Instructions For Form 20 - Oregon Corporation Excise Tax - 2014 Page 9

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due date is the 15th day of the month following what
regulated investment company (RIC), you must check
would be the federal exten sion’s due date. Don’t send
the appropriate boxes in the header area of the Oregon
the extension before you file your Oregon return.
tax return.
More time to file doesn’t mean more time to pay your
We’ll assess penalties if you don’t comply with this
tax. To avoid penalty and interest, pay tax due prepay-
requirement or if we discover such other transactions.
ments online, or by mail with Form 20-V, by the origi-
• Accounting period change checkbox. Check this box
nal due date of your return. Note: Form 20-V payment
only if both of the following apply:
voucher isn’t an extension of time to file or to pay tax.
§ The excise tax return covers a period of less than 12
• Form 37 checkbox. If you have an underpayment, you
months, and
must include a completed Form 37. Check the “Form
§ The short-period return is due to a qualified change
37” box in the header of your return.
in accounting period per IRC §§441 to 444.
Use Form 37 to:
Note: A short-period return doesn’t automatically con-
§ Calculate the amount of underpayment of estimated
stitute a qualified change in accounting period. A tax-
tax;
payer that isn’t in existence for the entire year shouldn’t
§ Compute the amount of interest you owe on the
check this box. This includes subsidiaries that join or
underpayment; or
leave a consolidated filing group, and newly formed or
§ Show you meet an exception to the payment of
dissolved corporations.
interest.
If you file a short-period return due to a qualified
• Amended checkbox. Check the “Amended” box if this
change in accounting period and you’re subject to
is an amended return.
the minimum tax, your minimum tax shall be appor-
• Form 24, Deferred gain checkbox. Corporations may
tioned as follows:
defer, for Oregon tax purposes, all gains realized in
Annualize Oregon sales by multiplying actual Oregon
the exchange of like-kind property and involuntary
sales by 12 and dividing by the number of months in
conversions under IRC §1031 or §1033, even though the
the short period. Use the minimum tax table in Appen-
replacement property is outside Oregon. Oregon will
dix B to determine minimum tax on annualized Ore-
tax the deferred gain when it’s included in federal tax-
gon sales.
able income.
Apportion the minimum tax determined above by
Attach a copy of your Form 24, Oregon Like-Kind
multiplying by the total number of months in short
Exchanges/Involuntary Conversions, 150-800-734, to the
period and dividing by 12.
back of your Oregon return and check the “Form 24”
box if all of the following apply:
Questions
§ The corporation reported deferred gain on a federal
Questions A–C. Complete only if this is your first return
Form 8824;
or the answer changed during the tax year.
§ All or part of the property exchanged or given up
was located in Oregon; and
Question D. Refer to the current list of North American
§ All or part of the acquired property was located out-
Industry Classification System (NAICS) codes found
side of Oregon.
with your federal tax return instructions. Only enter the
code if this is your first return or the current code is dif-
For a more detailed explanation, see OAR 150-314.650
ferent than you reported for last year.
and
150-314.665(5)
regarding
apportionment
of
deferred gain.
Question E(1). If you checked the box, attach a list of the
corporations included in the consolidated federal return.
• FCG-20, Farm Liquidation Long-Term Capital Gain
Tax Adjustment, 150-102-167, checkbox. Reduced tax
Question E(2). If you checked the box, complete Sched-
rate is available if you sold or exchanged capital assets
ule AF, Schedule of Affiliates (found with forms 20, 20-I,
used in farming. Complete the Worksheet FCG-20 and
and 20-INS), to list only the corporations included in the
check the box in the header of the form.
consolidated Oregon return that:
• Federal Form 8886 checkbox, REIT/RIC checkbox,
• Are doing business in Oregon; or
and reportable transactions. If you participate in
• Have income from Oregon sources.
listed or reportable transactions, you must report it on
Question E(3). If you checked the box, attach a list of cor-
your Oregon tax return.
porations included in the consolidated federal return that
aren’t included in this Oregon return. List each corpora-
If you’re required to report listed or reportable trans-
tion’s name, FEIN, and Oregon BIN. Note: Include a copy
actions to the IRS on federal Form 8886 or if you par-
ticipated in a real estate investment trust (REIT) or
of your federal return and schedules as filed with IRS.
9
150-102-020-1 (Rev. 10-14)
Form 20 Instructions

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