Oregon Statutes 317.286 – Nonrecognition of transactions with related foreign sales corporation
(1) To derive Oregon taxable income, federal taxable income shall be modified to the extent necessary to not recognize for Oregon tax purposes any transaction between the taxpayer and a related foreign sales corporation. The taxpayer shall be considered to have entered directly into any transactions with third parties that are treated for federal income tax purposes as having been entered into by a related foreign sales corporation. To satisfy the requirements of this section:
Terms Used In Oregon Statutes 317.286
- 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.
- Oregon taxable income: means taxable income, less the deduction allowed under ORS § 317. See Oregon Statutes 317.010
(a) No deduction shall be allowed to a taxpayer for any payment to a related foreign sales corporation; and
(b) No income or expense that would be attributed to a taxpayer but for the provisions of sections 921 to 927 of the Internal Revenue Code shall be treated as attributable to a related foreign sales corporation.
(2) As used in this section, ‘foreign sales corporation’ means a foreign sales corporation as defined in section 922 of the Internal Revenue Code. [1985 c.802 § 22e]
[1961 c.608 § 4; repealed by 1975 c.705 § 12]
[1983 c.162 § 15; repealed by 1984 c.1 § 18]
[Amended by 1983 c.162 § 30; renumbered 317.374]
[1957 c.19 § 2; repealed by 1983 c.162 § 57]
[Amended by 1953 c.385 § 9; 1955 c.722 § 1; 1961 c.565 § 1; subsection (4) enacted as 1961 c.565 § 2; 1971 c.246 § 1; repealed by 1983 c.162 § 57]
[1983 c.162 § 16; repealed by 1984 c.1 § 18]
[1957 s.s. c.15 11,12; 1959 c.92 § 2; 1983 c.162 § 36; renumbered 317.476]
[1961 c.505 2,3; 1969 c.493 § 95; 1979 c.580 § 2; repealed by 1983 c.162 § 57]
[1969 c.600 § 8; 1983 c.162 § 34; renumbered 317.665]
[Amended by 1953 c.385 § 9; repealed by 1983 c.162 § 57]