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

Questions

Additions

Questions A–C. Complete only if this is your first return

Line 2. Total other additions. The amount by which any

or the answer changed during the tax year.

item of gross income is greater under Oregon law than

under federal law, or the amount by which any allowable

Question D. Refer to the current list of North American

deduction is less under Oregon law than under federal

Industry Classification System (NAICS) codes found

law, is an addition on your Oregon return. Enter only

with your federal tax return instructions. Only enter the

additions that apply to taxable income included in line 1.

code if this is your first return or the current code is dif-

ferent than you reported for last year.

Use Schedule ASC-CORP, Oregon Adjustments, 150-102-033,

to report the amount and description of each addition.

Question G. If this is the corporation’s first return, check

Use the numeric description code from the list in Appen-

the box and provide all information as requested. If the

dix A. The total of all “Other additions” is entered on

corporation is a successor to a previously existing busi-

Form 20-S, line 2.

ness in Oregon, check the box and provide all informa-

tion as requested. You would only check one of the boxes.

Important: “Other additions” for S corporations with

federal taxable income or LIFO benefit recapture only (S

Question H. Final returns: A final tax return is required

corporations without federal taxable income, start on

when a corporation has ceased to exist, withdrawn from

line 7).

doing business in Oregon, dissolved, merged, or reorga-

nized. Check the box and provide requested information.

“Other additions” include:

Question J. Taxpayers primarily engaged in utilities

• Charitable donations not allowed for Oregon. Dona-

or telecommunications may elect to apportion income

tions to a charitable organization that has received a

using double-weighted sales factor formula [OAR 150-

disqualifying order from the Attorney General aren’t

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

deductible as charitable donations for Oregon tax pur-

poses. Such organizations are required to provide a

Question K. Nonapportioned returns.

disclosure to a donor to acknowledge this. The Attor-

S corporations doing business only within Oregon will

ney General will publish on the Internet and otherwise

calculate Oregon sales by adding:

make publicly available information identifying the

charitable organizations receiving a disqualification

• Gross receipts from sales of inventory (less returns and

allowances), equipment, and other assets;

order. If you claimed a federal deduction, an addition

• Gross rent and lease payments received;

must be made on your Oregon return for donations to

• Gross receipts from the performance of services;

such charitable organizations.

• Gross receipts from the sale, exchange, redemption,

• Deferred gain recognized from out-of-state dispo-

or holding of intangible assets derived from the tax-

sition of property acquired in an IRC §1031 or 1033

payer’s primary business activity and included in the

exchange. See ORS 317.327 regarding the computation

taxpayer’s business income.

of the addition if gain or loss is recognized for federal

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

tax purposes but not taken into account in the compu-

intangible assets not derived from the taxpayer’s pri-

tation of Oregon taxable income.

mary business activity but included in the taxpayer’s

business income.

• Depreciation differences. If your Oregon deprecia-

tion isn’t the same as your federal depreciation, the

Line instructions

difference is a required modification to your Oregon

return. (ORS 317.301) Use the Depreciation Schedule for

Taxable income. Don’t complete lines 1–6 unless you

Individuals, Partnerships, Corporations, and Fiduciaries,

have taxable income and tax on federal Form 1120-S.

150-101-025 to determine the Oregon modification.

S corporations without federal taxable income, built-in

• Gain or loss on the disposition of depreciable prop-

gains, or excess net passive income enter -0- calculated

erty. Add the difference in gain or loss on sale of busi-

tax on lines 7 and 9.

ness assets when your Oregon basis is less than your

federal basis. (ORS 317.356)

Line 1(a). Enter the amount from Form 1120-S, Schedule

D, Part III, line 18.

• Income from sources outside the United States.

Add income from sources outside the United States,

Line 1(b). Refer to federal Form 1120-S instructions,

as defined in IRC §862, not included in federal taxable

“Worksheet for line 22a.” On Oregon Form 20-S, enter

income under IRC §861 to §864. (ORS 317.625)

the total of lines 1(a) and 1(b) on line 1.

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

Form 20-S Instructions

Instructions For Form 20-S - Oregon S-Corporation Tax Return - 2014 Page 8

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