Oregon Statutes 314.085 – Taxable year; rules
(1) The taxable year of a partnership, REMIC (real estate mortgage investment conduit) or taxpayer shall be the same as its taxable year for federal income tax purposes.
Terms Used In Oregon Statutes 314.085
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
(2) If the taxable year of a partnership, REMIC or taxpayer is changed for federal income tax purposes, that change in taxable year shall also apply for purposes of state taxation. If a change in taxable year results in a taxable period of less than 12 months, the personal deductions and the personal exemption credits allowed by ORS Chapter 316 shall be prorated under rules adopted by the Department of Revenue.
(3) Notwithstanding subsections (1) and (2) of this section, if the department terminates the taxable year of a taxpayer under ORS § 314.440, the tax shall be computed for the period determined by such action. [1987 c.293 § 55; 1997 c.839 § 52; 2019 c.320 § 4]
[2005 c.519 § 2; repealed by 2011 c.83 § 9]