Instructions For Form 20-I - Oregon Corporation Income Tax

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

regulated investment company (RIC), you must check

federal extension Form 7004, write “For Oregon Only”

the appropriate boxes in the header area of the Oregon

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

tax return.

return when you file. Check the “Extension” checkbox

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

on the Oregon return. The Oregon extension due date

requirement or if we discover such other transactions.

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

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

Questions

sion before you file your Oregon return.

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

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

or the answer changed during the tax year.

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

Question D. Refer to the current list of North American

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

Industry Classification System (NAICS) codes found

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

with your federal tax return instructions. Only enter the

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

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

pay tax.

ferent than you reported for last year.

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

Question E(1). If you checked the box, attach a list of the

must include a completed Form 37. Check the “Form

37” box in the header of your return.

corporations included in the consolidated federal return.

Use Form 37 to:

Question E(2). If you checked the box, complete Sched-

ule AF, Schedule of Affiliates (found with forms 20, 20-I,

§ Calculate the amount of underpayment of estimated

and 20-INS), to list only the corporations included in the

tax;

consolidated Oregon return that:

§ Compute the amount of interest you owe on the

underpayment; or

• Are doing business in Oregon; or

§ Show you meet an exception to the payment of

• Have income from Oregon sources.

interest.

Question E(3). If you checked the box, attach a list of

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

corporations included in the consolidated federal return

is an amended return.

that aren’t included in this Oregon return. List each cor-

poration’s name, FEIN, and Oregon BIN. Note: Include a

• Form 24, Deferred gain checkbox. Corporations may

copy of your federal return and schedules as filed with

defer, for Oregon tax purposes, all gains realized in

the exchange of like-kind property and involuntary

IRS.

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

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

replacement property is outside Oregon. Oregon will

have federal taxable income before net operating loss

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

and capital loss carryovers and carrybacks of $1 million

able income.

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

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

ing the current year.

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

Question G. If the Oregon corporation is a subsidiary

the back of your Oregon return and check the “Form

in an affiliated group, or a parent subsidiary controlled

24” box if all of the following apply:

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

§ The corporation reported deferred gain on a federal

tion. For definition of a subsidiary in an affiliated group

Form 8824;

or a parent subsidiary controlled group, see IRS Form

§ All or part of the property exchanged or given up

1120, Schedule K.

was located in Oregon; and

Question L. Taxpayers primarily engaged in utilities

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

or telecommunications may elect to apportion income

side of Oregon.

using double-weighted sales factor formula [OAR 150-

For a more detailed explanation, see OAR 150-314.650

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

and 150-314.665(5) regarding apportionment of deferred

Question M. Nonapportioned returns. Enter the amount

gain.

of Oregon sales as defined by ORS 314.665.

• Federal Form 8886 checkbox, REIT/RIC checkbox,

and reportable transactions. If you participate in

Line instructions

listed or reportable transactions, you must report it on

your Oregon tax return.

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

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

tax return. Enter the taxable income reported for federal

actions to the IRS on federal Form 8886 or if you par-

income tax purposes before net operating loss or special

ticipated in a real estate investment trust (REIT) or

deductions (federal Form 1120, line 28).

150-102-021-1 (Rev. 10-14)

Form 20-I Instructions

Instructions For Form 20-I - Oregon Corporation Income Tax - 2014 Page 8

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