Oregon Statutes 314.712 – Partnerships not subject to income tax; exceptions
(1) Except as provided in ORS § 314.722 or 314.731 to 314.737, a partnership as such is not subject to the tax imposed by ORS Chapter 316, 317 or 318. Partnership income shall be computed pursuant to section 703 of the Internal Revenue Code, with the modifications, additions and subtractions provided in this chapter and ORS Chapter 316. Persons carrying on business as partners are liable for the tax imposed by ORS Chapter 316, 317 or 318 on their distributive shares of partnership income only in their separate or individual capacities.
Terms Used In Oregon Statutes 314.712
- 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 a partner engages in a transaction with a partnership other than in the partner’s capacity as a member of the partnership, the transaction shall be treated in the manner described in section 707 of the Internal Revenue Code. [1989 c.625 § 28 (enacted in lieu of 316.342); 1999 c.90 § 5; 2019 c.132 § 7]