Fillable Form 65 - Oregon Partnership Return Of Income

Form instructions

The partnership will also owe a late payment penalty on

any tax not paid by the due date. Other penalties may apply.

Heading

Enter all information in the heading. If you’re not sure of

Partnership failure‑to‑file penalty

the partnership’s BIN, leave blank. If the partnership has a

We may assess this if a partnership doesn’t file a return or

valid federal or Oregon extension, check the box and enter

fails to provide information to us as required by law. The

the revised due date. Oregon follows federal and allows a 5

penalty is $50 per month per partner for each month the

month extension for partnership returns.

return is late or incomplete, up to a maximum of five months.

Questions

Question 1. Answer yes if the partnership is doing business

Guaranteed payments

in Oregon. “Doing business” is defined the same for partner-

ships and corporations. For more information, go to www.

Guaranteed payments are treated as distributive shares of

oregon.gov/dor/bus and click on “Partnership Taxes” on the

partnership income. For nonresident partners income attrib-

left side to see our partnership information webpage. There’s

utable to Oregon sources is determined by applying the allo-

also a link to Oregon Revenue Bulletin #2010-02. This infor-

cation and apportionment provisions to each nonresident’s

mation can help you figure out the correct answer.

entire distributive share including guaranteed payments.

Question 2. The partnership is required to file if the answer

Individual income tax returns

to 2A or 2B (or both) is “Yes” for the tax year.

Each partner’s distributive share of net income (or loss) and

The partnership is not required to file if the answer is “No”

to both 2A and 2B for the tax year.

separately stated items must be reported on that partner’s

individual income tax return.

Question 3A. If question 1 is “No,” check “No” for question

3A and go to 3B. If questions 2A and 2B are both “No,” check

Partners report their share of Oregon modifications (addi-

“No” for question 3A and go to 3B. The partnership does not

tions or subtractions) or credits on their tax return. The

owe the partnership minimum tax.

owner’s modification or credit is based on the total for the

business multiplied by their ownership percentage.

If question 1 is “Yes” and question 2A or 2B (or both 2A and

2B) are “Yes,” the partnership owes the partnership mini-

If there is a specific code for the Oregon modification or

mum tax. Check “Yes” for question 3A. The tax is $150 unless

credit, the owner should use that code. Otherwise, they

the partnership is filing a return for a change in accounting

should use addition code 119, subtraction code 323, or credit

periods. If the “Accounting period change” box is checked,

code 736 to identify the Oregon modification or credit.

use this chart to determine the correct tax. Cross out the $150

Examples: An LLC filing as a partnership has a subtraction

on line 3A and write the tax that corresponds to the number

for a difference in depreciation, so the owners use subtrac-

of months on the return:

tion code 354, the specific code for that modification. An

Number of

Tax

Number of

Tax

S corporation qualified for a lender’s credit for affordable

months

housing, so the owners use credit code 736 because there is

$ 12

$ 87

no code for that credit.

$ 25

$100

Nonresident partners can join an Oregon Composite Return,

$ 37

$112

Form OC, filed by the partnership or file their own return

$ 50

$125

using Form 40N and instructions.

$ 62

$137

2015 Short tax year

$ 75

$150

Oregon follows federal filing requirements. Use this form for

This chart does not apply to other short tax year returns,

a short tax year that begins and ends in 2015, if the 2015 forms

such as final returns or technical terminations. The tax is

are not available by the due date. Remember that an extension

$150 in those cases.

to file does not change the due date of the tax.

Example 1: For tax year 2014, Renters LLC has federal per-

Example: ABC Properties LLC is classified as a partner-

mission to change from a calendar tax year to a fiscal tax

ship and uses a calendar tax year. The LLC has a technical

year ending in September. To change the accounting periods,

termination on February 20, 2015. The federal and Oregon

a short year return is required from January 1 to September

returns for the tax year from January 1, 2015 to February 20,

30, 2014. The LLC will file a 2014 short year return and owe

2015 are due June 15, 2015. The Oregon partnership minimum

$112 in tax on the due date for that short year which is Janu-

tax is also due June 15, 2015. The LLC will use 2014 forms to

ary 15, 2015. Later they will file a full year 2014 return from

complete their federal and Oregon returns applying any laws

October 1, 2014 to September 30, 2015 and will owe $150

for tax year 2015.

minimum tax for that full tax year.

150-101-065 (Rev. 12-14)

Form 65 - Oregon Partnership Return Of Income - 2014 Page 4

Related Articles

Related forms

Related Categories