Oregon Statutes 314.412 – Issuing of notice of deficiency attributable to involuntary conversion; time limit
Notwithstanding ORS § 314.410, the period for issuing any notice of deficiency attributable to any part of the gain realized upon an involuntary conversion as provided in the federal Internal Revenue Code which applies to the Personal Income Tax Act of 1969 or as provided in the corporate excise tax or corporate income tax laws, shall not expire prior to the expiration of three years from the date the Department of Revenue is notified by the taxpayer of:
Terms Used In Oregon Statutes 314.412
- 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.
(1) The replacement of the converted property which the taxpayer claims results in nonrecognition of any part of such gains; or
(2) The taxpayer’s intention not to replace such property; or
(3) A failure of the taxpayer to replace the property within the period prescribed in the federal Internal Revenue Code which applies to the Personal Income Tax Act of 1969, in the corporation excise tax laws or in the corporation income tax laws, whichever is applicable. [1975 c.705 § 2; 1989 c.626 § 3]