LegalFix
Sign In

Section 314.775 - Definitions for ORS 314.775 to 314.784.

OR Rev Stat § 314.775 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(1) "Distributive income" means the net amount of income, gain, deduction or loss of a pass-through entity for the tax year of the entity.

(2) "Lower-tier pass-through entity" means a pass-through entity, an ownership interest of which is held by another pass-through entity.

(3) "Nonresident" means:

(a) An individual who is not a resident of this state;

(b) A corporation, partnership or other business entity that has a commercial domicile, as defined in ORS 314.610, that is outside this state; or

(c) A trust that is not a resident trust or qualified funeral trust under ORS 316.282.

(4) "Owner" means a person that owns an interest in a pass-through entity.

(5) "Pass-through entity" means any entity that is recognized as a separate entity for federal income tax purposes, for which the owners are required to report income, gains, losses, deductions or credits from the entity for federal income tax purposes. "Pass-through entity" does not include any trust except a form of trust that the Department of Revenue has determined by rule to have been established or maintained primarily for tax avoidance purposes.

(6) "Upper-tier pass-through entity" means a pass-through entity that owns an interest in another pass-through entity. [2005 c.387 §1; 2009 c.33 §17]

Previous Section
Section 314.772 - Business tax credits; allowance to shareholders.
Next Section
Section 314.778 - Composite returns of pass-through entities; election; effect of election on nonresident owners.