Instructions For Form 20-S - Oregon S-Corporation Tax Return

• Excise or income tax checkbox. Oregon has two types

Attach a copy of your Form 24, Oregon Like-Kind

of corporate taxes: excise and income. Excise tax is the

Exchanges/Involuntary Conversions, 150-800-734, to the

back of your Oregon return and check the “Form 24”

most common. Most corporations don’t qualify for

Oregon’s income tax. See “Excise or income tax.”

box if all of the following apply:

§ The corporation reported deferred gain on a federal

Do you pay an excise tax or income tax to Oregon? One

Form 8824;

box must be checked:

§ All or part of the property exchanged or given up

§ Excise tax if you do business in Oregon.

was located in Oregon; and

§ Income tax if you don’t do business in Oregon, but

§ All or part of the acquired property was located out-

you have taxable income from an Oregon source.

side of Oregon.

• Extension checkbox. For an Oregon extension when

For a more detailed explanation, see OAR 150-314.650

you’re also filing for a federal extension: Send the

and

150-314.665(5)

regarding

apportionment

federal extension with the Oregon return when you

deferred gain.

file. Check the “Extension” checkbox on your Oregon

• FCG-20, Farm Liquidation Long-Term Capital Gain

return and include the extension after all other attach-

checkbox. Reduced tax rate is available if you sold or

ments. The Oregon extension due date is the 15th day

exchanged capital assets used in farming.

of the month following the federal extension’s due

date. Don’t send the extension until you file your Ore-

Complete Worksheet FCG-20, Farm Liquidation Long-

gon return.

Term Capital Gain Tax Adjustment, 150-102-167, and

check the box in the header of the form.

For an “Oregon only” extension: Answer question 1 on

federal extension Form 7004, write “For Oregon Only”

• Federal Form 8886 checkbox, REIT/RIC checkbox,

at the top of the form, and include it with your Oregon

and reportable transactions. If you participate in

return when you file. Check the “Extension” checkbox

listed or reportable transactions, you must report it on

on the Oregon return. The Oregon extension due date

your Oregon tax return.

is the 15th day of the month following what would be

If you’re required to report listed or reportable transac-

the federal exten sion’s due date. Don’t send the exten-

tions to the IRS on federal Form 8886 or if you partici-

sion before you file your Oregon return.

pated in a real estate investment trust (REIT) or regu-

More time to file doesn’t mean more time to pay your

lated investment company (RIC), you must check the

tax. To avoid penalty and interest, pay tax due prepay-

appropriate boxes in the header area of the Oregon tax

ments online, or by mail with Form 20-V, on or before

return.

the original due date of your return. Note: Form 20-V

We’ll assess penalties if you don’t comply with this

payment voucher isn’t an extension of time to file or to

requirement or if we discover listed or reportable

pay tax.

transactions.

• Form 37 checkbox. If you have an underpayment, you

• Accounting period change checkbox (Excise tax

must include a completed Form 37. Check the “Form

return filers only.) Check this box only if both of the

37” box in the header of your return.

following apply:

Use Form 37 to:

§ The excise tax return covers a period of less than 12

§ Calculate the amount of underpayment of estimated

months, and

tax;

§ The short-period return is due to a qualified change

§ Compute the amount of interest you owe on the

in accounting period per IRC §441 to §444.

underpayment; or

§ Show you meet an exception to the payment of

Note: A short-period return doesn’t automatically con-

interest.

stitute a qualified change in accounting period. A tax-

payer that isn’t in existence for the entire year shouldn’t

• Amended checkbox. Check the “Amended” box if this

check this box. This includes subsidiaries that join or

is an amended return.

leave a consolidated filing group and newly formed or

• Form 24, Deferred gain checkbox. Corporations may

dissolved corporations.

defer, for Oregon tax purposes, all gains realized in

If you file a short-period return due to a qualified

the exchange of like-kind property and involuntary

conversions under IRC §1031 or §1033, even though the

change in accounting period and you’re subject to the

replacement property is outside Oregon. Oregon will

minimum tax, apportion the $150 minimum tax by

tax the deferred gain when it’s included in federal tax-

multi plying the $150 minimum tax by the total num-

able income.

ber of months in short period and dividing by 12.

150-102-025-1 (Rev. 10-14)

Form 20-S Instructions

Instructions For Form 20-S - Oregon S-Corporation Tax Return - 2014 Page 7

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