Instructions For Form 20 - Oregon Corporation Excise Tax

Additions

Question F. A “low-income taxpayer” is one that didn’t

have federal taxable income before net operating loss

Line 2. Certain interest income excluded from the fed-

and capital loss carryovers and carrybacks of $1 million

eral return. Oregon gross income includes interest on all

or more in any one of the last three tax years, not includ-

state and municipal bonds or other interest excluded for

ing the current year.

federal tax purposes. Reduce the addition by any interest

Question G. If the Oregon corporation is a subsidiary

incurred to carry the obligations and by any expenses

in an affiliated group, or a parent subsidiary controlled

incurred in producing this interest income. (ORS 317.309)

group, enter the name and FEIN of the parent corpora-

Line 3. Oregon excise tax and other state or foreign

tion. For definition of a subsidiary in an affiliated group

taxes on or measured by net income. Oregon excise

or a parent subsidiary controlled group, see IRS Form

tax may not be deducted on the Oregon return. Taxes of

1120, Schedule K.

other states or foreign governments on or measured by

net income or profits may not be deducted on the Ore-

Question H. Enter the total number of corporations

gon return. If you subtracted these taxes on your federal

doing business in Oregon that are included in this return.

return, you must add them back on your Oregon return.

Question M. Taxpayers primarily engaged in utilities

However, the Oregon minimum tax and local taxes, such

or telecommunications may elect to apportion income

as the Multnomah County Business Income tax, are

using double-weighted sales factor formula [OAR 150-

deductible, and aren’t required to be added back. (ORS

314.280(3)]. Check the box if making this election.

317.314)

Question N. Check this box only if you meet the defi-

Line 4. Income of related FSC or DISC. Net income or

nition provided in ORS 314.680: a taxpayer that engages

loss must be included in the net income of the related

in the for-profit business of broadcasting to persons

U.S. affiliate. (ORS 317.283 and 317.286)

located both within and without this state and that for

Line 5. Total other additions. The amount by which any

the tax year is of a class or type of taxpayer that would

item of gross income is greater under Oregon law than

properly be subject to apportionment under ORS 314.680

under federal law, or the amount by which any allowable

to 314.690 as in effect prior to June 6, 2014. If this box is

deduction is less under Oregon law than under federal

checked, you must attach a schedule for interstate broad-

law, is an addition on your Oregon return.

caster apportionment. See “Special filing requirements.”

Use Schedule ASC-CORP to report the amount and

Question O. Nonapportioned returns.

description of each difference not already reported

Enter the amount of sales as defined by ORS 314.665.

elsewhere on your return. Use the numeric description

Generally, C corporations doing business only within

code from the list in Appendix A. The total of all “Other

Oregon will calculate Oregon sales by adding:

additions” is entered on Form 20, line 5.

• Gross receipts from sales of inventory (less returns

Important: Don’t report an addition that’s already

and allowances), equipment, and other assets;

included on lines 2 through 4.

• Gross rent and lease payments received;

“Other additions” include:

• Gross receipts from the performance of services;

• Alternative fuel vehicle fund (auction) credit. If you

• Gross receipts from the sale, exchange, redemption,

claim any amount you paid for this credit as a deduc-

or holding of intangible assets derived from the tax-

tion on your federal return, you must add back that

payer’s primary business activity and included in the

amount to your Oregon income.

taxpayer’s business income; and

• Bad debt reserve addition of a financial institution

• Net gain from the sale, exchange, or redemption of

to the extent that the federal amount exceeds the

intangible assets not derived from the taxpayer’s pri-

amount that’s allowable for Oregon. The bad debt

mary business activity but included in the taxpayer’s

method of financial institutions is tied to the federal

business income.

method. For taxpayers required to use the specific

Generally, for purposes of determining minimum tax,

write-off method, an addition must be made if the

the calculation for Oregon sales includes gross business

amortization of the federal reserve is less than the

income amounts from federal Form 1120, line 1c and 5

amortization of the Oregon reserve. (ORS 317.310)

through 10. Include positive numbers only.

• Capital construction fund. Amounts deferred under

section 607 of the Merchant Marine Act of 1936 and

Line instructions

IRC §7518 must be added back to income. (ORS 317.319)

• Charitable donations not allowed for Oregon. Dona-

Line 1. Taxable income from U.S. corporation income

tions to a charitable organization that has received a

tax return. Enter the taxable income reported for federal

disqualifying order from the Attorney General aren’t

income tax purposes before net operating loss or special

deductible as charitable donations for Oregon tax pur-

deductions (federal Form 1120, line 28).

poses. Such organizations are required to provide a

150-102-020-1 (Rev. 10-14)

Form 20 Instructions

Instructions For Form 20 - Oregon Corporation Excise Tax - 2014 Page 10

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