Instructions For Form 20 - Oregon Corporation Excise Tax

• Enter the deduction on line 14 if taxable only by

primary business activity but included in the taxpay-

Oregon.

er’s business income.

• Enter the deduction on Schedule AP-2, line 10b if tax-

Generally, for purposes of determining minimum tax,

able both in Oregon and another state.

the calculation for Oregon sales includes gross business

• Oregon allows a net capital loss deduction for losses

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

through 10. Include positive numbers only.

apportioned to Oregon and carried from another year.

• The deductible loss is limited to net capital gain

Apportioned returns —C corporations and insurance

included in Oregon income.

companies doing business in more than one state that

• Attach a schedule showing your computations includ-

apportion business income for Oregon tax purposes, use

ing the tax year the net capital loss originated. (OAR

the Oregon sales amount from line 21(a) on Schedule AP.

150-317.013)

Note: Some entity structures have specific minimum tax

Tax

and filing instructions. See “Special filing requirements.”

These include:

Line 16. Calculated excise tax. Don’t enter the mini-

mum tax on this line. Determine your calculated tax as

• Agricultural and horticultural cooperatives.

follows:

• Exempt organizations.

• Homeowners associations.

Is Oregon taxable income $1 million or less? If so, multi-

• IC-DISCs.

ply Oregon taxable income by 6.6 percent and enter the

• LLCs.

result. Enter -0- if the result is negative or zero.

• Political organizations.

Is Oregon taxable income greater than $1 million? If so,

• Publicly traded partnerships.

multiply the amount that’s greater than $1 million by

• REMICs.

7.6 percent, and add $66,000. Enter the result.

Corporations and partnerships not doing business in

Line 17. FCG-20 adjustment. A reduced tax rate is avail-

Oregon aren’t subject to the minimum tax. See “What

able if you sold or exchanged capital assets used in farm-

form do I use?”

ing. Subtract the amount of adjustment for tax on net

Line 20. Tax (greater of line 18 or line 19). Oregon tax is

long-term capital gain from farm property from line 9 of

the greater of total calculated tax or minimum tax.

Worksheet FCG-20. (ORS 317.063)

Line 21. Tax adjustments.

Line 18. Total calculated excise tax (line 16 minus line 17).

• Installment sales interest. If you owe interest on

Line 19. Minimum tax. The minimum tax for C corpora-

deferred tax liabilities with respect to installment obli-

tions and insurance companies doing business in Oregon

gations under ORS 314.302, enter the amount of inter-

is based on Oregon sales. Use the table in Appendix B.

est as a positive number. Attach a schedule showing

• Consolidated returns: the minimum tax is based on

how you figured the interest.

Oregon sales of the affiliated group of corporations fil-

• Tax paid on composite return. Subtract the amount

ing an Oregon return.

of tax that was paid on behalf of any corporation

• Consolidated filers: one minimum tax applies to the

included in the consolidated return if they elected to

affiliated group filing the consolidated return, not to

be part of an Oregon Composite Return. The amount

each individual affiliate included in the consolidated

can be found on Schedule OC2, column g, “net tax.”

return doing business in Oregon.

Enter the amount as a negative number.

• The minimum tax isn’t apportionable for a short tax

Line 22. Tax before credits (line 20 plus line 21).

year (except a change of accounting period).

Credits

Nonapportioned returns—C corporations doing busi-

ness only within Oregon will calculate Oregon sales by

For a complete list and description of all Oregon cor-

adding:

poration cred its, including links to certifying agencies

and forms, visit , click on

• Gross receipts from sales of inventory (less returns and

“Corporate Taxes” on the left navigation bar, then click

allowances), equipment, and other assets;

on “2014 Credits” under “What’s new for 2014”. Credits

• Gross rent and lease payments received;

requiring additional explanation are shown below.

• Gross receipts from the performance of services;

• Gross receipts from the sale, exchange, redemption,

Note: Per the Oregon Supreme Court decision issued

or holding of intangible assets derived from the tax-

May 31, 2013, Con-Way, Inc. & Affiliates v. Department of

payer’s primary business activity and included in the

Revenue, 353 Or. 616, 302 P.3d 804 (2013), all corporation

taxpayer’s business income; and

tax credits, except for the “Contributions of computers

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

or scientific equipment for research” credit, are applied

intangible assets not derived from the taxpayer’s

against calculated or minimum tax of C corporations.

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

Form 20 Instructions

Instructions For Form 20 - Oregon Corporation Excise Tax - 2014 Page 15

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