the time such oil or gas is produced, as determined by the department.
(4) ‘Gross production’ means the total volume of oil or gas extracted from a well, including oil or gas extracted but not sold. ‘Gross production’ does not include the extraction from a well of any oil or gas reinjected therein for storage.
(5) ‘Produced and saved’ means extracted and sold, extracted and used or extracted and retained for later sale or use.
(6) ‘Oil’ means petroleum, crude oil, mineral oil and casinghead gas.
(7) ‘Person’ includes partnership, corporation, association, fiduciary, trustee and any combination of individuals.
(8) ‘Quarter’ and ‘quarterly’ mean calendar quarters. [1981 c.889 § 1]
IMPOSITION OF TAX