Oregon Statutes 314.731 – Definitions
As used in ORS § 314.731 to 314.737:
Terms Used In Oregon Statutes 314.731
- 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.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(1) ‘Adjustment’ means a partnership adjustment, as defined in section 6241 of the Internal Revenue Code, whether that adjustment arises from action by the Internal Revenue Service or from the taxpayer’s filing of an amended federal return, a federal refund claim or similar report, including any report made under section 6225(c) of the Internal Revenue Code, or an administrative adjustment request.
(2) ‘Adjustments report’ means a report used by a taxpayer to state adjustments to any partnership-related items.
(3) ‘Administrative adjustment request’ means a request filed by a partnership under section 6227 of the Internal Revenue Code.
(4) ‘Audited partnership’ means a partnership subject to a partnership-level audit from which an adjustment arises.
(5) ‘Corporate partner’ means a partner that is subject to the tax imposed under ORS Chapter 317 or 318.
(6) ‘Direct partner’ means a partner that holds an interest directly in a partnership or pass-through entity.
(7) ‘Federal partnership representative’ means the person that a partnership designates for the tax year as the partnership’s representative, or the person the Internal Revenue Service has appointed to act as the federal partnership representative, pursuant to section 6223(a) of the Internal Revenue Code.
(8) ‘Indirect partner’ means a partner in a partnership or pass-through entity that holds an interest directly, or through another indirect partner, in a partnership or pass-through entity.
(9) ‘Nonresident partner’ means a partner that is not a resident partner and is an individual, a trust or an estate.
(10) ‘Partnership-level audit’ means an examination by the Internal Revenue Service at the partnership level pursuant to sections 6221 to 6241 of the Internal Revenue Code from which an adjustment arises.
(11) ‘Resident partner’ means a partner that is an individual who is a resident of this state as defined in ORS § 316.027 for the tax year or is a resident trust or a resident estate as defined in ORS § 316.282.
(12) ‘Reviewed year’ means the tax year of a partnership that is required to be or elects to be subject to a partnership-level audit from which adjustments arise.
(13) ‘Taxpayer’ means:
(a) A partner that is subject to the tax imposed under ORS Chapter 316, 317 or 318;
(b) A partnership that is subject to a partnership-level audit or that has made an administrative adjustment request; or
(c) A tiered partner of a partnership.
(14) ‘Tiered partner’ means a partner that is a partnership or pass-through entity. [2019 c.132 § 2]
[1989 c.625 § 42; 1991 c.457 § 21; renumbered 314.762 in 2019]