(1) Notwithstanding ORS § 317.080, a corporation otherwise exempt from tax under ORS § 317.080 (1), (2), (3), (4), (7) or (9) shall be subject to the tax imposed by and in accordance with the provisions of this chapter, but only as to its unrelated business taxable income, as defined under the Internal Revenue Code.

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Terms Used In Oregon Statutes 317.920

  • 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.

(2) Subsection (1) of this section shall not apply to an organization described in section 501(c)(1) of the Internal Revenue Code.

(3) In the case of unrelated business income of a private foundation described in section 509 of the Internal Revenue Code, the first quarter of estimated tax due under ORS § 314.515 (1)(a) shall be paid on or before the 15th day of the fifth month of the taxable year. [1959 c.356 § 2; 1975 c.652 § 90; 1983 c.162 § 42; 1985 c.802 § 28b; 1987 c.293 § 48; 1997 c.839 § 37; 1999 c.90 § 25a]