Oregon Statutes 317.725 – Adjustments to prevent double taxation or deduction; rules
(1)(a) If any provision of the Internal Revenue Code or of ORS § 317.705 to 317.715, relating to the use of consolidated federal returns, requires that any amount be added to or deducted from federal consolidated taxable income or the Oregon taxable income subject to taxation under this chapter or ORS Chapter 318 that previously had been added to or deducted from income upon or with respect to which tax liability was measured under the Oregon law in effect prior to the taxpayer’s taxable year as to which ORS § 317.705 to 317.715, are first effective, an appropriate adjustment shall be made to the income for the year or years subject to ORS § 317.705 to 317.715, so as to prevent the double taxation or double deduction of any such amount that previously had entered into the computation of income upon or with respect to which tax liability was measured.
Terms Used In Oregon Statutes 317.725
- 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.
- Department: means the Department of Revenue. See Oregon Statutes 317.010
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Oregon taxable income: means taxable income, less the deduction allowed under ORS § 317. See Oregon Statutes 317.010
(b) If it appears to the Department of Revenue that a corporation making a return under this chapter or ORS Chapter 318 is required to make any adjustment to federal consolidated taxable income pursuant to ORS § 317.715, that is unduly burdensome or that produces an inequitable or unreasonable result, the department, upon application by the corporation, may relieve the corporation of the requirement and may permit or require any other adjustment to be made to fairly reflect income and produce an equitable result. The department shall adopt rules prescribing the method by which a corporation may apply for relief under this paragraph.
(2) Notwithstanding the provisions of ORS § 317.013, any regulation promulgated pursuant to sections 1501 to 1505 of the Internal Revenue Code which makes reference to provisions of the Internal Revenue Code with respect to which modifications to federal taxable income are prescribed under this chapter shall not be applied to the extent the regulation conflicts with the provisions of this chapter.
(3) The Department of Revenue shall not make any adjustment under this section if the resulting increase or decrease in tax liability would be less than $250. [1984 c.1 § 19; 1985 c.802 § 31]
[Formerly 317.515; repealed by 1985 c.761 § 27]
DISPOSITION OF REVENUE