Oregon Statutes 316.109 – Credit for tax by another jurisdiction on sale of residential property; rules
(1) If gain on the sale of residential property is taxed under this chapter, the adjusted basis of the property for purposes of this chapter shall be the same as its adjusted basis for federal income tax purposes.
Terms Used In Oregon Statutes 316.109
- Department: means the Department of Revenue. See Oregon Statutes 316.022
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Taxpayer: means any natural person, estate, trust, or beneficiary whose income is in whole or in part subject to the taxes imposed by this chapter, or any employer required by this chapter to withhold personal income taxes from the compensation of employees for remittance to the state. See Oregon Statutes 316.022
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(2) A credit against the tax otherwise due under this chapter shall be allowed to the taxpayer for the amount of any taxes imposed on the taxpayer by another state of the United States, a foreign country or the District of Columbia which tax is attributable to gain that is subject to tax as described in subsection (1) of this section.
(3) The amount of the credit allowed under subsection (2) of this section may not exceed the amount of the gain taxed by the other taxing jurisdiction multiplied by eight percent.
(4) The Department of Revenue shall provide by rule the procedure for obtaining credit provided by subsection (2) of this section and the proof required. The requirement of proof may be waived partially, conditionally or absolutely, as provided under ORS § 315.063.
(5) Any credit allowed under subsection (2) of this section may not be applied in calculating tax due under this chapter if the tax upon which the credit is based has been claimed as a deduction for Oregon personal income tax purposes, unless the tax is restored to income on the Oregon return. [1979 c.579 § 2; 1981 c.705 § 2; 1995 c.54 § 10; 2001 c.114 § 36]
[1953 c.304 § 15; 1953 c.552 § 6; 1957 c.582 § 1; 1961 c.506 § 1; 1963 c.253 § 1; repealed by 1969 c.493 § 99]
[1965 c.360 § 2; repealed by 1969 c.493 § 99]
[1959 c.211 § 2; 1963 c.627 § 5 (referred and rejected); repealed by 1969 c.493 § 99]
[1967 c.61 § 2; repealed by 1969 c.493 § 99]
[1967 c.449 § 2; repealed by 1969 c.493 § 99]
[1953 c.304 § 16; 1959 c.555 § 1; subsection (4) derived from 1959 c.555 § 2; repealed by 1969 c.493 § 99]