Form 65 - Instructions For Tax Form Installment
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2O R E G O N
FORM 65 INSTRUCTIONS
D E PA R T M E N T
O F R E V E N U E
Which partnerships must file an
Individual income tax returns
Oregon partnership return?
The Oregon individual income tax booklet lists filing re-
quirements for partners’ individual income tax returns.
• Every partnership having income derived from or con-
See page 2 to order full-year resident and part-year/non-
nected with sources in Oregon.
resident booklets. A partnership generally is not subject
• Every partnership having one or more Oregon resi-
to tax, but each partner’s distributive share of net income
dent partners.
(or loss) and separately stated items must be reported
on that partner’s individual return.
What must be attached to the
Oregon partnership return?
Partners report their share of Oregon modifications on
Forms 40, 40N, or 40P. Generally, increases to income
Attach the information in the following order:
go on the “Other additions” line of the Oregon individual
• A list of partners, if more than 10 partners at any time
return. Generally, decreases to income go on the “Other
during the year.
subtractions” line of the Oregon individual return. La-
• An apportionment schedule, if you answered yes to
bel the line “Oregon partnership modifications.” Sepa-
rately stated items go on the appropriate line of the
question 5 and 5B on Form 65.
Oregon individual return.
• An Oregon Depreciation Schedule (form 150-101-025),
if Oregon depreciation differs from federal deprecia-
Nonresident partners can choose to file an individual
tion.
nonresident return or join together to file a multiple non-
• If this is the final partnership return, a schedule show-
resident tax return. Call 503-945-8462 to order instruc-
ing to whom all assets and liabilities were distributed,
tions for filing multiple nonresident returns.
and each asset’s adjusted basis and fair market value.
Guaranteed payments
A copy of federal Form 1065, U.S. Partnership Return of In-
•
come, or Form 1065-B, U.S. Return of Income for Electing
Guaranteed payments paid to a nonresident partner are
Large Partnerships. Include all pages and supporting sched-
treated as distributive shares of partnership income. In-
ules.
come attributable to Oregon sources is determined by
• Federal Schedule K-1s, if the partnership has less than
applying the allocation and apportionment provisions
11 partners during the year.
to each nonresident’s entire distributive share including
guaranteed payments.
Filing deadlines and date of
connection to federal law
Oregon modifications to federal
partnership income
Returns for the 2000 calendar year are due by April 16,
2001. Fiscal year returns are due by the 15th day of the
Complete Schedule I to figure Oregon modifications to
fourth month after the end of the partnership’s tax year.
federal partnership income. Attach schedules if neces-
sary to explain and compute the modifications.
Oregon is permanently tied to federal law. Most items
are treated the same way on your Oregon and federal
Generally, each partner’s share of modifications is figured
returns. Any future federal law changes affecting taxable
by using the profit sharing percentage shown on that
income will automatically be adopted by Oregon. The
partner’s federal Schedule K-1. Each partner’s share of the
partnership’s tax year for Oregon must be the same as
Oregon modifications must be reported on the partner’s
for federal. Oregon doesn’t have a required payment for
Schedule K-1 or equivalent. Show separately any Oregon
partnerships choosing an alternative tax year.
modification that could have a special tax effect on a
partner’s individual return. The modifications may be
Oregon recognizes the federal “check the box” regula-
added to the federal Schedule K-1s and labeled “Oregon
tions for unincorporated organizations. Also, Oregon
modifications.”
treats the electing large partnership the same as federal.
Gain on voluntary and involuntary conversions.
Partnership failure-to-file penalty
Partnerships may elect for their resident partners to de-
fer the gain on voluntary and involuntary conversions
A penalty may be assessed if a partnership doesn’t file
where partnership property voluntarily or involuntarily
a return or fails to provide information to the Depart-
converted is in Oregon and the property acquired is
ment of Revenue as required by law. The penalty is $50
outside Oregon.
per month per partner for each month the return is late
or incomplete, up to a maximum of five months. Each
Partnerships must make the election for all consenting
partner is personally liable for a portion of the penalty.
resident partners. Attach a statement to Oregon Form
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